Preserve your home value

If you’re like most Americans, then your greatest asset is your home. But with recent declines in home values, it may be time to consider options for preserving your home’s value. Since the value of your home is directly tied to its condition, there are steps you can take to help preserve that value.

Step 1: Indoor vs. Outdoor

Preserving the value of your home can be achieved in many ways, but your home’s exterior should be your initial focus. Remodeling Magazine’s annual Cost vs. Value Report shows exterior and replacement projects bring the biggest return. Before you decide where to begin, you should consider the following:

•Budget: Set one and be realistic.

•Goals: Narrow your scope by determining exactly what you want to achieve.

Step 2: Do Your Research

Depending on the region of the country in which you live, the value you gain from exterior home improvement projects can vary widely. Consider this; a midrange siding replacement recovers 92 percent of its cost in the Northeast but only 77 percent in the Midwest, according to the Cost vs. Value Report. Exterior projects that typically recover cost well include a roof replacement and the addition of a deck.

The cost recouped on a given remodeling project also depends on the value of similar homes nearby and the rate at which property values are changing in the surrounding area. Even the availability and cost of new and existing homes in the immediate vicinity can be a factor.

You may want to consult with a local remodeler or real estate agent to learn more about the specific issues affecting the value of home improvements in your area.

Step 3: Pick a Project

Now that you’ve set a budget and completed your research, it’s time to select your project. A great place to start is your roof. “A roof used to be nothing more than protection for your home from the elements,” says Stephen McNally, vice president of sales and marketing for TAMKO Building Products, Inc. “Today homeowners look to their roof as a way to increase their home’s curb appeal and overall value.”

When selecting a roofing material it is important to remember the following:

•Performance is as important as curb appeal.

•Select a product that is backed by a solid warranty.

A majority of homeowners prefer asphalt shingles because they perform well and are typically the most cost effective option, but many alternatives are now available. One alternative growing in popularity, which could potentially increase the value of your home, is composite roofing.