What is the benefit of “Cost versus Value” in Home Improvement?
Cost
The amount you spend for the product/service.
Resale Value
The amount of equity gained and hopefully recouped upon sale of the property.
The goal here is to increase profitability. Improvements made, especially ones that increase curb appeal and improve the overall condition of your home, will be beneficial when you decide you’re ready to sell. Although updated appliances or even new furniture looks nice, it’s unlikely that a buyer will be able to get past a leaky roof or even inefficient windows that leave your home drafty. Structure is everything! Updating the little things are important, but a sturdy foundation and upgraded core home products are necessary to maintain your home’s resale value.
Reality
The reality of things is, improving your home isn’t a cheap thing to do. Yet, it can be cost-effective when you consider inflation and being proactive, repairs become necessary. Although making the decision to finally replace those old drafty windows may not be a top priority or what you want to spend your money on, it really is a crucial part of being a proactive homeowner. According to the 2019 Cost VS. Value Report, statistics show that replacing your roof may be a costly project upfront, but you will recoup at least 70% of what you paid to have a new one installed. The statistics also show that you will recoup at least 79.5% when you replace the siding on your home. And let’s not forget windows! According to the report, it is shown that replacing your old windows with new vinyl windows, you can expect to recoup at least 81% of what you paid to have them installed.
With the savings in mind…. It may be time to upgrade your home’s exterior and find the real value in home improvement.
