When it comes to home renovations, any Venice homeowner can likely think of at least 5 projects right off the top of their head that they would like to undertake. From creating a custom kitchen to resurfacing the driveway, there is always something to be done. Of course, these home improvements represent a wide range of needs and wants. Some are necessary, some would just make us happy.
And most importantly for those considering a sale of their home in the near future, some represent a positive ROI (return on investment), meaning that the money they invest in the project is likely to be returned to their pocket thanks to an increased home value.
Reasons for Home Improvements
When considering home improvements, there are generally three motivations for homeowners.
- Personal Preference: There are those who are looking to renovate solely for their own pleasure and use. Return on investment is not generally a concern for these homeowners.
- Structural Need: Other homeowners are looking to keep their home safe, sturdy and healthy will undertake certain home improvements in order to maintain integrity of the structure.
- Return on Investment: Some home renovations are effected purely for return on investment of ROI. This means that the projects are completed in order to make the home more marketable or to achieve a higher home value.
Which Renovations Have Solid ROI?
Some of the highest ROI home renovations include new hardwood flooring and a new, automatic and storm-proof garage door. Other projects which are easy to affect and make a difference in your home’s appeal include replacing the front door, replacing fixtures in the kitchen and bathroom, replacing hardware on cabinets, and refreshing paint.
Generally, expensive aesthetic home renovations are not good investments from an ROI perspective. This includes things like luxury master bedrooms, or over-the-top gourmet kitchens. While these will appeal to home buyers as a great “extra”, most do not want to pay more for the home because they exist. A new roof, however, is considered a tangible, valuable benefit across the board. Another high ROI project which is tangential to the roofing process is the replacement and upgrade of insulation. Insulation can often be contaminated and deteriorated as a direct result of a faulty roof – whether via leaks or invading critters.
Most homeowners do not consider a new roof for the sake of personal preference (although some do.) The majority of homeowners consider a new roof installation for either structural need, or to make their home more marketable to homebuyers. The good news is that a new roof is a project which effects maximum ROI for homeowners. It represents (on average) a 105% ROI for those who contract for a new roof.
One of the reasons that a new roof can result in such a high ROI is that a damaged or failing roof can cause a chain reaction of other problems in the home.
- As noted above, an old roof is often associated with eroding insulation, which is very important in keeping your home cool and energy efficient.
- A leaking roof can cause rotting eaves, soffits, and framing for the home.
- Water from a leaky roof can make its way into drywall and cause interior damage.
Whatever your reason for wanting a new roof in 2020, you can be assured that it is a great investment and a smart way to spend your home investment dollars. For an assessment of your roof’s condition and an estimate for roof repair or replacement, call Kingdom Roofing today.