Whether you’re expecting a large tax return soon or have simply worked hard on saving up money to improve your house in Colorado, it’s important to make those funds go as far as possible. This means you will want to focus on making some home improvements that will not only increase the appeal of your house, but also add to its overall value. Of course, you might have a few projects in mind that your Colorado home could surely benefit from. If that’s the case, it’s time to start getting estimates from professionals who can do the job. But if you’re still not sure what types of home improvements to make, you should consider the projects that have the best return on investment.
The Rising Real Estate Market in CO
As the Colorado housing market heats up, you might start thinking about selling your house soon. In particular, cities like Boulder, Denver and Colorado Springs are some of the hottest housing markets in the country right now. This means home prices are surging, making it a good time to consider selling your Colorado house. If you want to get the most for your house when you sell it, you should consider some home improvements that are known for providing impressive ROI.
Even if you’re not going to put your house on the market right away, making a few home improvements is a good idea. After all, Denver is always a top market in sales and price appreciation, so you should be able to sell at any point, especially once your house has been fixed up.
Know the Home Improvement Projects with the Highest ROI
If your house doesn’t need any specific improvements, but you still want to set it apart from other houses on the market, you should look into the projects that have the best ROI. This way, you’re likely to get a good amount for your investment when it’s time to sell the house. If you’re not sure where to start, keep in mind that the top five projects for homes nearly every year include house window replacement, siding replacement, and roofing replacement.
Before you decide which home improvements to make, it’s helpful to know approximately how much you will spend and how much you can expect to recoup. You can use resources like Remodeling’s 2017 Cost vs Value report to get an idea of this. For example, replacing your roof in Denver costs an average of $20,288, but the average resale value is $13,124. This means you can usually expect to recoup 64.7 percent of the cost for Denver roofing services of this kind. And for the Mountain region as a whole, the cost of replacing your roof is slightly cheaper at $19,806, but you may make more from it since the resale value is $14,458. This results in a cost recoup of 73 percent, making it a home improvement project with great ROI, whether you live in Denver or anywhere else in the Mountain region.
Another project that has a high ROI is siding replacement. For instance, if you decide to swap out your current siding for fiber cement siding in Denver, the job cost is $14,500 and the resale value is $9,737, letting you recoup 67.2 percent of that cost. Siding replacement has an even better ROI elsewhere in the Mountain region since the job cost is $14,001 and the resale value is $10,315, letting you recoup 73.7 percent of costs. This is especially the case when you go through reasonably priced James Hardie siding installers for the job. In the past, siding replacement has even had an ROI of 95 percent to 103 percent, making this a home improvement project you want to consider if you want a great investment in your house.
House Window Replacement
If you’re looking for yet another wise way to improve your house in Colorado, look into window replacement. If you choose vinyl windows, for example, the job should cost you $15,256 in Denver and will likely have a resale value of $10,998. That lets you recoup 72.1 percent of the costs. Even better, in the Mountain region, vinyl window replacement allows for 74.7 percent of the costs recouped, since the job costs $14,995 and the resale value is $11,202.
Similarly, if you choose wood for your house window replacement project, you can expect to pay $18,699 in Denver, with a resale value of $12,870, so you get back 68.8 percent. That number goes up to 74.2 percent in the Mountain region since the job costs $18,420 and the resale value is about $13,667. Either way, window installation often has a great return on investment, and that’s just one of the benefits of replacing your windows.
Now that you know how high the ROI is on some of the top home improvement projects, it’s time to consider how you want to make your house stand out from all the rest. If you’re interested in increasing the ROI on your Colorado home, contact us today to get a free estimate and answers to any questions you have.