Projects You Should Consider for Increased Home Value
When perusing 2019’s Cost vs. Value Report from Remodeling Magazine, you would see that not much has changed since last year in terms of improving home value. Some specific projects did change, of course; for example, some projects, like garage door replacement, had a slight dip this year to 97%, compared to 2018’s 98%. This is likely due to increased costs of materials, likely because of tariffs, but the overall outlook is much the same.
Of the 22 projects in the report spread across 136 metro areas in the United States, the average return on investment of these remodeling projects sits at 68.3%. In Utah, a general contractor would see that this lies at 66.1%. In any case, home upgrades are great investments that put you closer to your dream home, and looking at how much you can recoup is not the whole picture. You should look at not only how much you can get from it but also the satisfaction and comfort you can derive from a newly remodelled home.
Here are three things you should strongly consider when you want to remodel or renovate your home.
The roof comprises a big part of your home’s exterior, so a newer one will not only give you immediate benefits in terms of energy efficiency and weather protection, but it will also boost your home’s value.
Any respectable contractor would settle for a remodel that can recoup at least 60% of the job cost, and roofing is one of them. The national average for roofing replacement is in the tune of 68% for asphalt shingle roofing and 60% for metal roofing replacement. In Utah and the Mountain region, however, asphalt shingles recover 3% less, although metal is about the same. This can open the way for new homeowners to choose metal for their new roofs, as metal enjoys far less maintenance than a roof made of asphalt shingles.
Next, to your roof, your siding bears the brunt of the weather. Changing it is not only practical but also valuable in terms of increasing your home’s value.
Changing your siding is one of the biggest winners, with over 75% of the cost recouped. While it has undoubtedly taken a minor drop (about 1%) from 2018, this is simply a market-wide movement and has no bearing on the value of siding replacement itself. There are several siding materials available in 2019. Vinyl tops the list, allowing you to regain up to 81% of the cost per square feet, though wood—especially engineered or pressure-treated wood—clocks in at 78%.
Replacing your doors is the easiest way to beef up your home security. A sturdy door that belies its strength with a great look makes a great first impression. Steel is excellent for this purpose.
A steel entry door can recoup almost three-fourths of the total job cost, which makes it as valuable as siding. Replacing your garage door is even better, with over 97%. You can never go wrong with replacing your doors, as long as you’re replacing them because you need them to fulfill a better purpose.
Recouping costs is great, but at the end of the day, home remodeling should always be about what you need.