3/20/2014 - Steel-door replacement deemed top renovation for ROI
With today being the first day of spring, many homeowners are likely already thinking about what projects they would like to complete now that the snow and cold is hopefully behind us. And, if these pursuits include renovation work, one of the most valuable home improvements that can be performed is replacing the entryway to one's residence, according to a newly released report from the National Association of Realtors.
If homeowners are looking to improve not only the aesthetic appeal but also the overall value of their property, a steel-entry door replacement project results in substantial returns on investment, experts at NAR concluded. It's estimated that nearly 97% of expenses spent on putting in the door can be regained, should the current occupants decide they want to sell it.
Steve Brown, president of the U.S.' largest real estate trade association, indicated that people naturally put a lot of thought and effort into how they want to refurbish their homes.
"With many factors to consider such as cost and time, deciding what remodeling projects to undertake can be a difficult decision for homeowners," said Brown.
He added that in addition to entry door, other exterior replacement projects - like opting out siding and windows - can recoup homeowners nearly 80% if they decide to list their homes for sale.
Other cost-effective renovation projects, according to NAR, include adding a wood deck onto the side of the house, using fiber-cement for new siding, garage door replacements and window replacements – all that each have a return on investment value of 75% or more.
In order to maintain the value of newly installed treatments, it's important for residents to get in touch with their homeowners insurance provider. They can offer advice on how a renovation will affect their current policy and whether it's worth increasing the coverage amount.