Any investment you make in your home’s structure and maintenance is a good one. For most of us a home is our most important asset, and maintaining and enhancing it is the best way to help sustain or grow its value. But not all improvements offer the same “return on investment.”
Remodeling magazine, a respected national publication covering the home renovation industry, conducts an annual “Cost vs. Value” study of the most popular home improvement projects. They measure the value of a project based on how much of its cost would be recouped if you sold your home. While this does no measure intangibles like the comfort, enjoyment or energy cost savings provided by many home improvements, it does give us an interesting basis for comparison.
Not surprisingly, “curb appeal” renovations that make a home look better are more likely to add to its value. Among the top rated improvements in the 2017 “Cost vs. Value” report were:
- Attic insulation (107.7% ROI)
- Entry door replacement (90.7% ROI)
- Deck addition (71.5% ROI)
- Roofing replacement (68.8% ROI)
- Siding replacement (76.4% ROI)
- Window replacement (vinyl) (73.9% ROI)
Not performing as well are more expansive – and expensive – projects such as a bathroom remodel (64.8%), kitchen remodel (61.9%), or master suite addition (59.9%).
It is interesting to note that the “top performing” project was attic insulation, which Remodeling estimated would return an impressive 107.7% of the project cost in a resale. That goes to show that homeowners still want a home that is safe, comfortable and energy efficient.
Of course the MOST valuable home improvement project is the one that is right for your home and family. The first thing you should take into account is the condition of your home. Are there structural components that need to be repaired or replaced in order to maintain the integrity and safety of the home? Look to the outside “envelope” first – roofing, siding, windows – as they are the most exposed to the elements and provide essential protection.
The good news is that upgrading or replacing your roof, siding or windows all generate a relatively healthy return on the investment you make. We can help you protect that investment by making sure the work is done professionally, and with high quality materials that deliver lasting value. Call Hi-Tech Windows & Siding toll free at (800) 851-0900 to schedule a free in-home consultation.