Change is never easy. As humans, we find it hard to adjust to new developments in our lives. It’s hard enough to deal with the things we cannot control, such as changes in the weather and season, so it’s often even more difficult to make changes ourselves. But more often than not, these hard decisions end up benefitting and renewing us in the end.
We get used to how our homes look and feel, even if they’re in desperate need for an upgrade. Part of the problem with deciding to renovate parts of our home involves the emotional attachment we have towards them. The other major hurdle is a financial one. The cost of home repair and renovation can be daunting, and cause many of us to balk at the prospect. But once we see this cost as an investment rather than a loss, our views start to change.
When it comes to home renovation, there are three major external parts of any home that can yield a great return on investment (ROI for short) if handled properly. These are roof replacement, window replacement, and siding installation. Let’s take a look at how these three renovation targets can increase the value of your home.
1) Roofing
The reason for replacing a roof isn’t merely aesthetic. A lot of heat and energy can be lost through an old and beaten up roof. Old, worn roofs might also allow for water leakage and mold. By investing in a new roof, you not only protect yourself and your home from further damage, you can also save money on your energy bill each month with a better insulated home. All of these benefits work to increase the value of your home.
There are several options when it comes to roof replacement and renovation. The material and style of roof that will work for your home depends on the climate in which you live as well as personal preference. For starters, there is slate roofing, faux slate (rubber), wood shake, metal, and most commonly, asphalt shingles. All of these materials cost different amounts, and some are more durable than others. Variations and combinations of these types also exist, but these are the five main types of roofs a roofing company will suggest when negotiating an installation.
When considering roof renovation, it’s important to research a reliable roofing company that can provide reasonable rates as well as quality service. A knowledgeable roofing company will, for instance, inform you that it’s best to remove the existing roof before installing a new one, since the life of the new roof can be cut short by 20% if placed atop the old one. Proper installation is key to a good renovation and ROI.
2) Siding
If your home has worn siding or no siding at all, it might be time to invest in new siding installation. While the aesthetic appeal of siding is subjective, there are practical reasons for choosing siding as well. The first once again involves energy efficiency. Siding with proper insulation is one of the best ways to control the temperature inside your home, as it is very difficult for air to pass in and out of this barrier.
Another benefit to new siding is its longevity. If properly installed and maintained, new vinyl siding can last up to 40 years! And maintenance itself is relatively minimal for siding, since the paint job can last between 10 to 20 years. In terms of how new siding can increase the value of a home, the ROI is typically between 70 and 80%, making it a very worthwhile investment.
3) Windows
The ROI of window replacement is similarly between 73 and 77%. Like roofing and siding installation, new window installation can greatly reduce energy costs for homeowners up to 15%. Most homes built before the mid-1990s typically have singe-pane glass windows in them, which aren’t well insulated and result in major losses of heating and cooling dollars. Sound also passes through these easily, which decreases the value of a home.
While the initial decision to update your home might be difficult, remember that it might be the best decision you make this coming year. So don’t be afraid to contact your local window, siding, or roofing company for a change!
