Renovation season is quickly approaching for many homeowners. With it comes the time to decide what projects on the To-Do List should be done this year. Far too many homeowners though look at renovations to raise home value, but do not know how to begin. Do you know what home improvements yield the best return on your investment? Should it be a new roof? How about an updated gutter system? Stay Dry Roofing in the greater Indianapolis area takes a closer look at outdoor renovations for your home.
Figuring out the best renovations to raise home value can begin easily just by stepping outside. Most indoor renovations take a while to return the investment. Many, even, will never fully get the same return. A thousand dollars put into interior renovations usually will not increase the home value by one thousand dollars. The best renovations to raise home value are generally exterior improvements. If you need help with outdoor renovations for your home, including upgrades or changes to your roofing, contact Stay Dry Roofing and let us help you out!
A Closer Look at the Best Renovations to Raise Home Values
It’s true that interior projects like the ever-popular kitchen renovation or bathroom upgrade have a fairly decent return on investment (ROI) of about 70-80 percent. However, they can end up coming with a price tag in the tens of thousands, depending on how much work is being done. By contrast, exterior remodeling and construction projects such as adding on a new deck, installing a new roof, or upgrading the siding of the home will all usually yield better than 70 % ROI, for far less cost, making an upgrade like a roof replacement one of the best renovations to raise home value.
“Adding a composite deck can cost around $17,000 and yield an ROI of more than 65 percent, while a garage door typically costs less than $2,000 and returns nearly 77 percent of your investment when you sell. In fact, six of the eight improvements with the best ROI…were exterior projects, and their average payback was nearly 75 percent” (Morning Times).
There are many great renovations to raise home value for homeowners, and almost all of the top projects go to outdoor renovations for your home.
The Top Outdoor Renovations for Your Home
Here are some of the top outdoor renovations for your home that generally yield a very high ROI, according to a Cost vs. Value report a few years ago. Not surprisingly, among the best renovations to raise home value are:
One of the top renovations to raise home value is roof replacement. A middle range roof in terms of size, materials, and style will run you between $15,000 and $20,000, and returns over 70 percent of the investment. What is important to remember when it comes to roofing systems is that the more you invest into your roof, the more you will see the ROI increase, so long as it is taken care of. So if you spend $20,000 on a roof you will see a greater ROI than if you only spent $10,000 on a roof.
Composite Deck Addition
A lot can go into impacting the cost of a deck addition to your home, but assuming an average price of around $15,000, the new deck can deliver a ROI of over 65 percent. Of course, the final value and, thus, your individual ROI for the new deck, will depend on many factors. These include the materials used, the size of the deck, the design chosen, the quality of the construction, and the overall look and appeal.
One of the relatively simpler renovations to raise home value is exterior siding. It protects the house and enhances the curb appeal. New siding can run between $10,000 and $15,000 depending on the size of the home and the type of siding chosen. When you sell your home, you can expect to recoup up to 75 percent of your initial investment on the new siding.
Older garage doors can be a problem waiting to happen. Locks can stick. Automatic opening systems can stop working, leaving you trapped. An older system can fail catastrophically at times, if they have not been properly maintained over the years. Replacing a garage door will set you back few grand in most cases, and an entire garage door automated system can run close to $10,000. However, you can expect to get as much as 77 percent of that back in your home’s value when you go to sell it. Keep in mind, however, if you must choose between garage door replacement and a new roof, the new roof is far more likely to be the better choice in renovations to raise home value.
Steel Entry Door
Older homes have wooden doors. The new trend today is to have doors of sturdy and secure steel instead of breakable wood. A high-quality steel door will run you around two or three grand, and is a fairly simple project most homeowners can do on their own. The best part is that this renovation has the highest ROI at over 90 percent!
Exterior renovations to raise home value help make your home look and feel better. They make your home look great, and often provide more safety and security for your family. They can help you sell your home faster when the time comes. Exterior upgrades increase your home’s curb appeal, and can really boost the value of your home. When you want to make cost-effective, high-ROI improvements, making exterior upgrades is money well spent.
Contact Stay Dry Roofing Today
When you’re ready for roof renovations to raise home value, call Stay Dry Roofing at (317) 308-7773. Stay Dry Roofing has expertise in all things roofing related and is a trusted name in the greater Indy area. Whether it’s a new roof for your home or garage or a covering for your deck or patio, we are here to help!
There are many great ways to use renovations to raise home value for you and your family. We are here to help you make sense of it all and to help you along the way. When it comes to outdoor renovations for your home, any renovation done right can help improve curb appeal and increase the sale value of your home. The Stay Dry Roofing team is ready to go to work for you!
Call us today or use our website to request a FREE quote by our roofing experts. We would love to help you enjoy your home that much more!