Every smart homeowner who is considering a home renovation project keeps in mind ways to achieve the highest return on their investment in addition to maximizing possible tax benefits.
Here are some summer home renovations to consider that will offer homeowners the best of both worlds:
One of the largest returns on investment an investor can obtain is through home insulation, especially with the attic. According to some studies, insulating your attic has the potential to bring a hefty return on investment (upwards of 110%)! For those looking to go green, you may want to think about an eco-friendly insulation option such as loose-fill fiberglass, for example. Not only will this enable you to qualify for tax credits, but it can also lower your energy by roughly 10 percent.
Another popular summer home renovation option is installing manufactured stone veneer. This trend involves installing stones in the front or side of the home exterior, which lends the look of a house made from stone. Installing manufactured stone veneer will produce a good return on investment.
Replacing or upgrading your garage door can boost your home’s value significantly, and makes a garage door replacement one of the top five home renovation projects with a return on investment of over 90 percent.
As the main entrance to your home, your front door plays a critical role in both its appeal and resale value. Installing a steel entry door can provide a solid ROI, and for those not interested in steel, a fiberglass entry door can still add value.
One of the more financially wise home improvements a homeowner can make is the addition of a deck or patio. According to the national average, a wood deck or patio addition will cost approximately $10,000, while generating a resale value of $7,800; this equates to a 75% return on investment. Not a bad deal!
Since the sun is guaranteed to rise every day, going solar offers homeowners one of the best ways to invest their money. Although this may represent a daunting task for some, investing in solar technology offers many benefits over returns made from traditional investments, and this kind of renovation project can offer tax benefits, as well.
These summer renovations will add value to your home, both financially and practically, and there are many others you may want to consider. If you are turning the idea of completing some renovation projects this summer in your mind, call us here at Ascension General Contractors; we can help you with the details so that you can make the choices that are best for you and your home.
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