The Appraisal Institute (AI) is encouraging consumers to winterize their homes now to save money and increase property value in anticipation of the winter. ThAI recommends consumers confer with an appraiser before the winterizing process begins.
“Fall is an ideal time for homeowners to take stock and make the appropriate updates for the cold months ahead,” AI President M. Lance Coyle said in the press release. “Routine improvements can make a winter indoors more enjoyable and, in some cases, increase the value of a home.”
According to the “Hanley Wood 2015 Cost vs. Value Report,” projects with the highest cost-to-value ratio include entry door replacement (steel), garage door replacement (mid-range and upscale) and window replacement (wood).
The report indicates that replacement projects, such as new doors or windows, generate higher returns on value than major room remodels including those of kitchens and baths. For example, at the time of resale, a bathroom remodel recoups 70 percent of its cost, but a steel entry door replacement recoups almost 102 percent, according to Wood’s report.
Equally important is protecting assets outside of the house. Taking simple winterization steps can protect homeowners’ investments in landscaping, decks and roofs, all of which can potentially add to property values.
“A qualified appraiser can make recommendations on improvements, keeping in mind community norms,” Coyle said.
According to the Energy Saver Guide, produced by U.S. Department of Energy, the typical American family spends at least $2,200 a year on home utility bills, with heating taking up to 42 percent of that amount.
For additional information on home improvements that can be made throughout the year, see AI’s Home Improvement Tips fact sheet.