If you are considering making some sort of improvement to your home, you may be wondering if it is worth the cost. Yes, home improvement projects can be expensive - but here is the thing: almost all improvement projects add value to your home. At the same time, however, not all home improvements are smart improvements. In fact, over-improving your home for no real reason often ends up being a significant waste of time and money, which nobody wants!
However, there are several home improvement projects you can undertake, which can offer a significant return on investment (ROI). Most people think of ROIs in terms of how much money they can recoup when they eventually sell their home. However, there are many home improvement projects you can carry out that will financially benefit you while you still live in your home. We have put together a list of some of the best home improvement projects that will see you earn a pretty solid ROI. All the following numbers are based off Remodeling magazine’s Cost Vs Value Report 2019, which you can see in full for yourself here. Windows on Washington has used national figures, but in the full report you can break down the numbers by region and city for an even more detailed look.
There are plenty of benefits that come with replacing your windows, such as achieving a look and feel that is unique to your personal style and home. Another benefit is that windows help to air seal your home. Air leakage can be a major headache because not only do leaks make your home drafty, they can also make utility costs spike. Replacing your windows will help make sure there are no gaps between the window and the frame (a sneaky, but common, culprit of air leakage), which ultimately leads to increased energy savings. At WoW, we use the Starmark Evo double hung window due to its unique features that minimize air leakage, which means your heating and cooling system does not have to work as hard throughout the seasons. A window replacement project can recoup as much as 70.8 percent of your investment dollars.
The cost of keeping a home cool in summer and warm in winter can often be quite pricey, which is why making a home as energy efficient as possible should be a priority for you if you are looking for a home improvement project that will see you earn a good ROI (goodbye, expensive energy bills!). Different types of siding materials offer different levels of energy efficiency, with the overall cost of new siding dependent on the material you choose. For example, however, replacing 12,50 square feet of existing siding costs roughly $16,036 and will see you recoup 75.6 percent.
Roof Replacement (Asphalt Shingles)
While replacing your roof will see you recoup the best ROI when you sell your home (68.2 per cent) , there are still plenty of benefits that come with a new roof while you still live in your home. One of the best benefits is a decrease in your energy bills. When replacing your roof, make sure you look out for one with an Energy Star label. Roofs that have earned the Energy Star Label are best at reflecting sunlight, which can lower the surface temperature of your roof significantly. The benefit? It will save you big time in cooling costs. Not to mention, old shingles have a lower shingle rating, with new roofs offering a higher shingle rating. The higher the shingle rating, the more wind that is kept out of your home, which means your heating and cooling costs throughout the year will be much lower.
One of the most popular home improvement projects is a bathroom remodel (who does not love a new bathtub?) Not only will a new bathroom significantly improve the look and feel of your home, it also makes it more comfortable to live in, which can boost your overall mood at home - and that is worth every penny. Not to mention a new bathroom offers a great ROI of 67.2 percent.
So there you have it. The home improvement projects that offer the best ROI. We hope you have found this article helpful! At WoW, we are always happy to help and answer any questions you might have about home improvement projects, so please get in touch today.