Home Renovations That Will Increase Your Home Value
Deciding to renovate your home is not an easy task. Along with drawing up plans, you will also have to decide on a budget and if you want to live in the house during the construction. While remodeling can help make your home more comfortable, it can also mean bad news for your homeowners insurance.
Making renovations to your house will most likely increase the value of your home, which means that you will have to increase your home insurance. Your home insurance policy is meant to provide enough coverage if you have to completely rebuild your home after a complete loss, so the more your home is worth, the more insurance protection you will need.
If you do not increase your coverage, you will have a gap left in your coverage. You will not only want to increase your coverage after the renovation, but also while the work is being done. Knowing just how much your renovation will increase the value of your home will give you a better idea on how much additional coverage you will need. Some of the most common renovations that will affect your home’s resale value include:
- Replacing your front door with a steel door should show you a return on investment of 96.9 percent.
- Adding a wood deck could give you a turn on investment of 87.4 percent.
- Replacing old siding on your home with newer fiber cement siding could show a return on investment of 87 percent.
- Converting the attic into a bedroom will see a return on investment of 84.3 percent.
- Replacing your old garage door with a new door could give a return on investment of 83.7 percent.
For all of your homeowner’s insurance needs and to ensure that you have enough gap coverage when renovating your home, contact Robert J. Los Insurance Agency in Hamburg, New York.