Whether you’re looking to sell your house soon or are just looking to secure the long-term investment you put towards your home, it’s important to understand how renovations can affect the value of your home. A modern Scandinavian kitchen may appeal to some, but it can also narrow the pool of your prospective buyers because style is highly subjective.
There are a few home renovations, however, that have consistently been shown to recoup their initial costs. Consider the following improvements that have been shown to reliably boost the value of your home:
Vinyl windows and Fiberglass Doors
In the summer, windows and doors let the sunshine in and help keep your home cool and dry. In the winter, you depend on them to keep you warm and safe. But, if your home’s windows and doors aren’t doing their job, it is essential to replace them.
Fibreglass front doors are an ideal option, because, in addition to helping reduce a home’s energy costs, they make for a sound long-term investment, as they do not crack, corrode or warp over time. And if you’ve been meaning to replace that sliding door to your patio, consider options with custom-built vinyl frames, multiple-pane glazing and excellent weather-stripping for the best returns on your investment.
If your windows are the problem, it is best to consider vinyl alternatives. Contrary to popular belief, vinyl windows have been shown to provide a 15% better return on investment than wood. This is because high-quality extruded vinyl is weather resistant, energy efficient and easy to maintain. But, if you’d still like to give your home the rustic beauty of wood, without the potential for loss of investment, consider vinyl windows with a premium-grade wood finish. These can add all the natural beauty of wood to your rooms, while still allowing for the convenience, affordability and energy efficiency of vinyl.
Your home could have a fully renovated new addition, but if your roof is leaking, your home investment is never a safe bet. The roof is as fundamental as the foundation of your house, and you want to show buyers that it’s been cared for and can weather the climate. Inefficient roofs can account for as much as 50% of energy loss in a home. Maintaining your roof will also keep other problems — like mould growth and damage to the roof’s rafters and structural supports — at bay.
The façade of your house makes the greatest first impression on buyers, so, unsurprisingly, curb appeal projects tend to have higher paybacks than design projects that focus on specific rooms inside the home. In addition to front door and window replacement, garage door and front façade upgrades, such as the addition of stone veneer, provide some of the best returns on home renovation investments.
Many homeowners would be surprised to find out that projects like the building of a new back patio, master suite additions, and major kitchen remodels barely return half of their initial costs in the event of sale. While window and door replacements are some of the top ranking projects for the percentage of costs recoupled on their initial investment, returning as much as three-quarters of their initial value.
Energy Efficient Appliances
Have energy efficient appliances, or better yet, Energy Star rated appliances can add up to big savings over the long run. Depending on the climate in which you live in, upgrading your furnace or your water heater can add up to big savings, although they do come with some upfront costs. For example, tankless water heaters can save you money, and by shopping online there are ways to save big on buying one.
While the aesthetic appeal of a home certainly matters to prospective buyers, it is crucial that the house can pass every inspection, and is well maintained and energy efficient. So be sure to check that your home has all the essentials — doors, windows, roof — in good order before considering any cosmetic overhauls.