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Investing in Home Improvement is a Smart Financial Move
Add value to your home along with your lifestyle
(ARA) - When it comes to investing money, one of the smartest investment opportunities is often overlooked -- home improvement. The
purchase of a home is only half of the equation. Housing continues to be an investment opportunity long after the sale is closed.
Financial experts contend that stability and tax benefits are two major advantages to investing where you sleep. According to the National Association of Home Builders (NAHB), for most people a home is a solid investment in the future, providing not only a place to live, but a solid rate of return with low risk.
Since the major housing organizations began tracking sales prices in the 1960s, there has never been a year in which the average existing U.S. home lost value, with home prices increasing at an average rate of about 5 percent annually.
In fact, The U.S. Census Bureau reports the median price for a home in the U.S. today is $151,000 -- up 30 percent from five years ago. And existing home sales are headed for a third straight record year, thanks in part to rock-solid home prices and historically low mortgage interest rates. According to Cheryl Waits, director of segment marketing for Pella Corporation, if properly maintained, a home is a lasting investment that will provide a sound return for many years.
“More and more homeowners are taking the opportunity to make the most of their time and money though smart investments. Home improvement research shows that nearly one million homes a year undergo a major remodeling project involving a replacement or addition. The beauty of investing in home improvement is that homeowners not only add value to their homes, but to their lives as well. Quality windows and doors are two areas that can have a substantial impact in this area,” she said.
Replacing drafty, leaky windows and doors with high-performing alternatives can greatly affect energy efficiency, noise and comfort levels within a home. By reducing drafts, air loss and condensation, homeowners will experience a home that is warmer in the winter and cooler in the summer with lower utility bills. Less air traveling around your windows and doors also means less outside noise squeaking through the cracks resulting in fewer interruptions.
“Unlike unpredictable returns from today’s turbulent stock market, the life improvement benefits from home improvements, such as a window or door replacement, are tangible,” Waits noted. “Day in and day out, you can see the aesthetics of your home are more appealing or your utility bill is lower, feel your house is warmer or cooler or hear that it is quieter. In fact, you may even notice a little extra sunlight in your home, which may help family members feel better.”
The American Homeowners Foundation (AHF) agrees that investing in home improvement has become an increasingly popular method of enhancing the lifestyle of homeowners. In the mid 1980s remodeling surpassed new home construction in terms of annual expenditures, and it still leads today.
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