Smart Renovations For Your Denver Home Include Solar Energy

By
Real Estate Agent with The Bandy Team - EXP Realty

 

Smart Renovations to Your Denver Home Include Solar EnergyMany Denver home owners are perfectly happy staying in their current home and are frequently increasing their satisfaction of their home by making improvements to it. Remember, though, that not all home improvement projects give you the same return on investment.

Popular home improvements often include jobs like finishing a basement, adding a bedroom or a bathroom, or building on to an existing garage. Trends indicate current home owners are undertaking smaller projects and focusing on essentials rather than extras. Simple projects, such as replacing doors and windows, upgrading siding, and adding a wood deck are at the top of the list for cost recovery here in the Rocky Mountain region.

If you're thinking of making one or more improvements to your Denver home, consider the following breakdown of costs versus value for some common projects (figures are from Remodeling Magazine, based on 2011-2012 data for the Denver metro area):

 

Project

Job Cost

Resale Value

Cost Recouped

Attic Bedroom

$50,148

$36,346

72.5%

Basement Remodel

$63,378

$42,338

66.8%

Deck Addition (wood)

$10,350

$7,259

70.1%

Family Room Addition

$83,118

$50,004

60.2%

Garage Addition

$57,824

$33,089

57.2%

Backup Power Generator Addition

$14,760

$7,009

47.5%

Roofing Replacement

$21,204

$12,257

57.8%

Siding Replacement

$11,729

$8,155

69.5%

You may also want to consider Denver home renovations that can give you a return on investment immediately and in the future if you decide to sell. Currently, the average price for an installed 3 kW PV solar power system on a Denver home in the Xcel Energy service area is $8,000 after Xcel Energy rebates of $3,000 and a 30% federal tax credit of $5,000.

A study released in April 2011 by the Lawrence Berkeley National Laboratory found that solar boosts the resale value of both new and old homes. Researchers compared the prices of about 2,000 solar homes sold in California between 2000 and 2009 to those of 70,000 comparable homes without solar panels.

·         On average, a home solar system added about $5.50 per watt to a home's resale value. (A 3.1-kilowatt solar system can add around $17,000 to the home's value).

·         On existing homes, solar panels increased resale value by more than $6 per watt.

·         On new homes with solar pre-installed, solar panels increased resale value by around $2.30 to $2.60 per watt.

Another study by ICF Consulting found that saving $1,000 per year on energy costs can add $20,000 to a home's resale value. Because energy savings increase as electricity prices rise, the value of a residential solar system also can appreciate over time.

Home improvements can increase the resale value of your home; let the Bandy Team show you how. Call Bandy Homes today; we're happy to answer any questions you may have about the Denver real estate market. We'll show you all of the benefits of owning a home in Littleton, the perfect house in Parker, or a great property in Lowry in east Denver.

Until next time,

Marianne Bandy

Find a home in Saddle Rock in Aurora, Colorado

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