As you look at ways to spend your remodeling budget, you are likely wondering: What will get me the best return on my investment? Am I better off installing new doors or improving energy efficiency? Is it a new roof or new windows? The truth is that the answer is not the same for everyone. Keep reading to find out how you can get the right answer for your unique needs.
Deciding Between Indoor and Outdoor Projects
One of the first things to determine is when deciding on the right project for you is whether to work with an outside or inside project. Generally speaking, an outdoor project is likely to outperform an indoor project. Despite the fact that most people spend more time inside their homes than outside of them, windows, doors, and siding generally have better returns on investments compared to adding bathrooms or a master suite. This is likely due, at least in part, to the added curb appeal outdoor projects bring.
Consider the Price Range
It is common for people to assume that the remodeling projects that come with the best return on investment are those that require the highest financial investment. This is not the case. In fact, half of the top ten remodeling projects with the best ROI cost less than $5,000 on average. The others are all below $25,000. As you consider which remodeling project to choose, remember that even if you get a slightly higher ROI on something that costs $25,000 compared to $5,000, spending less may be worth more to you.
Average Value at the Time of Sale
To get a better idea of how these types of investments tend to play out, consider the average percentage of recuperated cost on some of the most popular projects. This refers to how much of the initial cost of the projects came back at higher prices when the home was sold:
- Addition of a master suite: 59.9%
- Addition of a bathroom: 53.9%
- Replacement vinyl windows: 73.9%
- New fiberglass entry door: 77.8%
- New sliding door replacement: 76.4%
- New backyard patio: 54.9%
- Remodeled bathroom: 59.1%
- A major kitchen remodel: 61.9%
You will note that new doors and windows top the list of great investments. If you were to add vinyl windows today, you could get as much as three-quarters of your investment back when you sell your home.
If you are ready to find out how much it would cost to add new windows or doors, Progressive Insulation & Windows is the company to call. Reach out at (800) 500-6200 and we will get started as soon as possible.
