In this episode of Beyond the Studs, Josh Gauwitz, owner of Legacy Exteriors, talked all about the potential for return on investment (ROI) on home remodeling projects, which is always good news for homeowners. Here’s what Josh had to say …
I recently read an article on BankRate.com that talked about all of the “high-yielding” home Improvements people can make that typically yield a solid return on their investment. The article made some good points — things we’ll talk about with homeowners who are looking to remodel or make improvements — and I realized it would be a good topic for Beyond the Studs.
That said, before we dive into what those high yielding projects are, I’d like to point out a few of the remodeling projects that homeowners seem to love, that don’t yield an ROI when selling a home.
These are just a few examples of some of the more popular renovations:
• Lavish lighting fixtures are a must-have for many of the homeowners we work with
• Converting a bedroom into a closet
• Making highly personal customizations in bright or bold colors (more about this in a moment)
• An extremely high-end kitchen
These are a few of the items people like in their homes that do not bring a ROI. That said, these types of home improvements can bring a lot of enjoyment to the homeowners, which is of course why they commission the project to begin with.
What Types of Home Remodeling Can Bring a Solid ROI When Selling Your Home?
BOLD IS BEAUTIFUL, BUT IS IT PROFITABLE?
When it comes to exterior remodeling, bold is in right now. Specifically, exterior siding with dark bold colors. That said, I am taking a wait and see stance on this particular design element when it comes to ROI. If, over time, it produces high volumes of curb appeal it could become something that produces good ROI when a homeowner sells their house.
Now, let’s shift gears into home improvements that have proven to provide a good ROI, year after year …
When it comes to the exterior projects people take on when they want to remodel portions of their home, a steel entry door can provide excellent ROI when you go to resell your home. Now, steel is only one option for your entry door, and it’s a popular one because steel doors have an excellent price point. That said, as popular as steel is, I have found the most popular entry door material to be fiberglass.
When it comes down to ROI, you’re not spending a ton of money on that entry door — which can literally change that entryway into having a completely different look, enhancing curb appeal. It’s just a great investment.
In addition to transforming the look of your home, new siding also provides a very good ROI when selling. What we’ve found as siding contractors in the Madison area is that fiber cement siding, as well as vinyl siding or composite siding, are all great options for an improved exterior aesthetic with dependable ROI.
When renovating your siding, vinyl is always going to be the most popular option. Vinyl is going to be less expensive than, say, a fiber cement or an LP SmartSide. A homeowner’s siding choice depends on a lot of different things like the size of the home, home type, budget, whether you are planning on staying in the home or planning to sell soon … so ROI is only one component of the decision-making process.
Whether it’s a prospective home buyer or seller, we have a lot of local realtors getting in touch with us to perform inspections on a home’s roofing. Why? Because the roof is a big factor in the sale or purchase of a home … and it’s best for both buyer and seller to know the condition of the roofing — and if a seller wants to increase the value of their home, the investment in new roofing can pay off in a profitable way when selling. A new roof looks great, and provides peace of mind to the prospective buyer, especially when a high-quality product — with excellent warranties like the ones we’re able to provide — are in place.
I always like to say, a home is typically a person’s biggest investment, and what’s protecting that investment is your roof!
This brings us to the end of this installment of Beyond the Studs. If you have any questions about the ROI on a home improvement, or simply want to discuss a project — whether it’s an entry door, roofing, or siding — feel free to get in touch with us anytime!
Listen to the Beyond the Studs episode here …