By, Tom Ingram, Coastal Windows & Exteriors
Anyone who values their hard work wants to make sure they spend their money wisely. Most people in the US have less than $8000 in their savings accounts. With little additional income to spend on extra expenses, tax refunds mean a lot to many people that have those extra expenses that they held off on until after tax season. With that being said, maybe this year is the year that you can use that tax refund to show you a return on your investment. Everyone works for their money. Maybe it’s time you make your money work for you!
Here are a few ways you can INVEST that money into your home so that you can save yourself money, increase your home’s value, and enjoy the fruits of your labor by living in a more comfortable and beautiful home.
Replace Your Old Drafty Windows
Remodeling Magazine’s Cost vs. Value Report for 2015 says that last year the average window installation cost in New England was an estimated $12,154 (for vinyl energy efficient windows) with a resale value added to the home of $10,362. That’s an 85.3% return on Investment! I know what most of you are thinking, my home was built in the early 1900s, I don’t want a vinyl window. I understand that keeping the classic wood look of your home is important for your own enjoyment and for future resale, unfortunately the cost is more substantial. The average New England home that replaced their windows with new wood energy-efficient windows spent on average $19,403 for the total job cost with an increased resale value of $15,459. Return on investment at 79.7%.
Even if you don’t plan on selling your home, new windows are still a very wise investment for you. If your home is all electric (normal electricity plus your heating and cooling) and your bill is $300 bucks a month, half of that ($150) is your heating and cooling cost. Half of that is escaping through the windows. Now $75 dollars a month is leaving your home. Just think if you saw dollar bills literally flying out your windows, would you try to stop them? Think about what you could do with that money in a year? How about 10 years?
Realtor.com says that homes with replacement, energy-efficient windows sell TWO TO FOUR TIMES FASTER than homes that have not replaced their old drafty windows.
Replace Your Entry Way Door
I know what you’re thinking, my door adds so much character to my home. That character is costing you a pretty penny. If your door shows light, sticks in the winter or summer, you have a door that is just letting your heating and cooling cost run right out the door. Installing a new entry way door was found to offer the highest ROI of any home improvement project according to the Cost VS Value Report. Not only will the aesthetics and energy costs add to the value of your home, but most new entry ways have more advanced security measures. Adding items like a steel lock block inside the wall where the deadbolt throws through the wall into a piece of steel rather than a piece of pine, makes it virtually impossible to kick in your new front door. In addition to excellent security features, ProVia is the only door manufacturer to ever win Energy Star Partner of the Year. All of these features add to the return on your investment.
Thermal Foam-Back Siding
Thermal foam-back siding can save you money in the long term in a variety of different ways. Firstly, thermal back or foam back vinyl siding provides your home with an extra layer of insulation when you need it most; during the cold winter months, saving you hundreds on the cost of heating your home. Secondly, Preservation‘s thermal back vinyl siding is tougher than traditional siding brands—besides being a more energy efficient siding solution, it will last you much longer, and be less resistant to damage as compared to non-insulated vinyl siding brands.
New Roof Installation
A new roof will undoubtedly add value to your home if or when you go to sell. In fact, most real estate professionals will tell you that a new roof will more than pay for itself in added value and will make your home much easier to sell. Furthermore, based on a 2012 study with the National Association of REALTORS®, 99% of REALTORS® survey stated that a new roof makes a home easier to sell and contributes to the overall appeal of a home.
Quoting Donna Summers, there is no question that “you work hard for the money.” With the tax returns received or on the way for most of us, it’s time to make that money work for you. You don’t have to go to JP Morgan or Merrill Lynch to do so. Look no further than improving your number one investment, your home. Replacing your windows, siding, entry ways, and roofing are all ways that you can see great returns on your investments. At Coastal Windows & Exteriors we offer affordable financing programs, even 0% interest for 12 months! Contact us today at (978) 304-0495 to find out how we can help you make your home more comfortable, energy efficient and beautiful, all while saving you money!