According to the Census Bureau, a 28.9 percent rise in new home sales since last year — coupled with a lack of premium existing properties on the market — is causing home renovation spending to hit a six-year high.
Power Home Remodeling Group, one of the nation’s largest home remodeling companies, cautions homeowners to spend smartly on remodeling projects by investing in fundamental improvements that will earn the biggest return on investment.
“Homeowners are investing money in their homes again as the cost of renovations is less than the cost of buying a new property and selling their existing property. Though it may be tempting for homeowners to make personalized improvements, it is important to spend money wisely when renovating and focus on upgrading basic home functionality to get the biggest bang for their home improvement buck,” says Corey Schiller, Power’s chief executive officer.
Power offers the following tips for home improvements:
Vinyl siding: Updating the exterior of your home with vinyl siding will help increase curb appeal while boosting energy efficiency. Replacing the vinyl siding can recoup up to 72 percent in added home value.
Energy efficient windows and doors: Energy efficient windows are ideal for insulating a home from extreme temperatures. Improperly sealed doors can also significantly affect a home’s energy efficiency. Window and door replacement can recoup up to 74 percent in added home value.
Roofing: Roofing can last up to 30 years before needing a full replacement. Fixing small issues before they turn into a huge headache can help save you time and money in the future. However, if your roofing needs to be replaced, the project can recoup up to 62 percent in added home value.
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