While the spring and summer months routinely find consumers purchasing new energy-efficient products – such as air conditioners and electric fans that can reduce costs – other homeowners use this time to engage in large-scale remodeling projects that could potentially increase the value of their home when it finally enters the market.
This March, the National Association of Realtors (NAR) and Remodeling Magazine released the results of their 2011-2012 Remodeling Cost vs. Value Report, which found that many homeowners are looking to replace their windows, doors and siding as a way to provide added value to their investment.
The report indicates that seven of the top 10 replacement projects conducted by homeowners deal with addressing siding, windows and doors, items that often attract the attention of potential homebuyers, especially those who are concerned with the appearance of the home and the costs of heating and cooling the residence over the long term.
"This year's Remodeling Cost vs. Value Report shows the value of putting your home's best facade forward, so to speak," NAR President Moe Veissi said in a statement. "Inexpensive exterior replacement projects are not only crucial to a home's regular upkeep, but are also expected to recoup close to 70 percent of costs."
Homeowners who are planning to engage in these replacement projects this year may also want to take energy use into consideration. For example, many windows and doors can help homeowners increase their ability to heat and cool their home at a low cost. As such, providing future homeowners with assurances that their energy costs will be kept low could help homeowners who are looking to put their home on the market in the near future.