One of the biggest investments you will ever make is the purchase of a home. You want to make the most of your investment, so consider one of these home projects to add value to your home!
Exterior Projects that Add Value
If you’re planning on selling your home, your home exterior is the first thing people see. So, it’s no surprise that exterior projects have some of the highest returns on investment. Some of the most popular exterior projects include:
- Total Roof Replacement — The roof can account for up to 40% of your home’s curb appeal, and a new roof will help keep your house safe, warm, and dry. Prices can vary from around 5,000 and up but the return on investment can be 105%.
- New Windows — New windows not only update your home’s look but increase its energy efficiency, cutting down on heating and cooling costs. The price of new windows can vary greatly but in 2015 the average cost was between $11,100 and $17,400; however, the return on investment could be as high as 73%!
- Replace the Garage Door — This project only needs to be done if your garage door is especially old, beat-up, or highly visible from the outside. The national average cost for this project is only $1,500 and saw an 83% return!
Interior Projects Increase Your Home Value
Interior projects are great, even if you’re not thinking of selling your home. Updating your home’s interior can make it more functional and inviting for your own family. Choose interior projects that give you the most bang for your buck and increase the value of your home like these!
- Complete a Minor Kitchen Remodel — According to Remodeling Magazine, a minor kitchen remodel includes replacing cabinet fronts and new hardware; new energy efficient appliances, upgrading countertops, sink and faucet; and repainting and replacing flooring. This will run you about $18,000 on average but you’ll see an 82% return!
- Bathroom Remodel — A nice bathroom can add a ton of value to your home and increase your happiness if you have a beautiful and serene escape! The average bathroom remodel cost $16,000 but saw a 74% return on investment.
- Add Square Footage —Any additional square footage will increase value, but the most popular is a two-story addition including a family room, bedroom and bathroom. This renovation clocks in around $155,000. Just make sure you get the right permits and work with professionals to take advantage of the 71% return on value!
How to Pay for Your Home Improvements
When updates can cost hundreds to thousands of dollars, how do you find the money to pay for these remodeling projects? Take advantage of the equity already in your home with a Home Equity Line of Credit (HELOC)! You can finance your home renovation, pay for college, pay down high interest debts or anything else because a HELOC is a revolving form of credit that uses your home as collateral. You can draw out money as you see fit for any projects you’d like for 10 years! Contact our home equity loan lenders in New City, Nanuet, or Orangeburg to learn more about HELOC and how it can help you!
Related blogs to help you out with your home renovation decisions:
How to Pay for Home Renovations
To Refinance or Not to Refinance
The Difference Between A Home Equity Loan and a Home Equity Line of Credit
When Is The Best Time to Apply For A Mortgage
Winterizing Your Home Checklist
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