In a previous blog entry, we talked about exterior home improvements and ways to boost your home's curb appeal. Some of the improvements that offer the best return on your investment are exterior, such as a new roof, landscaping, etc. This time, let's go inside.
Whether you want to make home improvements to shorten your wish list, or if you're looking for a return on your investment, some renovations can both improve your quality of life and increase your home's value.
It can be difficult to choose which projects to tackle now and which to save for another day. If selling your home isn’t in your immediate plans, why not begin by making repairs and changes that you notice; things that make your house more liveable?
Keep in mind that updates like a new HVAC system, plumbing, insulation, etc. will make your home more comfortable for you, but are also general expectations for future buyers. You won’t necessarily recoup your investment for updates that are considered routine maintenance.
If you are considering selling your home in the near future, it might make sense to focus on improvements that potential buyers will notice and place a higher value on.
Here are a few interior home improvements that will return the most on your investment:
- Home buyers and real estate agents admit that kitchen and bathroom remodels can make or break a sale.
- Additional square footage is at the top of many buyers' wish lists. Bonus rooms and bedrooms can yield a nearly 100% return on investment. And, according to the National Association of Realtors, each additional 1,000 square feet of usable space can boost the sale price by 30%.
- Finishing or remodeling a basement offers an excellent return on investment with approximately 75% of your initial cost recovered at resale.
- Enhancements such as a pool or hot tub, high-end appliances and granite countertops still offer a good return, but not quite as much as other improvement projects.
The potential return of a project will depend on which project you choose and the amount of money doled out for the job. Experts caution, however, against over-improving your property compared to the other homes in your immediate area. Spend too much and you could lower your return on investment, or even price yourself right out of the market.
Financing these projects can be easily handled with a call to one of VacationLand Federal Credit Union's lending specialists at 1-800-691-9229. Whether it's a personal loan or a home equity line of credit, we offer great rates and benefits designed to meet your needs. Contact us today.