Completing home improvements with a home equity loan can be much more enticing when you know you are adding value to your home. Remodeling your home for enjoyment might be your top priority, but it’s always smart to keep return on investment in mind. There are many home improvement projects that can boost the value of your home and give you a great ROI for your home equity loan dollars. Here are eight to consider.
1 Kitchen Upgrades
Many of today’s homeowners and homebuyers are looking for updated kitchens. Kitchen upgrades typically always pay off in the form of increased value. Luxury upgrades that are too high in price don’t always provide the same resale value as more functional mid-range upgrades. Replacing an outdated bathroom nearly always guarantees a big return for the dollar. Popular kitchen remodel projects that do provide a good ROI include:
- Replacing or refacing cabinets
- Upgrading to energy-efficient appliances
- Replacing fixtures and hardware
- Incorporating modern kitchen lighting
- Replacing aging flooring
- New countertops
- Repainting the walls
2 Bathroom Remodel
If you’re reasonable with your home improvement budget and don’t go overboard on spending, a bath remodel is a great home remodel for a nice ROI. Tapping into the equity of your home for this type of upgrade is almost always a good idea. Fixtures, finishes, and efficiency should be top of mind with any minor bathroom remodel. Bathroom remodel projects to consider include:
- Installing new light fixtures
- Brightening the space with fresh paint
- Adding new faucets and fixtures
- Replacing dated sinks and toilets
- New flooring
3 Home improvements can include constructing a new deck
This is a popular remodel project that can score a nice return on investment. It can also help you enjoy more outdoor quality time right at home.
4 Boost Curb Appeal
First impressions can mean so much, especially if you eventually plan on selling your home. Installing a new steel or fiberglass front door or repainting an existing door can really enhance the look of the entry. Replacing aging siding with new siding or manufactured stone veneer will not only improve the curb appeal but also add value. Adding some shrubs, trees and other landscaping can also enhance the beauty of your property.
5 Improving the overall energy efficiency of your home
This is a great way to enhance value through home improvement. Replacing aging windows with new, more energy-efficient windows is a good place to start.
6 Replacing Aging Garage Doors
Garage door replacement is a cost-effective way to enhance the value of your home. As an added bonus, replacing your old garage door with a better-looking, more modern, and functional door will also improve the curb appeal of your home.
7 Fresh Paint
Freshly painted rooms can be a breath of fresh air for any home. Painting is a worthwhile investment of your home equity loan dollars and can restore beauty to a room.
8 New Flooring
Just like paint, new flooring can do wonders for improving the look and feel and of a dated room. Hardwood flooring, new carpeting, or tile can be a beautiful improvement and a good investment.
Home improvements with a home sale in mind
Having a good understanding of home improvements that yield the best ROI can help you budget where home equity loan dollars would be best spent. If you’re renovating to improve the value for an eventual sale, you may want to speak to a realtor in advance to see what specific features homebuyers in your area are searching for. They’ll know the current features and upgrades that are helping homes in your neighborhood sell quickly and for a better price.
Remodel with a home equity loan from Choice One
If a home improvement project is on your current to-do list, but you are lacking in cash to accomplish your goal, Choice One Community Credit Union has a solution. Choice One’s low fixed rate home equity loans can help you realize your home improvement dreams. A Choice One Home Equity Loan will provide the funds you need to remodel your kitchen or bath, upgrade your outdoor living space or improve your home’s curb appeal. Contact Choice One today to learn more.