If someone were to ask, “how would you remodel your house if you had a $50,000 budget?” you’d probably rattle off some great ideas about a new kitchen, carpeting, entertainment room, or barbecue pit. While those are all wonderful options, if you want to increase your home’s value and your equity, there are a handful of remolding projects you should tackle first.
Today’s top home projects for added value include: adding curbside appeal, bathroom remodels, replacing the garage door, painting the inside and outside of the home, and replacing outdated windows.
Curbside appeal: Even the smallest changes to your yard can add resale value to your home. Simply add a tree to the front yard or a sprinkler system to your landscaping to ensure the lawn stays green.
Bathroom remodel: Yes, remodeling your master bathroom can add resale value, but experts warn that some remodels can actually detract from resale. Try to stick to a midrange bathroom remodel and you could recoup just over 70% of the cost when you sell the house. Talk to a licensed remodeling expert about your ideal options.
Replace the garage door: That door is often one of the first things people see when looking at your home. Some experts say homeowners can expect a 100% return on their investment when installing a new garage door.
Remodel your backyard paradise carefully: A wood deck will have a better return on your investment than a patio. Additionally, real wood versus a composite or plastic wood product will often build more equity.
Change the flooring: If the carpets are tired and stained, it might be time to replace them. Still have laminate flooring? Moving to tile or hardwood can boost the value of your home.
Light the way: It’s a very simple and cost-effective change, but replacing all of the light fixtures (ceiling and wall) in your home can dramatically update the look and feel of any house.
Painting: Adding a fresh coat of paint inside and out could add resale value to any home. Just be sure to choose standard, popular colors. Wild choices can be off-putting to some potential buyers.
Replace windows: If you have single-pane windows or windows with aluminum frames, replace them. You will likely see the return on your investment in your heating and cooling bills. Plus, you’ll add a lot of value to your home.
Update the kitchen (just don’t go overboard): Remodeling the kitchen is a great idea, but experts say you should do it for yourself and not necessarily the resale value. Yes, you will see an increase in your equity overall with a kitchen remodel, but it will not typically be a 100% return.
Access Your Equity
The money you need to make equity-enhancing changes to your home start with a InRoads Credit Union Home Equity Loan or Line of Credit. Especially with today’s low rates, great terms, and no origination fees*.
*Borrower will be responsible for third party fees, such as: appraisal, tax and flood tracking, title insurance, and settlement service. Consult your tax advisor about deductibility and your tax liability. Adequate homeowner’s insurance coverage is a requirement for this loan.