Increasing your home’s value
When thinking of renovating, consider the project that will most personally enhance your living condition. According to a recent study, Honolulu has the highest average cost-to-value ratio in relation to national averages. Therefore, homeowners in Hawaii are getting great value for their money when they invest in their property. This is fantastic news for homeowners looking to remodel or renovate.
There are many budget-friendly ways you can add value to your home. Some of the most valuable home renovations for 2015, in order of return-on-cost, are:
• Siding replacement.
Siding (vinyl/fiber-cement) preserves the integrity of your housing structure and improves your home’s curb appeal. Homeowners who invested in upscale fiber-cement siding replacement in 2015 increased their home’s value by up to 103 to 122.5 percent of the cost of installation. For example, if you chose to update your siding with foam-backed vinyl and the project cost was $17,899, you can expect to add a value of $18,500, whereas if you chose to upgrade with up-scale fiber-cement siding costing $17,183, you would increase the value of your home by $21,045.
• Deck addition.
A deck addition is a low-budget way to make your outdoor space more comfortable. There are both natural and synthetic products that can minimize maintenance and enhance your backyard. In an uptrend for midrange projects, where the average recoup of 77 percent of cost in additional resale value (from a 2013 report), renovation has spiked to giving homeowners a return of 146.4 percent of their investment when choosing wood and 115 percent when choosing composite. Now is the time for deck upgrades to get substantial bang-for-your-buck in costs recouped.
• Kitchen remodel.
Many industry experts agree that updating your kitchen cabinetry and flooring are a great way to enhance the aesthetic appeal and value of your home by up to 84 percent to 96 percent of the renovation cost. This is up five to 12 percent from previous years. United Pacific Builders LLC encourages the use of Energy Star products to further increase your home’s value while lowering energy costs.
United Pacific Builders LLC urges you to research the cost versus value for future projects and see where you can invest in upgrades that truly will give you the most return on your investment.
Following the next tier — where your return on investment is in the 90th percentile — includes renovating your bathrooms and family rooms. If you already have renovated, you may consider additions to your home.
United Pacific Builders LLC is a locally owned and operated general contractor. United Pacific Builders LLC can help you with any project big or small and ensure that you receive the most for your investment. Call 366-0575 for your free estimate.
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