Remodeling Magazine has released the latest Cost vs. Value Report which shows the average costs and at the same time the return on investments (ROI) of several remodeling projects. The report said that the top 2016 renovation in terms of money investments is the fiberglass attic insulation, which has a 100 percent ROI, a report from Realty Times said.
KCENT TV reports that the fiberglass insulation attic upgrade is included among the list of 30 home renovation projects that were evaluated and proved to add the greatest value to the home at 117 percent of the cost of the project. The report was published by Hanley Wood, publisher of Remodeling Magazine.
According to the report, the estimated average cost of the fiberglass insulation upgrade is $1,268 nationwide. It was said that real estate professionals have given homeowners a complete assessment on the return on investments. It was estimated that "one year after a fiberglass attic insulation upgrade, the project would increase the value of the home by $1,482. The research specifically estimated the cost of adding blown-in loose fill fiberglass insulation into a 35x30 attic to reach an R-30 insulation value."
"Among the renovations covered in Cost Vs. Value, adding fiberglass insulation was the only project that had an average national return of more than 100 percent. By comparison, the average cost and average return at resale for the 30 projects in this year's report amounted to a 64.4 percent return if the home was sold within one year of completing the renovation. A 2015 Demand Institute study of the top unfulfilled housing needs and desires of consumers found that energy efficiency was the No.1 unmet housing concern and only 35 percent of consumers believe their home is energy efficient," the publication explained in a press release.
Meanwhile, Curt Rich, President and CEO of the North American Insulation Manufacturers Association, said that the aforementioned home renovation will be beneficial to homeowners, specifically in conserving energy.
"This is great news for homeowners, who know that insulation improves the comfort and energy efficiency of their home, but may not know that it adds value as well," he said, as quoted in Realty Times.
