Home Renovations to Help Increase Your Property Value
If you are planning to renovate your home with the goal of increasing its resale value, you need to start with a practical plan that covers timing, budget, scope of work and impact on overall value. It will help to do a bit of research before jumping into any costly projects that you may regret down the road. Some projects will be worth the investment, while others will fail to provide you with any benefit at all. Read on to get an idea of what home renovations are well worth the sweat, stress and expense.
- Upgrading Your Front Door: Your front door takes abuse on a daily basis, which is why it tops the list of projects that can increase your ROI. Having a clean, visually appealing and durable front door will kick up your home’s curb appeal and can inspire potential buyers to put in an offer. It’s also important to keep in mind that an old and inefficient exterior door may be causing significant energy loss. Along with improving the aesthetic appeal of your home, you will also be increasing your home’s efficiency, which is a big selling point for home buyers. According to the Remodeling Impact Report, replacing your old door with a new steel door can cost approximately $2,000 and upwards (installed price), but can provide you with a 75% return when you sell your home.
- New Siding: Old siding tends to diminish curb appeal and deter potential buyers from visiting your property. In fact, some appraisers will tell you that you may lose up to 10% of your home’s value with worn and dirty siding. On the other hand, upgrading your siding gives people the impression that you take care of your home and care about its physical appearance. Whether you choose vinyl or fiber-cement siding, both are cost-effective, durable, and easy to install options that can increase your ROI. According to the Remodeling Impact Report, a $12,000 vinyl siding job has the potential to provide you with an 83% return and a $19,100 fiber-cement siding job may yield a payback of as high as 79%.
- Adding Energy-Efficient Windows: Today’s buyers shop for energy efficient homes that require minimal upgrading. Neglecting to replace your old, drafty single-pane windows can keep potential buyers away and prolong the sale of your home. Replacing your existing windows with Energy Star certified units can save you up to $500 a year on your utility costs, and according to statistics from HGTV, provide you with a 60% to 90% return on your investment. You can also take advantage of utility and municipal tax rebates and incentives for additional savings.
Contact Canadian Comfort Windows & Doors today at 613-717-9387 to learn more about our wide range of highly efficient windows and doors in Ottawa for your home renovation project. You can also book an appointment online for a free in-home estimate.