Making Home Upgrades That Increase Your Home’s Value
Whether you are preparing your house to sell, or looking at different home improvement options, we all want the best home improvement solutions. We want our upgrades to increase value. If you’re considering a new entry door, siding replacement, or roof replacement, it’s smart to find improvements with the highest ROI (Return on Investment). But, which is the best? Is there some way to find out which improvements add the most value?
Determining the ROI of a Home Improvement Project
There are numerous companies or products that claim to be the most valuable, but non-biased data is much more reliable. If you aren’t in the Construction/ Remodeling Industry, you may not have heard of Zonda Media, but they’ve published annual “Cost Vs Value” reports since 1987. Each report aims to answer one important question, “What value does a particular remodeling project add to the sale price of a home?” (link: https://zondahome.com/2023-cost-vs-value-report/)
The Methodology Behind the Data
By surveying real estate professionals and using direct data from remodeling estimating tools, Zonda determined “the average cost of 23 remodeling projects versus how much value those projects retain at resale.” Besides publishing the national average data, they also break down their findings to specific markets—including Lafayette, Louisiana.
Understanding the Implications of the Data
Thanks to Zonda, you can better understand the average cost AND RETURN on your home improvement project. For example, if you’re considering replacing your windows, you have different materials to choose from. Does wood or vinyl cost more? And which has a better return?
Making Informed Decisions on Window Replacement
According to Zonda’s findings, homeowners in the Lafayette area can expect wood windows cost more than vinyl and bring a lower ROI. Besides being less expensive, this homeowner can expect to recoup 83.4% of their cost of vinyl windows, as opposed to 69.2% of wood windows.
To learn more about the differences between wood, vinyl, and aluminum window frames, check out our recent blog post.
Using the Data to Make Choices
Though none of these numbers are guaranteed, this report can help you make better decisions and know what to expect. As in our previous example, this report shows the current averages for both wood and vinyl window replacements. According to the data, not only is vinyl less expensive (on average), but it has a higher return.
Consider this when choosing a roof replacement, deck addition, or siding replacement. This report even breaks down additions and remodels from midrange to upscale.
Comparing Different Home Improvement Projects
For example, in the Lafayette area, an average midrange Bath Remodel is the most cost-effective. It’s less expensive ($24K) and recoups almost 65% of its cost. On the other hand, an upscale Bath Remodel costs on average about $76K and recoups less than 35%.
Don’t forget to check out the regional-specific data, as it may vary from the national averages.
Good News for Lafayette Area Homeowners: the best home improvement solutions
Here is more good news for Lafayette area homeowners:
- When it comes to roof replacements, asphalt shingles recoup an average of 64% (compared to 47% from metal)
- Vinyl Window Replacements recoup an average of 83%
- AND Vinyl Siding Replacements recoup an average of 107%
To access the full report, check out zondahome.com/2023-cost-vs-value-report/ and download your own copy.
Why Choose Jim Olivier’s Home Improvement
At Jim Olivier’s Home Improvement, we not only use high-quality materials, with hard-to-beat warranties, but we focus on the home improvements with the highest ROI. We aim to provide the best home improvement solutions for our customers
Did we mention, each customer receives our Red Carpet Experience?
Whether you are getting ready to sell, or want to love your home again, choose the best materials, the best improvements, and the best professionals with the best service.
