CHESTER, Pa., June 27, 2013 /PRNewswire/ -- According to the Census Bureau, a 28.9 percent rise in new home sales since last year -- coupled with a lack of premium existing properties on the market -- is causing home renovation spending to hit a six-year high. Power Home Remodeling Group, one of the nation's largest home remodeling companies, cautions homeowners to spend smartly on remodeling projects by investing in fundamental improvements such as roofing, siding and window replacement that will earn the biggest return on investment in this time of cautious optimism as the housing industry continues to slowly improve from the recession. According to Remodeling Magazine, homeowners who invest in an upgrade to vinyl siding will recoup around 72 percent of the renovation's costs in added value to the home.
"Homeowners are investing money in their homes again as the cost of renovations is less than the cost of buying a new property and selling their existing property. Though it may be tempting for homeowners to make personalized improvements, it is important to spend money wisely when renovating and focus on upgrading basic home functionality to get the biggest bang for their home improvement buck," says Corey Schiller, Power's chief executive officer.
Power offers the following tips for exterior home improvements that update a home's style and curb appeal while also making it more valuable:
- Vinyl Siding – Updating the exterior of your home with vinyl siding will help increase your home's curb appeal while boosting its energy efficiency. Replacing the exterior of your home with vinyl siding will cut down on the maintenance of your home's facade and the project can recoup an up to 72 percent in added home value.
- Energy Efficient Windows & Doors – New, energy efficient windows are ideal for insulating a home from extreme temperatures that change with the seasons. If a window overhaul is unrealistic, replacing windows in key rooms of the home where the sun rises and sets can make a huge impact. Old or improperly sealed doors can also significantly affect a home's energy efficiency by allowing air to easily escape. Installing a new door can provide more effective insulation than older ones. Window and door replacement can recoup up to 74 percent in added home value.
- Roofing – Though roofing typically lasts between 20 to 30 years before needing a full replacement, weather can loosen or damage shingles, putting a home at risk for water damage and air leaks. Fixing small issues before they turn into a huge headache can help save you time and money in the future. However, if your roofing needs to be replaced, the project can recoup up to 62 percent in added home value.
To learn more about exterior home improvements that have a high return on investment, visit PowerHRG.com or call 1.888.REMODEL.
About Power Home Remodeling Group
Family-owned since 1992, Power Home Remodeling Group is the nation's sixth largest home remodeling company with more than 1,200 employees and $170 million in sales. Headquartered in Chester, Pa., Power provides energy-saving and environmentally friendly exterior remodeling solutions to residents across the country, including Connecticut, Delaware, Georgia, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Virginia, and Washington, DC. An Inc. 5000 company, Power has served more than 87,000 homeowners and is recognized as a home improvement leader by its two-time "Dealer of the Year" award from Window and Door Magazine and was named the top remodeler on Professional Remodeler's 2012 Market Leaders Philadelphia list. For more information please visit PowerHRG.com, or follow the company on Twitter @PowerHRG and Facebook at facebook.com/PowerHRG.
SOURCE Power Home Remodeling Group