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When contemplating a home improvement project, consumers typically think of costs in terms of how much less money they will have in their bank account once the project is over. I'd like to propose a different paradigm. Look at the home improvement project as an investment into the value of your home, like a stock, mutual fund or rental property.
Let me give you an example: You know your windows are old, drafty and costing you a fortune every year in additional heating and cooling bills. Plus they are very difficult to open, if they open at all, unsightly and just a nuisance. After receiving a few estimates you decide to replace them for a cost of $9,500.00.
While it is true that after the project is finished, you will have $9,500 less in your bank account or added onto your home equity line of credit, if you choose to finance. But it is also true that the value of your home will increase $7,315.00. Your actual out of pocket long term cost is only $2,125.00. This also does not factor in the additional energy savings and convenience of operation of new windows, or the aesthetics and functionality of a new kitchen, bath, roof, siding or whatever remodeling project you are considering.
Also keep in mind, this will make your home much more marketable. One of the most common requests I receive from customers is for an urgent remodeling project because the sale is being delayed due to an old roof or subpar original windows. New home buyers love to use these things as leverage in driving down the price of a house.
Remodeling magazine did a fascinating study that identified the return on investment for a variety of home improvement categories. Here are some of the most common home improvements and the return on investment that you can expect to receive from them:
Project | % Return on Investment |
| Basement Remodel | 75% |
| Bathroom Addition | 60% |
| Bathroom Remodel | 71% |
| New Deck | 75% |
| New Entry Door | 129%-Steel | 65%-Fiberglass |
| Kitchen remodel | 72% |
| Roof replacement | 67% |
| New Siding | 80% |
| New Windows | 77% |
If you would like to read the entire list and the article in it's entirety, please click here.
If you would like a free estimate please contact me at 513-746-9557 or email at tom.bolt@cshicincy.com.
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