Generally whenever remodeling becomes a topic of consideration, finances go to the top of the list of factors. With today’s current tight economy, as well as a somewhat soft housing market, making the most of your renovation investment is a major priority. That’s especially true if you’re considering additions or replacements to add value to your home as well as to update it and make it more functional.
That being said, just about everything that you do to your home in terms of improvements (other than cosmetic) will add value. For instance, replacing old air-leaking windows with more energy-efficient ones can pay for itself in about 7 years just in terms of utility bill savings, but you also have to factor in how much of the cost will go to an increase in property value. No one remodeling project ever delivers 100% return on investment, but there are some that are more profitable than others.
There are certain things you can do which don’t add much value, but they will make your home more attractive to buyers. These include such things as replacing your old bathroom lineoleum with vinyl. It may look prettier and fresher, but you really haven’t added anything in terms of it being more valuable. On the other hand, if you replace your original wood clapboard siding with a low-maintenance, fire-resistant product such as Jame Hardie fiber cement siding, you’ve increased your home’s value. You now have siding that is noncombustible (which can give you a discount on your homeowner’s insurance), not to mention a product that doesn’t need regular repainting or staining, plus caulking and repairs. That can add real value AND make your home more desirable to a prospective buyer.
It may surprise you to know that some of the most popular remodeling projects, such as bathroom and kitchen makeovers, don’t necessarily deliver the most bang for your buck. Remember, just because something is popular doesn’t mean it’s a wise investment.
With a basic understanding of the remodeling trends in this current economy, you may have some questions about just what types of projects might be the most profitable for your home. We’ll handle some specifics in our next post.
Window Outfitters is a premier Window Replacement, doors, siding contractor and installer. As Contractor in the St Paul, Minneapolis, (Twin Cities) Minnesota (MN) metro, we proudly serve, but are not limited to, the following areas: Minneapolis Energy Efficient Vinyl Windows, Replacement Window Contractors Minnesota, Burnsville, Apple Valley, Lakeville, Savage, Bloomington, Edina, Richfield, Eagan, St Paul, Hastings, Minnetonka, Plymouth, Maple Grove, Eden Prairie, Farmington MN, Chaska, Shakopee, Chanhassen, Victoria, Mendota Heights Anderson Windows Minneapolis, Marvin Windows Minneapolis.
