3 Remodeling Projects to Do This Summer
Summer is an ideal opportunity to take advantage of some vacation time and work on your home. However, there is more to home remodeling than simply choosing projects that are most appealing to you. If you plan on eventually selling your home it will pay off in the long run to choose projects that have a promising Return on Investment (ROI).
Here Are The Top 3 Most Rewarding, High-Roi Projects To Do This Summer:
- Build a New Wood Deck
Typically new home additions have a low-ranking ROI, but not when it comes to a beautiful new deck. The usefulness of a deck as entertainment and relaxation space make this project one of the most common for homeowners to pursue. Potential homebuyers are more likely to purchase a home with a new or recently added deck, especially those made of high-end, low-maintenance materials.
Based on a 2017 Cost Vs Value report by Remodeling magazine, a new wood deck will fetch an ROI of approximately 71.5%. It is interesting to note that wood deck additions had a higher ROI yet a lower cost than composite decks, which is something to keep in mind if you’re considering the latter. Wood decks are often more visually appealing as they offer a classic, warm look versus composites. If you plan on selling your home, consider going with a hardwood variety or modified wood. Despite the initial higher investment cost, these decks require less upkeep and will outlast pressure-treated or softwood decks.
- Install Coffered Ceilings
A very unique project to consider this summer involves beautifying the ceilings within your home. Coffered ceilings, when installed properly, instantly give even the most modestly decorated interior a feeling of class. These ceilings are often seen in historical or upscale homes, but are now surprisingly affordable. In fact, homeowners that enjoy Do It Yourself projects can even find quality kits that they can effectively use for smaller rooms. Coffered ceilings aren’t only beautiful, but also functional in that they help to reduce noise pollution (from outside noise as well as within the home). Visually they also help to make the room feeling taller and more spacious.
Determining the ROI of a coffered ceiling is difficult, and rarely will you find this particularly remodeling project in ROI reports. However, this is only due to the fact that coffered ceilings are fairly rare and unique rather than having a poor ROI. As mentioned, coffered ceilings are actually one of the more affordable projects that still yield a significant impact. Potential home buyers will surely remember your particular house as the one with the stunning ceilings, which improves the chances of your home selling.
- Replace Dated Siding
More often than not it’s remodeling projects on the exterior that have the highest ROI, despite the inside of your home naturally being where you’re going to spend most of your time. For the most part this is due to the fact that the exterior is the first thing about your property that will be judged. If you plan on selling your home potential buyers will often make their first assumptions based on the exterior, knowing that the interior can be changed more easily to suit their own preferences.
One of the best remodeling projects to give your exterior a facelift is to replace the siding, especially damaged or simply dated siding that is making your home look old. Going back to the ’17 Remodeling magazine report, the average ROI for siding replacement is 77%. If your home’s siding is already in good shape another option is a partial replacement with faux stone veneer. This alternate project has a very impressive 92.9% ROI, yet will cost about half compared to a total re-siding job.
These 3 remodeling projects will make a significant positive impact on the value of your home as well as improving overall curb appeal, which makes them great choices for your summer To Do List.