Remembering the three “Rs”–repair, rehab, and remodel–will help preserve the value of your home — your family’s most important asset. In recognition of Home Remodeling Month this May, the National Association of Home Builders (NAHB) Remodelers will highlight the financial incentives of remodeling and offer suggestions for consumers on projects that provide the best return on investment.
“Remodeling not only enriches a homeowner’s quality of life, but it can also provide numerous financial rewards,” said NAHB Remodelers Chairman Lonny Rutherford, CGR, CAPS, a professional remodeler from Farmington, N. M. “Smart remodels increase home value and save homeowners money by improving home performance.”
With interest rates at historic lows, homeowners can now move forward with long-delayed projects that help maintain their home’s value by modernizing and adding amenities. Attention to home maintenance adds comfort, enhances home performance and avoids future costly repairs. And there are immediate savings on energy and utility bills after upgrading home efficiency.
“It doesn’t take much effort to increase home values. Adding a full bath or renovating the kitchen are great investments, but smaller projects such as replacing siding or adding a deck improve the space and beautify a home,” adds Rutherford.
According to the experts at NAHB Remodelers, the best return on investment doesn’t always mean spending big:
– Fix drafts for better air flow, or repair the roof to stop leaks. Even simple repairs can drastically improve home performance and protect the structure’s integrity.
– Add the most value for the least cost by replacing siding or adding a small bathroom.
– Expand your home to the outdoors by adding a deck, patio or porch where you can relax or entertain.