Where should I allocate my remodeling budget? 4 projects to consider
It’s no secret that home improvement doesn’t always come cheap. Sure, there are smaller DIY projects that can turn out pretty well, but major renovations typically require a serious remodeling budget. For many homeowners, renovations aren’t just about making a home match personal style and tastes. It’s about improving home value when the comes time to put it on the market.
That’s why remodeling can cause a lot of anxiety and dread for homeowners. These are big, costly decisions that have a lasting impact on your home and quality of living, as well as your finances. When dealing with large-scale projects — not just painting your living room or changing out kitchen cabinet hardware — you need to be smart about how you spend your remodeling budget in order to get the most bang for your buck.
4 projects to maximize ROI for your renovation budget
Garage Door Replacement
Our first suggestion is likely one you didn’t expect — a garage door replacement. Believe it or not, replacing your garage door offers an ROI of up to 97.5%, making it one of the best renovation projects if you want to get the most bang for your buck.
Newer garage doors offer increased security, better aesthetics, quieter mechanics and require less maintenance. If you’re selling your home, replacing your garage door before listing it takes the burden off of the potential buyer, who likely won’t be willing to spend a good chunk of change directly after writing a check for a down payment.
Manufactured Stone Veneer
While a new deck out back and a freshly-painted living room are great selling points, the exterior of your home is the first thing people see when they approach your property. Updating your home’s facade for prospective buyers is a great way to spend your remodeling budget, specifically with manufactured stone veneer. This type of exterior can give you an ROI of 94.9%, making it one of the best ways to get your home prepped for resale.
Manufactured stone veneer mimics the look of natural stone while cutting down on the weight and price of the real stuff. Using manufactured stone veneer will give your home the stunning look of real stone while offering your wallet significant savings and profit down the line.
If stone isn’t your style, don’t worry — good quality vinyl siding also brings in an ROI of 75.6%. Since vinyl siding is very standard and offers your home a clean, sleek look, there’s a good chance your prospective buyers will be satisfied with the overall aesthetic, which helps boost resale value.
LONG’s siding is made with energy-efficient materials, such as EPS foam insulation, and is resistant to peeling, cracking, expansions and contractions, and damage caused by hail, dust, rust and anything else that gets thrown its way. Whether you plan on selling your home in the near future or you just want to change up the look of your home, vinyl siding is a great way to spend your remodeling budget.
Vinyl window replacements are an all-around winner for your remodeling budget. They make your home quieter, safer, prettier, more energy-efficient and can recoup up to 73.4% of their cost. You’ll also get the added benefit of reduced energy bills each month. In fact, window replacements can save you up to $500 annually according to Energystar.gov.
With new replacement windows, you reap the immediate reward of a more comfortable home and the long-term benefit of a more attractive home to prospective buyers.
3 questions to ask as you plan your remodeling budget
Are you thinking of selling your house soon?
Many people remodel in order to increase the resale value of their home before they put it on the market. With this goal in mind, it’s vitally important to spend your remodeling budget on those specific projects that have a high ROI. More often than not, that means spending money on either foundational or structural things like electrical, plumbing, etc., or sprucing up the curb appeal of your exterior.
Are you looking to fix something?
Not all homeowners are interested in sprucing up appearances, but rather fixing what’s broken. If there’s an aspect of your home that requires attention, even if you’re not planning on selling in the near future, it’s still important to think of resale value down the line. A makeshift plumbing solution may help save some money now but could end up costing you thousands in the long run.
Are you interested in making your house more “you”?
We’re all for tweaking and altering your home to fit your style, but resale value should still play a role in building your perfect home. When the kids fly the nest and you need to downsize, a completely personalized home will have a harder time selling on the market since there’s likely no one with the exact same sense of style as you. If you spend all of your remodeling budget crafting a totally unique home, be aware that your resale value may take a hit as a result.
Ready to tackle that remodel?
The LONG family of products offers everything you need to tackle roofing, windows, and siding projects in New England and the Mid-Atlantic region. Visit us online or give us a call at 866-270-7058 to request an estimate for your next remodeling project.
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