According to Liberty Mutual Insurance, nearly half of all Americans are embarking on new beginnings this year: Undertaking A Home Renovation
When you take on a home remodeling project, there are two things you need to know before anything else: How much will it cost, and how much of its value can you recoup later?
Massachusetts home improvement company, Coastal Windows & Exteriors, takes a look at the top 5 home improvements based on ROI with some help from “Remodeling” Magazine’s annual “Cost vs. Value Report.”
What Is The Cost Vs Value Report?
For the past 17 years, The 2015 Remodeling Cost vs. Value Report compares construction costs with resale values for 36 midrange and upscale remodeling projects in 102 markets across the country. Data are grouped in nine U.S. regions. This report is created by:
- Hanley Wood is a premier media company serving the housing, commercial design and construction industries and is also North America’s leading publisher of home plans.
- The National Association of Realtors® (NAR) is America’s largest trade association for residential and commercial real estate industries.
Replacement VS. Remodeling
“It can be a daunting task to even decide on what home improvement projects to undertake, let alone to physically tackle and complete them,” said National Association of Realtors® President Chris Polychron. Since 2003, replacement jobs – such as window, siding and entry doors- generate a higher financial return than remodeling projects. When grouped by type, siding jobs fared better than most with the reason most likely due to curb appeal. Remodeling Magazine states, “ For most of this decade, projects calling for the replacement of a door, windows, siding, garage door, or roof typically delivered a cost-value ratio 9% higher above that for remodeling projects.” Realtors® reported an average return for replacement projects at 73.2 percent while remodeling projects fell to 60.8 percent in 2015 mostly likely due to replacement projects holding their value while remodeling ones declined.
Top 5 Replacement Projects in 2015
Only 5 projects saw their cost-value ratio rise in 2015. The other 30 projects did not see an increase and this mostly likely due to home values rising at a slower pace. So when you start thinking should I install energy efficient vinyl siding or a new bathroom/kitchen? Vinyl siding wins!
$how Me The Money – The Real Gems with Consistent ROI…
The projects that saw the most increase in ROI giving you the biggest financial payoff are:
1. The Highest ROI: Replacing Your Front Door
Steel Entry Door: National 101.8%/New England 92.5%
Fiberglass Entry Door: National 72%/ New England 62.7&
Gotta love a perennial and this champ always wins at #1 replacement project when it comes to giving a high ROI! Our USA made steel & fiberglass entry doors are beautiful and enhance your curb appeal as they come in a variety of colors and can be painted to fit your exterior scheme. Note: this project is the ONLY one that actually pays itself back on investment in the form of a better home resale price.
2. Mid-Range Roofing Replacement Leads The Way
Roofing Replacement: National 71.6%/New England 69.7%
The mid-range roofing replacement leads the way rising 5.9% in 2015. This is most likely due to the horrible weather we had this past winter. At Coastal Windows & Exteriors our MA roofing contractors are GAF Master Elite (only top 2% in the USA) 25 year labor workmanship warranty and lifetime on the shingles can’t be beat! In order to get a true ROI, make sure your roofer removes existing roofing to bare wood sheathing, installs lifetime GAF asphalt shingles with underlayment, galvanized drip edge, and 6’ leak barrier.
3. A Healthy Replacement & Boost of Curb Appeal – Garage Doors
Garage Door Replacement: National 88.4%-825%/New England .84%-90.1% (mid & upper range)
Nothing upgrades the look of your house like a new garage door. We carry Klopay Garage Doors – terrific styles and choices, from plain steel panel doors to energy-efficient, insulated models with glass windows and panels that look like painted wood. Ramp up your home’s good looks and enhance marketability with our garage doors!
4. Replacement Siding-Top 10 Long Time High
Foam-Backed Vinyl Siding Replacement: National 80.7%-77.6%/New England 82.2%-78.5% (vinyl & foam-backed vinyl)
Our siding is energy efficient, 100% maintenance free with a lifetime warranty. It is preferred choice for vinyl siding replacement with its 100% fade resistant color-fast formulas, termite free applications and seamless installations. Look better forever! Our insulated vinyl adds to your wall’s thermal resistance helping to cut energy costs to save you more money. In a residential energy efficiency research project conducted by the technical analysis firm Newport Ventures, homes with foam-backed vinyl siding showed an average energy savings of 5.5% over a two-year period. That’s music to any homeowners ears as well as the according to the AIA, “energy-efficiency is the second most popular characteristic of home design — a feature that helps you save money for years to come.” Did you know that siding is on the Top 10 Long-Term Highest ROI Projects?
5. Fiber-Cement Siding: National 84.3%/New England 81.2%
Fiber-Cement Siding offers resistance to termites, moisture, rot, and fire. It’s more expensive than vinyl but according to National Association of Home Builders (NAHB) “quality” was the one of the most important traits that homebuyers focused on when shopping for a house. No other feature has as much impact on curb appeal as siding. Clean, well-cared-for siding signals home improvement mastery. Did you know that old, worn siding can contribute to a loss of up to 10% of your home’s value?
Are you interested in the top 5 long-term proven winners – Roofing, Siding, Entry or Garage Doors? If you love low-maintenance, great quality and energy-efficient products – Contact Us today at 888-812-2783! Please continue to use Massachusetts home improvement company Coastal Windows & Exteriors as a free source of information to help you make smart decisions and take responsible actions to maintain, protect and enhance the value of your home.
