Why insulating your attic has the best ROI of any home improvement project
If you've been considering insulating your attic, it may be time to move that project to the top of your home improvement list. Not only is it on the cheaper end of potential renovations, it has a high return on investment upon resale. Here are insights you can use as you determine if you should take on the task of insulating your attic.
The ROI of insulating your attic
According to the Remodeling 2016 Cost vs. Value Report (www.costvsvalue.com), which explores common home improvement projects by area and local costs, an attic insulation in the Minneapolis area costs $1,351. Upon resale, local homeowners will recoup $1,288 — a little over 95 percent of the project cost.
The project details
The Cost vs. Value Report states that their attic insulation project is based on air-sealing an attic that is 35 feet by 30 feet to "address any air leakage from conditioned spaces to unconditioned spaces."
After sealing the attic, you (or your contractor) will add fiberglass loosefill insulation on top of any existing insulation. An "R-value" measures the insulation's ability to resist heat traveling through it; different types of insulation have different recommended R-values. According to the Cost vs. Value Report, the recommended thickness for fiberglass loosefill insulation is R-30.
Measuring the true ROI
We know that when it comes to remodeling, it's easiest to focus on projects that you see every day and that are aesthetically pleasing. For example, you may be desperate to get rid of your living room carpet in favor of hardwood floors or to refinish your countertops. While you may enjoy the look of the finished product on those projects more than a fully insulated attic, the reality is that the attic project will begin paying itself off immediately.
First, if you have any air leaks in your attic, they are likely affecting your heating and cooling bills. Your house may use energy more efficiently once those leaks are plugged. Additionally, ice dams are a very common issue in homes with poor attic insulation — and there is no more effective way to protect against treacherous ice dams than to ensure heat is not leaking out of your attic toward your roof.
Plus, as mentioned in the Cost vs. Value Report, this insulation project will recoup 95 percent of its cost upon resale. So not only will you be saving money in the short-term through your lowered bills, you'll come out almost even once you sell your home.
Prepping to sell this spring?
There's no better time to tackle interior projects than our long Midwestern winters. The attic insulation project is a great place to start, and we can provide a customized list of recommended home improvements that you should prioritize to get the highest closing price this spring.
Get in touch today for an expert opinion on what you need to get your home ready for the spring market.
© 2016 Hanley Wood, LLC. Complete data from the Remodeling 2016 Cost vs. Value Report can be downloaded free at www.costvsvalue.com