Increase The Value Of Your Home With Energy Efficient Renovations
Instead, practical remodeling projects, including projects that save energy, are a better bet. In today’s slower housing market, the best projects save buyers money on energy and maintenance expenses, according to the article.
Not only will energy-efficient features such as windows, roofing and doors help you find a willing buyer, but you may get a large return on your investment when you do sell.
For example, energy-efficient steel entry doors increase the value of the house not only because they reduce energy bills, but because they are attractive and help the house make a good impression on buyers. If you invest $1,172 in the doors, it could add $1,470 to the resale of your house, for a whopping 128.9 per cent return on your investment.
Vinyl replacement windows are another attractive feature to buyers. While they might cost $13,862 to install, the resale value could be $10,601, meaning you’d recover 76.5 per cent of your investment. That’s a higher return than the average, which has been declining in recent years. The percentage of costs recouped at resale was about 64 per cent last year, which was a decrease from 67 per cent in 2008, and a steep decline from 76 per cent in 2006.
Some energy-conservation projects are returning more on the investment simply because they are cheaper to do right now, thanks to federal incentives and discounts from retailers who are trying to sell products in a slow economy. Some energy-efficient appliances that were $3,000 in 2006 cost just $2,500 in 2009.
Experts advise against major remodeling—like kitchen expansions and big additions—if you plan to sell within a year. You probably won’t recoup your expense because the cost also will include tearing down your existing room, and your taste might not appeal to every buyer. For short-term gains, stick to repairs and replacements instead.
What renovations might make your home more energy efficient and attractive to buyers? Find out with a Free Energy Analysis. For more information, call 866-284-8604 or fill out the form to the right.
