Insulation will raise the value of your property more than remodeling
July 19, 2016
Renovating, remodeling, and redecorating always present a dilemma when it comes to assessing the cost vs. value. And while there are countless comparisons and statistics to support one view or another, there is always the effort to substantiate between personal comfort and real estate value, regardless of which type of home reno is involved. Clearly, every home is different and every home renovation will have its own unique impact on the physical structure. The bigger question is how to capitalize on the best return on investment. In today's hot real estate market, there are specific home improvements that quickly catch the eye of a buyer - a modern, updated kitchen; a finished media/entertainment room; even a washroom with state-of-the-art fixtures. These may accelerate a purchasing decision or even account for a better sale price, but for the seller its essential to understand the return-on-investment. In other words, what did the reno project cost, and what was the ROI when the house eventually sold? It's an important question to ask BEFORE renovating. In North America, real estate indicators show that quality home insulation is the highest value project when compared to bathroom renovations, roof replacements, or basement remodeling. In terms of cost vs. value, insulating the attic or basement or garage is very much a win-win situation - there's immediate comfort for the homeowner, significant heating and cooling savings throughout the year, and added value when its time to sell the property. For the discriminating homebuyer, quality insulation is attractive on the features list. Let's face it - lousy "curb appeal", an old and outdated kitchen, or drafty, aging windows are not going to be great selling features, even with the best insulation in the world. But all things considered, a home with high quality insulation, professionally installed, has short-term benefits for an existing homeowner, and longer-term benefits when it comes time to sell the home. Indeed, one of the principal benefits is the enhanced energy efficiency that allows for considerable savings on heating and cooling from one season to the next. Except for insulation, there aren't any home improvements that actually save money after completion. At the same time, it's important when upgrading insulation, to insulate areas of the home that will deliver optimum energy efficiency and maximum savings on utilities. In the basement, for example, sealing and insulating the foundation, walls, and crawl spaces will prevent heat loss and save on heating bills. In many cases, with a high quality product and a professional install, the annual savings can often defray the overall project cost. Attics and roof cavities are yet another worthwhile insulation investment. Short term, this type of home reno will provide both seasonal comfort and dollar savings. Here again, annual utility savings make for a project investment that can easily pay for itself in a few short years. And when it comes time to sell the home, it's this type of home improvement that will resonate with a prospective buyer.