When planning a home remodeling project or even making a new addition, one consideration you should keep in mind is the possible return on your investment. Even in the today’s housing market, it is possible that the value of your house can be enhanced with just the right home improvement. Despite of the flop of housing prices in the last years, the return of investment for home improvements has continued to be fairly steady. Thus, there is a good financial reason to remodel your home or make an addition. Although getting back your financial investment is not your primary reason for your home remodeling project, you should also consider this when deciding which project is best for you.
In general, home improvements that gives an additional appeal of your house offer higher returns when you sell it.
Add or Replace the Siding
Besides improving the look of your home and reducing maintenance and repair, the right siding can also offer additional insulation, that lessens the cost for heating and cooling. Among the various kinds of sidings, adding the best fiber cement siding reclaims most value when reselling your house, with a return on investment of 86.7%. Fiber cement siding comes in different surfaces and finishes, similar to stucco or wood, but the good thing is that it is termite-free and fireproof.
The mid-range vinyl siding offers the second best return of investment of 80.7%, followed by upscale foam-backed vinyl. Vinyl is the most commonly used siding which comes in different colors and finishes and make you customize the look of your home. On the other hand, the foam-backed vinyl is a great insulating protection which makes it an even better deal.
Replacement Windows
Generally speaking, top-end vinyl windows surpassed the conventional wood replacements, however, all of these home improvement projects make a return of investment of between 76% and 79%. Replacing your window can save you money on cooling and heating your home. So doing this particular home remodeling project is financially a great decision even if you are not planning on selling your home anytime soon. Additionally, you can save hundreds of dollars on the expenses of your project if you look into the Federal energy tax credits when you buy a high-efficiency replacement windows.
Decking
You can recoup 81.8% of the first cost when you install a deck, and apart from that you can enjoy in your yard. A deck of pressure-treated wood and is maintenance-free usually last longer.
Kitchen and Bathrooms Enhancements
Either it is a minor or major improvements to your kitchen, it is still a good investment with usually an additional between 76% and 80% to the value of your home. Nowadays, refacing kitchen cabinet is becoming popular and it add up more value to your home rather than the more complex alterations.