Payback on Home Remodeling Projects | Practically Green

Chicago Green Home Guru Laura Stukel shares this report about Payback on top household remodeling projects, home-energy upgrades such as Weather Stripping your windows ? a perfect project in between hot and cold seasons. ?Laura?s savvy take-aways apply no matter where you live!

Each year, Remodeling Magazine and Realtor Magazine team up to produce the Cost vs. Value report.? The study looks at regional building permit data to estimate remodeling costs for more than 30 common home improvement projects.? Then, Realtors weigh in to estimate the value these projects add to a home?s market value.? It?s a handy report that gives homeowners some perspective on the best way to spend home improvement dollars each year.

But the report is missing one thing.? What about payback? Many of the project scopes could be tweaked just a little to include some energy efficiency improvements at the same time. It?s a super-smart time to add these steps while drywall is already off and walls are already open ? you cut the dust and prices later over doing these same improvements as stand-alone projects. These upgraded projects would potentially add not just value, but offer savings through reduced energy costs.

The following lists show the Top 5 Chicagoland projects based on estimates of remodeling costs recouped at resale as reported in the Cost vs. Value report.

The second list uses energy data compiled by the Center for Neighborhood Technology/Energy, Efficient Windows Collaborative, ENERGY STAR and Keep Warm Illinois to show the top projects based on natural gas savings for a typical/average home in the Chicagoland area.

2010 Top? Chicagoland Home Improvement Projects:

• #1 Steel Entry Door Replacement ? Cost recouped:? 102.1% ? Cost:? $1,218, Resale value:? $1,243
• #2 Garage Door Replacement ? Cost recouped:? 83.9% ? Cost:? $1,291, Resale value:? $1,083
• #3 Siding Replacement (Fiber Cement) ? Cost recouped:? 80% ? Cost:? $13,382, Resale value:? $10,707
• #4 Minor Kitchen Remodel ? Cost recouped:? 72.8% ?- Cost:? $21,695, Resale value:? $15,790
• #5 Deck Addition (wood) ? Cost recouped:? 72.8% ? Cost:? $10,973, Resale value:? $7,986

2010 Top Chicagoland Payback + Value Projects:

#1 Basement Remodel + air sealing + insulation. ?Extra energy efficiency costs:? 1% (Upgrade to air seal & insulate basement ? $1,000-2,000; Tip: be sure to also upgrade home ventilation)

Potential average energy savings: 24%

BuildingGreenTV.com

#2 Attic Bedroom + air sealing + insulation. ?Extra energy efficiency costs:? 3% (Upgrade to air seal and insulate attic ? $1,800-2,400; Tip: be sure to also upgrade home ventilation)

Potential average?energy savings: 24%

#3 Window Replacement (wood) + air sealing. ?Extra energy efficiency costs:? 10% (Upgrade to air seal walls, attic, basement ? $1,300-1,700; Tip: The savings comes from the caulk around the windows more than the new windows themselves! ?And, be sure to also upgrade home ventilation.)

Potential average?energy savings: 24%

#4 Siding Replacement (Fiber Cement) + air sealing + insulation. ?Extra energy efficiency costs:? 21% (Upgrade to air seal walls and insulate side walls -$3,500-4,500; Tip: The savings comes from sealing leaks in the walls more than the new siding itself! ?And, be sure to also upgrade home ventilation.)

Potential average?energy savings: 32%

FengShui Society

#5 Steel Entry Door Replacement + air sealing. ?Extra energy efficiency costs:? 17% (Upgrade to advanced weather-stripping ? $250; Tip: Savings comes from buying a well-insulated door and then sealing it with effective weather-stripping!)

Potential average?energy savings:? 11%

Estimates are one thing, knowing the exact savings opportunities for your specific home is another. A home energy audit is a great place to start. Utility program incentives are scarce in Illinois (People?s customers get a good one), but not a bad place to start just to see if resources are available.? Or, contact a local energy auditor.

Entry-door and siding replacement make both the top cost recouped and payback lists. ?So if you are considering either of those, it is simply a no-brainer to include energy efficiency upgrades in your scope!

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If you live near Chicago, lucky you!! We advise you to call Laura asap:

Laura Reedy Stukel, REALTOR, NAR GREEN, EcoBroker Certified.?Cell ? 773-251-1631 Consulting Services:? Energy Efficiency powered by choice.?Ask how you can qualify for a free energy audit to make your current or future home more comfortable, save energy and add value!

Check her out at www.notYETgreen.com. Follow her on FaceBook: Sage Living and on?Twitter @NotYETGreen. See her progress on the?GE EcoMagination Challenge: http://budurl.com/voteGEeco

Source: http://blog.practicallygreen.com/2011/05/payback-on-home-remodeling-projects/

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