17 Ways To Increase The Value Of Your Building
Maximizing the value of your building, whether you’re building or remodeling, requires careful planning, researching, and organizing
Plan your goals and determine the budget.
Research building material and methods that achieve your goals within budget. Note the return on investments (ROI) for the goals.
Organize your list of goals, the research you found, and financials.
Proper planning, researching, and organizing for new construction or remodeling will ensure the most significant ROI, ultimately increasing your building’s value.
Here are 17 suggestions from Fox Blocks on ways to increase the value of your building:
Increasing the Value of Your Building
Choosing features from your building that will increase its value involves considering its return on investment (ROI) value, impact on appraisals, insurance costs, and contribution to the long-term integrity of the building, along with the demands of today’s and future buyers.
1. Optimize Energy-Efficiency
Residential and commercial buyers demand energy-efficient features that will save resources and money while also protecting the environment. A 2021 survey by the National Association of Home Builders (NAHB) found that 57 percent of new buyers would pay $5,000 or more, on top of the price of the home, to save $1,000 annually in utilities, while 78 percent expressed concern over how their house impacts the environment. In addition, over 70 percent of all buyers want ENERGY STAR windows, ENERGY STAR appliances, efficient lighting, an ENERGY STAR rating for the whole home, and triple-pane insulating glass windows.
Energy-Efficient Above- and Below-Grade Walls
Fox Blocks ICF high thermal mass walls (R-value of 23) provide continuous insulation with no thermal bridges for energy-efficient, moisture-resistant, and healthy above- and below-grade wall systems. Fox Blocks manufacture ICFs with two 2 ⅝” thick, Type II expanded polystyrene (EPS) insulation panels. EPS insulation creates walls with long-term thermal resistance, compared to XPS and Polyiso insulations (that lose R-value over time). As a result, Fox Blocks exceeds all climate zones' ASHRAE/ANSI 90.1 energy code mandates.
2. Energy Compliance Certification
ENERGY STAR certified homes and apartments are 10 percent more energy-efficient than those built to code. Consequently, THEY offer a 6 percent increase in resale value over similarly efficient homes. Fox Block’s R-value of 23 far exceeds the ENERGY STAR requirements for R-values of 13-15 for standard home walls.
3. Flood-Resistant Design
The Flood Insurance Protection Act of 1973 requires the purchase of flood insurance for homeowners in high-risk flood zones who acquire loans from federally regulated, supervised, or insured financial institutions. Between 2015 and 2019, more than 40% of NFIP-paid flood losses happened outside of mapped high-risk areas, strongly suggesting that building owners in moderate to low-risk flood zones should obtain flood insurance.
Buyers may shy away from properties with expensive flood insurance, which can lower their resale value. However, implementing flood mitigation (resistant) features on your property can reduce your NFIP premiums by as much as 80 to 90 percent, which will increase the value of your property.
Fox Blocks ICF meets if not exceeds the ASCE 24 guidance and NFIP requirements for a flood damage-resistant material: durable, moisture-resistant, and mold-resistant.
Fox Blocks provide moisture resistance and permeability (perm rating below 1.0) so that moisture that enters the wall system dries out before traveling to nearby materials. In addition, its reinforced concrete construction won't degrade when wet, and it will maintain its original shape and integrity during and after a flood.
4. Fire-Resistant Design
Implementing fire-resistant features to your property can ensure, if not improve, its value. A recent study predicts that over the next two decades, 11 states will see an average annual area burned increase by 500 percent. Therefore, a building’s ability to actively (smoke detectors, sprinklers, etc.) and passively (partitions, doors, etc.) resist fire can attract buyers, significantly increasing its value. It can also lessen your insurance rate by 10 to 15 percent or more.
Implement Passive Fire Resistance
Fox Blocks ICF provides passive fire protection by dividing the building into compartments with fire-resistant-rated ICF interior walls, stopping the spread of fire and smoke between floors, windows, doors, and vents. ICF exterior walls also stop fire and smoke from entering a building. ICF walls protect vital structural components which prevent the collapse of a building.
5. Wind-Resistant Construction
Wind-resistant building design and construction must protect against high winds and flying debris, which is particularly important since scientists warn that the warming climate will intensify hurricanes leading to more surges, inland flooding, and tornados.
The wind-resistant design also provides several significant benefits. For example, constructing a wind-resistant building can increase its resale value by 6.8 percent. It can also lower insurance premiums. In addition, building a safe room or storm shelter can increase a home’s value by 3.5 percent.
Building a Wind-Resistant Building or Safe Room
Quick and straightforward to install, Fox Blocks ICFs, with reinforced concrete walls, provide a superior exterior building or safe room wall system, protecting against severe winds and flying debris. Disaster-resistant Fox Blocks ICF, recognized by FEMA for safe room construction, stands up to winds of over 200 mph and projectile debris traveling over 100 mph, providing more protection against extreme wind events than wood and steel framing.
6. Seismic-Resistant Structures
Earthquakes impact most of the United States, particularly in California and Alaska. Most Californians live within 30 miles of an active fault, with a 99 percent chance of a 6.7 plus magnitude earthquake within the next 30 years, making seismic-resistant construction vital in the western United States. A recent California analysis found that seismic retrofit can increase a home's resale value by 9.85 percent, significantly higher than the retrofit cost.
ICF walls contribute to an earthquake-resistant building by creating shear walls that extend the entire height and all sides. The Portland Cement Association found that the ICF wall’s structural amplitude and stiffness resist the in-plane shear forces during strong winds or an earthquake, and protect a building significantly better than wood- and steel-framed walls.
7. Sound-Proofing Qualities
Effective acoustics reduce noise to contribute towards a peaceful and productive environment for the occupants. It can also increase the resale value of the structure, particularly for home office, multi-family, office, educational, and medical buildings.
Fox Blocks ICFs provide superior noise controls between rooms on the interior and exterior of a building. Sound transmission tests found that only one-third of sound passes through ICF walls than wood-frame walls. Fox Blocks have a Sound Transmission Classification (ASTM E90) of 4-inch=STC 46, 6- and 8-inch = STC 50+.
8. Finished Basements
Millennials make up the majority of homebuyers, and most (73 percent) want a finished basement that can accommodate everything from a gym, home office, media room, to even a rentable basement apartment. Therefore, your finished basement design must create a warm, comfortable, and healthy space to improve your home's resale value. The basement must support and anchor the entire building, effectively transferring all the loads from the house to the ground.
A basement finishing project can produce a 70 percent ROE, and it can also substantially add value to your home.
Fox Blocks ICFs create energy-efficient, disaster-resistant, durable, comfortable, and healthy basements with excellent acoustics, perfect for a home theater, office, or mother-in-law apartment.
9. Energy-Efficient Roofing
Replacing your old roof with an attractive energy-efficient roofing product can increase the value of a building, producing an ROI of 60.7 percent and reducing your monthly energy bills.
A cool roof, made of a low thermal mass material like slate, tiles, or clay with light-colored pigments, will reflect solar heat, lower cooling costs, and improve indoor comfort. They also have curb appeal and can extend the roof’s service life. All factors that can increase the value of a building.
10. Attic Insulation
Attic insulation can protect your building from long-term damage from moisture seeping in and eroding the walls. It also slows heat buildup in the attic space, which can cause the roofing shingles to swell and crack, causing the decking to deteriorate. Attic insulation saves money on energy bills and protects the integrity of your building, improving its long turn value.
11. Create Outdoor Living Space
Adding a deck or outdoor space, rather a tiny deck or spacious space that includes an outdoor kitchen will increase your usable square footage and the value of your home. A wood deck produces an ROI of 65.8 percent, while a composite deck brings 63.2 percent. A 2021 NAHB survey reports that 75 percent of home buyers want outdoor features like lighting and front and back porches.
12. Upgraded Kitchen
Upgrading the kitchen will increase a home’s value and bring joy to the current occupants. A minor kitchen remodel recoups 72.2 percent of its cost, while a significant remodel recoups 57.4 percent. According to Consumer Reports, a “modern/updated kitchen” tops the list of ideal home features desired by millennials and can increase the value of a home by 4 to 6 percent.
13. Remodeled Baths
Modern and upgraded baths will add value to a home. Today’s buyers want upscale baths, so always choose higher-end finishes and materials to maximize your ROI. A remodeled bath will recoup between 52.8 and 54.8 percent return on investment.
14. Solar Panels
Installing solar panels saves money and energy and increases the value of the building. A recent study found a sizable increase in home values (up to $15,000) with solar panels. The solar panel design should strive to create as much energy as the building uses, lessening if not eliminating energy bills and increasing the building's value.
15. Improved Curb Appeal
A neat, clean, and upscale curb appeal will make a stunning first impression on a potential buyer, ultimately increasing the value of the home. For example, a new or high-end garage door can recoup 93.8 percent of its cost, and a new front door can recoup 65 percent. Furthermore, upgrading your siding to fiber-cement siding can produce an ROI of 69.4 percent, while stone veneer brings 92.1 percent. A building’s exterior reflects the mood of the whole building. Therefore, an attractive, tidy, high-end exterior will increase the value of the structure.
16. Open Floor Plans
An open floor plan with flexible living areas can significantly increase your home’s resale value. A Consumer Reports survey of 1,573 millennials found that an open floor plan was second to a modern kitchen on millennials’ list of most sought-after features. Today’s young buyers want large, double-duty rooms. As a result, an open floor plan can increase the value of a home by 4 to 6 percent.
17. Routine Maintenance and Repairs
Keep regular and detailed maintenance and repairs records so you don't get behind in upkeep. Routine building maintenance and repairs will ensure a safe and functioning structure, which will significantly help maintain its integrity and value over its lifespan.
Let Fox Blocks Help You Increase the Value of Your Building
Designing or remodeling a building or home to maximize its worth requires planning, researching, and organizing. Features that increase a building's value should also improve the comfort level of the occupants, protect the integrity of the structure, and save operating expenses and energy during the building’s lifetime.
Contact one of our professionals at Fox Blocks today for more on ways to increase the value of your home or building.