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Which Home Renovation Projects Pay Off with a Higher Home Value?
Article Shared by your Home Remodeling Contractor in Sugar Grove, IL
By Brian O’Connell via The Street – Full Article and Credits Here
It’s no secret to U.S. homeowners that home renovation projects can not only spruce up a home for inhabitants, but also make their abode more appealing to potential buyers when the house goes on the market.
But not all home renovations are the same, in construction and style, and especially not so on what home experts call “return on investment.”
Here’s what we mean.
For example, turning an unused attic into a usable, home bedroom, offers a whopping 83% return on investment by adding to the retail value of the home. Other home project winners include new siding on the home (80% ROI), new window replacement (77%) and a new fireplace (91%).
One additional home improvement item that really pays dividends whether you sell or not is making your abode energy efficient. Rakesh Gupta, credit advisor and director at ARG Finance, a home loan and mortgage brokerage firm, says that’s one of the “best ways” to add value to a home these days, but under certain conditions.
“This means installing energy efficient appliances with an energy- star ratings,” he advises. “These appliances are good for the environment, save energy, and money as well.”
Furthermore, you can also modify your home by installing energy efficient windows and insulation systems to control the heating and cooling of the house due to air leaks, Gupta says. “Replace your old hot water heater with a high-efficiency one,” he says. “Go green and if possible, you can also install solar panels. A home that saves energy is always desirable to a home- buyer and more preferable than others.”
Before you start your next home project, take a step back first and envision what you really want to accomplish on a home renovation project.
First, you must define your home’s “value,” notes Pablo Solomon, an internationally recognized housing designer who grew up remodeling homes with his father. “Do you plan on selling your home soon and want to up the selling value or do you want the home to be more comfortable and functional for you and your family?” he asks. “This really is important to clarify as your project may or may not pay off when you sell, but makes the house so much more your home.”