If you plan to sell your home within the next several years, investing in one or more home improvement projects now can increase how much of a profit you earn later. This blog outlines three home improvement projects with the highest return on investment (ROI) for 2021.
Replacing old and worn siding with something more attractive and efficient is an easy way to improve your home’s curb appeal. The term curb appeal refers to the impression people form of your home from the street before they even view the inside of the house. Fiber cement siding and vinyl siding are two especially popular choices right now.
One of the biggest advantages of fiber cement siding is that it looks like wood but does not warp or rot as wood sometimes does. Homeowners also appreciate fiber cement siding for how natural it looks. According to the financial website Motley Fool, the typical cost to install fiber cement siding in 2021 is $17,000. Homeowners can expect to see an ROI of approximately $13,000, leaving a net investment of only $4,000.
Vinyl siding is another popular, low-maintenance choice that provides many color options. With an average cost of $14,300 and ROI of $10,700, you can expect to recoup around 75 percent of your costs when you replace your home’s current siding with vinyl siding.
Most people love spending time outdoors, and having a deck attached to the home makes it especially convenient. According to the website Super Money, the typical deck addition measures 16 × 20 feet. Materials used to create a wood deck includes concrete piers, several 4 × 4 posts, deck boards, and pressure-treated joists. Homeowners usually opt for steps, benches, and a railing system as well.
Super Money puts the cost of adding a wooden deck at $10,700 and resale value $7,600. These figures amount to an ROI of nearly 72 percent.
If your windows are more than 15 years old, they are not nearly as energy-efficient as newer windows on the market. The lack of energy efficiency allows cool or warm air to leak out of your home and drives up the cost of running your heating, air conditioning, and ventilation (HVAC) unit.
Other signs that your windows need a replacement include leaking water, condensation, or a sagging appearance. Some homeowners choose window replacement simply because their current styles are outdated.
The cost of window replacement depends on whether you choose vinyl or wood. Motley Fool estimates the cost of new vinyl windows at $17,600 with an ROI of 72 percent. Wooden window replacements are approximately $21,500 and offer an ROI of 69 percent.
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Diamond Hill Builders, LLC is happy to provide a free quote for the above home improvement services or any others you are considering. Keep in mind that the above are averages from around the country and that several individual factors go into your own price quote. Even if you have no plans to sell your home, you will enjoy the benefits of its improved appearance and function.