Ready to make some updates to turn your house into a dream home? Remodeling your house gives you the chance to further personalize your space and update the design around your family’s needs.
Whether you’re adding a nursery, upgrading to a master suite or finally creating the chef’s kitchen you’ve dreamed about, it’s important to also consider how your renovations will impact your resale value.
While some renovations can boost your home’s value like increasing livable space or updating appliances, others, like a pool or hot tub,may make it less appealing to buyers down the road. Check out these top-five ways to add value to your home when you’re making renovations.
Concerned about financing your project? Home equity loans and lines of credit can be used to cover the cost home improvements and are a great investment in the value of your home when the improvements boost return on investment (ROI).
The size of your project will of course impact cost and ROI, so it’s important to get a quote from contractors before applying for any home equity financing. For example, while a niche update to your kitchen with top appliances is the perfect improvement for you, it may be too much for other potential buyers down the road. This could reduce your ROI, but increase the value you receive from the space while you’re in it.
Plus, that niche kitchen will cost more than a mid-level renovation. Learn how to get the most from your money with these five improvements that have the best ROI to find a balance that works for your family.