Home improvement is one of the best investments that a homeowner can make, offering thousand dollar returns and increases into the overall value of the home if the owner decides to sell. There are many improvements that a homeowner can decide to make, ranging from major works like roofing replacements, siding replacements, or even just a simple patio door replacement.
A new roof, for instance, can cost a homeowner upwards of around $7,600 as an initial investment but could net a return of 105%, or $8,000. That means that replacing an old, worn, roof can actually gain you money in the long term.
Getting a patio door replacement, especially if you get one that has more security or durability, can net a minimum a 97.2% return on investment. That is at a minimum, not necessarily the average or upper-end of the returns. It is possible that replacing a door can actually gain you money.
Insulation is another good return for homeowners, and not necessarily due to the value of the insulation itself. There is only a return on investment, on average, of 90% from replacing the insulation. But, it does have the benefit of potentially saving you big on heating and cooling costs, thus paying dividends in the long term.
Replacing your siding is another big investment, and can also help save money in the long term. Things like vinyl siding, which has come a long way from the vinyl of the past, can last a long time, and often come with replacement warranties. They’re also recyclable, which benefits the environment. Like insulation, it may not offer much in terms of a return, but the potential savings make it a great investment.
Generally speaking, many of these services can be performed by the homeowner themselves, but it might be best to leave it to a professional if you are uncertain on how to do much of the work yourself. Small mistakes can shave years off your investment lifetime, or cost you a large part of the return.
For instance, roofing experts estimate that the life of your new roof can be limited by as much as 20% if installed on an existing roof. So, you want to avoid just putting it on over what you had before.