Can you get your money back when you sell your house down the road?
Replacing your old drafty windows and upgrading to new siding continue to rank in the top 5 home improvement projects for homeowners, with a higher-than-average ROI (return on investment). Remember, before you recoup any of your remodeling expenses, you first incur the costs. The return comes when you sell your home and how well the improvements have been maintained.
Let’s take a closer look…
Do your research and keep in mind that specialized, highly customized improvements can become too expensive for your neighborhood, while also being too focused toward your personal tastes to appeal to new home buyers. When making home improvements with an eye toward recouping some of your investment, be guided by overall market demand trends. Local markets will vary and many of us also have HOA guidelines we need to work within. Neutral colors will always be a safe bet.
Pent up demand and improvements in supply chain availability made 2022 a great year for remodeling, with a nearly 20% increase year over year. This is expected to cool some going into 2023, as material costs are still on the rise and interest rates are hitting new highs. When planning on improvements for your home, don’t expect that prices will come down though. Every indication is that things will continue to hold steady.
In many markets, you can expect that composite siding projects, think fiber cement or wood composites, can earn as much as 69.5% of your costs back when you sell. Of course, it is critical to have a quality install and to handle those tricky spots well that we find on every home. Over the life of the new composite siding, you’ll save a bundle on expensive paint upkeep as these products remain fresh and bright for many more years than the old, pressed-board siding on your home now.
Vinyl windows remain strong and in demand. They are great at keeping your house warmer in the winter and more comfortable during the hot summer months. Quality replacement vinyl windows do not warp, yellow, or twist out of shape. That is just a sales gimmick to try to steer you into other, more expensive, building materials. Vinyl windows come in many exterior colors to fit your home, with neutral-colored interiors for a classic appeal.
Our team is great at problem solving and we’d love to help you update and refresh your home. Give us a call today at 303-979-4444 or email us at nhi@nationalhomeimprovement.com.
