6 Home Improvements that Offer the Best Return
Home improvement and remodeling projects are a great way to increase the value of your home. They can also increase the interest in your property if you are planning on selling in the near future. Home remodels can accomplish many goals, from increasing living space to updating rooms, improving energy efficiency, and heightening curb appeal. In addition to increasing value, an investment in home improvement projects can make you more comfortable in your living space and improve your quality of life through greater home enjoyment. If increasing the value of your home is an important factor in your home improvement objectives, here are six projects that will help you accomplish that goal.
1 Amp up your home’s curb appeal
Eye-catching landscaping, well-lit stone walkways, and a well-manicured lawn can significantly enhance the appeal of your home. Other home improvement projects that can increase a home’s curb appeal and recover a nice return on investment for a homeowner include an updated front entry, a freshly painted exterior or new vinyl siding. Enhancing the exterior of your home with manufactured stone veneer is one of the hottest projects when it comes to adding value, as is a garage door replacement. The cosmetic appeal alone of the addition of manufactured stone veneer to even a small area of your home, such as an entranceway, is often striking. The functionality and look of a new garage door is also a worthwhile investment.
2 Adding living space
Another great option when you’re looking to make improvements that increase the value of your home, the addition of living space is a win-win. Enjoy the added living space in addition to the increase in value. You can improve your comfort with additional space in the form of a family room add-on, an attic bedroom, or a remodeled basement living space. Best of all, adding that extra bedroom, bathroom, or bonus room can offer a nice boost to your home value.
3 Minor kitchen remodel
Minor is the keyword when you’re looking for a high return on investment for a kitchen remodel. Minor consists of primarily cosmetic work and functionality. It doesn’t include gutting and refinishing the entire kitchen, new plumbing, etc. It might include new paint, countertops, cabinet refacing, flooring, and appliances. Stick to cosmetic upgrades and not an entirely new floor plan and your ROI will be better. It’s all about updating and making your kitchen look great.
4 Minor bathroom remodel
Again, keep it minor with a fresh coat of paint, and replacing things such as flooring, the tub, sink, vanity, and fixtures. Avoiding moving plumbing or a full tear-out can reap a nice return on your home improvement dollar. Putting a $30,000 bathroom in a $150,000 home is never a good idea. Unless you live in a luxury home, it will be hard to recover the expense of extravagant upgrades.
5 Window replacement
While window replacement may be costly, it does give you a nice return on your investment. In addition to the cosmetic appeal and ROI, new windows will also help improve the energy efficiency of your home.
6 Deck, patio, or porch additions
A nicely constructed porch or deck can surely impact the outdoor enjoyment of your home for your entire family. It can also help increase the value. Pressure-treated wood decks are popular for deck remodels. Adding eye-appealing outdoor lighting and decorative planters will also have a big impact.
HOME IMPROVEMENT LOANS
We hope the home remodel and improvement ideas we’ve listed above give you an idea of specific projects and upgrades that will give you the biggest return for your home improvement dollar. Spirit Financial Credit Union provides many home equity loan solutions to help pay for your home improvement needs. This includes our low rate, no closing cost Home Equity Loans and Home Equity Line of Credit (HELOC). Completing projects that improve the value of your home are always great reasons for tapping into the equity of your home.