The weather in the valley is spelling springtime and homeowners are taking advantage to complete some renovations before the heat makes it unbearable to work outside. Of course, they’re also taking the time to fire up the grill and enjoy the temperatures before it hits triple digits.
But are house projects actually important? Very few people want to spend the time and money on home improvement unless it’s extremely necessary. On the contrary, home improvement can be beneficial for the longevity of your home and its eventual payoff or return on investment, or ROI.
“Return on investment could mean a number of different things,” says Managing Director of Iintoo, Jeff Holzmann, “for some people it means long term benefit, but others like to see immediate return.”
Any type of renovation on the exterior of your home not only creates a more attractive living space for you and whoever you have over for a barbeque, but the value of your home. According to data from Williams Ski and Patio, a clothing and patio furniture company, “when you plan a home renovation strategically, it can become a development that can return and even increase the value of your home.”
For example, replacing exterior doors, such as front doors or side doors, showed an average ROI of 101 percent. That’s double your money back. Garage doors can bring in an ROI of 88 percent.
“Solid Infrastructure is the best way to improve your ROI because it’s lasting,” Holzmann advises.
And this is just the tip of the iceberg. Backyards, patios, and landscaping all offer insane returns. While these renovations may be pricey in the small picture, they save money in the long run by putting it back into the eventual sale price of the home.
The great news for Valley homeowners is outdoor kitchens, grills and fire pits offer the highest ROI. Outdoor kitchens that include a sink, fridge, grille and island table offer anywhere between a 100 and 200 percent ROI. Fire pits brought back on average of 150 percent of money spent. That means the more elaborate grilling space the better, and of course the beautiful weather of Arizona allows it to be used throughout the year. A few fans might be a good call, though.
However, Holzmann suggests that lawns and gardens may not be an ideal investment. Both are examples of projects that create short term benefit; they look great for your home, but they continually need care and attention which can be pricey over time.
“It also all depends on your market,” he explains, “let’s take a pool for example. If you put in a pool, which is a great idea in Arizona, it might not be a great idea to a family with small children. It’s a risk to them, but great for you.”
William’s Ski and Patio data shows that pools have a 7 percent ROI.
The focus is shifting however to less exterior improvements, but interior home automation. Amazon, Apple and Microsoft are all in competition to perfect an artificial intelligence (AI) tool that can allow your home work for you. Amazon’s “Alexa” is leading the charge.
“The best type of home improvement is home automation,” says Holzmann, “automation can allow your home to communicate with you at an extremely low cost.”
Home automation used to only be something out of the Jetsons, but now people are using it to improve the value of their home and obtain returns when it comes time to sell.
All in all, before the sun gets hot and the rain storms come, it may be a good idea to set some time aside to buy a grill, an outdoor table and gather some friends for a relaxing evening. Who knows, it might pay off in more ways than one!
