Chicago Home Market Is On Fire – Good Investment To Remodel

by / Tuesday, 13 September 2016 / Published in Home Remodeling
Chicago home for sale

Chicago Home Market

If you are a Chicago homeowner and you are thinking about selling your home in the near future, the time to sell is now!  Chicago has emerged as one of the hottest housing markets in the United States.  According to Zillow, home values in Chicago have went up to a whopping 1.5 % over the past year and it is predicted to rise over 2.0% over the next year.  With this steady increase of home value in Chicago, Chicago homeowners should ride this home market heat wave and sell their home before it cools down.  If Chicago homeowners want to resell their home for double or triple the amount of their purchase price, they will need to consider some home remodeling before putting their home on the housing market.

Home remodeling should be a top priority for Chicago homeowners in 2017.  If they want to sell their home for a huge profit, Chicago homeowners will need to do several home renovations to enhance the value and appearance of their home.   Five remodeling projects that should be on top of Chicago homeowners priority list are attic insulation, manufactured stone veneer, garage door replacement, entry-door replacement, and window replacement.  These home remodeling projects will bring the highest resale value for your home.

1.  Attic Insulation

Attic Insulation

Attic insulation tops the list of Chicago’s best home remodeling projects to bring the highest resale value in 2016.  It aids in sealing the heat and cool air of the house without increasing the costs of utility bills.  With an average cost of $1,329, the average resale value for attic insulation is $1,562, according to Hanley Wood Media.  That is an whooping 117.5% in recouped cost after a Chicago homeowner sell their home.  Chicago homeowners have a choice of four forms of attic insulation:  spray form insulation, blown-in insulation, fiberglass insulation, and reflective or radiant barrier.  Their choice of attic insulation will depend on four factors:  the area needed to be insulated, home climate location, the current R-value for their home, and their current budget.  Among the four forms, fiberglass insulation is the least expensive and most ideal insulation to install for Chicago homeowners.

2.  Manufactured Stone Veneer

Manufactured Stone Veneer

Manufactured stone veneer made a surprise appearance by coming in second for Chicago’s best home remodeling projects to bring the highest resale value in 2016.   It is a decorative building material manufactured to replicate the look and feel of a natural stone or brick.  With an average cost of $7,554, manufactured stone veneer brings back an average resale value of $7,720.  That is a resale value of 102.2%, according to Hanley Wood Media.   Manufactured stone veneer gives an old-fashioned masonry appearance to the exterior of a home at a fraction of the cost of its natural counterparts.  It is also extremely durable than wood and vinyl siding and does not require any special maintenance.

3.  Garage Door Replacement

Garage Door Replacement

Garage door replacement came in third on the list for Chicago’s best home remodeling projects to bring the highest resale value in 2016.   With an average cost of $3,280, replacing a garage door will bring back a resale value of $2,892.  That is a recouped cost of 88.2%, according to Hanley Wood Media.  Replacing a new garage door will bring a solid return of investment to Chicago homeowners.  It will also attract Chicago home buyers by ensuring security for property owner’s automobile and contents inside the garage.

4. Entry Door Replacement

Entry-Door-Replacement

Entry door replacement is Chicago’s fourth best home remodeling project to bring the highest resale value in 2016.  With an average cost of $3,282, the average resale value for entry door replacement is $2,869. according to Hanley Wood Media.  That is a 87.4 % in return of investment for the Chicago homeowner.  Not only will entry-door replacement bring back a good return of investment, it gives the home a greater curb appeal, making it more attractive to home buyers.  Entry doors are built from three type of materials:  steel, fiberglass, and wood.  From among the three types, fiberglass is the best for entry-doors.  Fiberglass is able to withstand the harsh weather of Chicago and can last for years.

5.  Window Replacement

window-replacement

Window replacement rounds out the list by coming in fifth for Chicago’s best home remodeling project to bring the highest resale value in 2016.  With an average cost of $16,285, the average resale value to replace home windows is $12,015.  That is a return of investment of 73.8% for the Chicago homeowner.  Replacing your windows will entice Chicago home buyers to purchase your home.  Window replacement will boost the interior and exterior appearance of your home and give a better view to the outdoors.  It will also enhance security of your home by preventing intruders from coming inside your home.  Replacing your windows will also seal the heat for Chicago’s harsh winters and keep the cool in during Chicago’s sizzling summer, resulting in lower utility bills for Chicago homeowners.  Window replacement comes in two forms:  vinyl and wood.  Vinyl is the better option for window replacement.  It is inexpensive and require minimal maintenance than wood.  Vinyl can also last longer than wood and changes in humidity does not have an affect on Vinyl.

If you are a Chicago homeowner and you are looking to maximize on the purchase of your home, you should start remodeling your home now.  With home values rising to 2%,  Chicago homeowners need to consider from among the top five remodeling projects to start working on till next year.  Whether it is attic insulation, manufactured stone veneer, garage door replacement, entry-door replacement, or window replacement, these home remodeling projects will help Chicago homeowners sell their homes for double or triple of its purchase price.

 

 

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