You have most likely seen in the news that the US is facing the highest inflation in 40 years, and the energy sector has been one of the most affected. Between April 2021 and 2022, energy costs in general increased by 30.3%, according to the latest Consumer Price Index data from the US Bureau of Labor Statistics.
Here is a summary of the 12-month cost increase for energy products and services used by homeowners every day:
Electricity prices have increased by 11%
Piped natural gas prices have increased by 22.7%
Gasoline prices have increased by 43.6%
Solar panels can operate independently from these energy inputs. After the initial investment is covered, they can last for over 25 years with minimal maintenance, and many brands are now offering long-term warranties.
When using solar power, you are not only saving electricity at the current price, but also the impact of any kWh price increases during the following decades.
If you plan to build a new home or own a property that needs a roof replacement soon, you can also consider a solar roof.
Are you in the process of getting your home ready for sale? If so, here is how to get your home ready for the show time!
Some home improvements won’t break the bank, or your spirit, but will make a major difference in your home’s sale price. Many top selling real estate agents agree there are some inexpensive yet impactful projects that can make all the difference for the home seller, even in a hot seller’s market.
But, the dynamic of rapidly and continually rising home values may be starting to cool off, as the interest rates have been rising since the beginning of 2022, recently reaching 4.00% , putting a ceiling on the mortgage amount buyers can get to finance the purchase of a house.
If you were contemplating selling your property at some point, now is still a good time to so. The mortgage rates are likely to continue to rise from current levels as the economy continues to reopen. Therefore, it may be wise to lock in those hefty property appreciation gains before the interest rates rise further, putting downward pressure on property values.
These are Smart, and Cost-Effective Renovations You Can Make Inside and Out
Let’s start on the inside.
Cleaning is a Must
Believe it or not, a sparkling house can get you $10,000-$25,000 or more. De-clutter your house first. Then, use old rags, vinegar-and-water, baking soda, and elbow grease to offset the cost of extras like oil soap, linseed oil, or new mops. If you use pros, the cost will depend on the number of bedrooms/baths, starting at around $500-$1,000.
Install Fiberglass or SPF Insulation in the Attic
Your agent will know if it’s necessary in your market. The cost averages $1.50-$2.50 per square foot, and you should get all of your money back plus 8%. Buyers like home energy efficiency and comfort.
Refinish Any Existing Hardwood Floors
Refinishing can cost $3.50-$5.00 per square foot, depending on the size of a project. The total cost of the project could get expensive for homes with expansive floor plans. You will break even on this investment but remember that old floors can be a serious turn-off and/or lower the average amount of offers.
Decks and patios are lifestyle upgrades that can make your summer that much more enjoyable, whether you’re relaxing in the evening or entertaining friends on the weekend.
Expect a wood deck to cost $15.50 to $35.50 per square foot installed depending on how complex the design is and the quality of the accessories like stairs, rails and post caps used. Composite decks can cost up to $45.50 per sq. ft. installed.
Patio costs begin at about $4.00 per sq. ft. for installed concrete slabs and range to about $15.50 for thick pavers arranged in an attractive pattern.
A wood deck creates a value of up to 71% of its cost according to national statistics we’ll be quoting throughout this post. The work will take a few days to a week or more to complete depending on the scope of the project.
Replacing that Old Roof
An old roof is susceptible to wind damage and subsequent leaks that cause mold, water damage and costly repair issues. Replacing old shingles protects your home and helps improve its curb appeal, too! 😉
Summer is a great time to replace your roof because the job requires several days of continuous, warm, dry weather. Pro roofers can normally complete the work in 2+ days, depending on the size of the roof. Add a day if a tear-off of old roofing is needed.
A replacement roof will cost, on average, between $4.00 and $7.50 per square foot for new asphalt shingle roofing installed, depending on the complexity of your roof and location of your home.
A new roof adds about 65% to 70% of its cost to the value of your home, and it is something that must be replaced periodically anyways. That’s surely some good bang for your buck! 😉
Installing Yard Fencing
A wooden picket fence adds charm, while a PVC privacy fence helps you enjoy your yard to the fullest. — Those are just two of the many fence options in wood, metal and plastic. The ground is dry and easy to work with in the summer, though if you happen to have clay soil, a powered posthole digger will be useful. Most fences can be installed in 1-3 days when pre-built panels are used.
Fencing ranges in price from about $8.00 for picket and split-rail fencing to more than $30.00 per linear foot for steel or faux-stone PVC fencing installed. The taller and denser the fencing is, the higher the cost will be. While ROI isn’t tracked statistically, an attractive fence definitely makes a house more enjoyable and easier to sell.
Replacing your Home’s Siding
Are you tired of the peeling paint on the exterior of your home, yet? If so, then it’s time to consider installing a suitable siding rather than repainting yet again.
Siding is not only used for its aesthetics, but it can also protect your home against the elements, moisture and insects. It makes sense to have the siding installed or replaced in good weather to keep your sheathing dry and to help assure the work can be completed in a timely manner, usually less than a week for most single family homes.
Vinyl siding cost averages between $7.50 and $12.50 per sq. ft. installed; fiber cement siding can cost some 20% to 30% more than vinyl, and must be installed by seasoned pros. One advantage of fiber cement over the less-expensive vinyl siding, is that it will not melt when subjected / exposed to extreme solar radiant heat such as when there is accidental solar lensing caused by neighboring windows or your porch / addition windows focusing the sunlight on a part of your home’s exterior. The ROI on new siding is an attractive 76%. If you opt for manufactured stone veneer on any part of the home, that option can have an ROI of almost 90%!