Home renovations and updates can make your home more comfortable and stylish, and in many cases they can help to increase the value of your home as well. A higher home value can put you in a greater home equity position and help increase your net worth. Plus, if you decide to sell your home down the road, you can potentially recoup some or all of your home improvement costs.
Let’s take a look at some home renovations that could have the greatest impact on your home’s value:
1. Remodeling Your Kitchen
A kitchen is one of the most used rooms in a home and is usually a big focus for buyers. Updated appliances and modern features like stone countertops, functional storage, and statement lighting can go a long way with increasing your home’s value.
2. Renovating Your Bathroom
Bathrooms are another common focus for home buyers, and thus a big factor in determining home value. Adding things like a freestanding bathtub, tiled shower, double sinks, or a decorative mirror can potentially help to add value to your home.
3. Updating Exterior Siding
No matter what kind of siding your home has, updating it can positively impact your home’s value. Repairing brick and stone veneers, painting the outside of your house, or replacing vinyl siding can all add value. Keep in mind though that replacing high quality materials like wood, brick, or stone with vinyl siding could actually decrease the value of your property. Be sure to weigh the pros and cons if you’re looking to switch your home’s exterior to vinyl.
4. Putting in New Windows
Replacing older windows with new ones can help to add value to your home as well. Window replacements typically increase home value because they can provide better energy efficiency and security while also improving curb appeal. Both Massachusetts and Rhode Island offer rebates for eligible window upgrades, and no-interest financing may be available to you as well.
5. Replacing Your Roof
Not only will a new roof provide you with peace of mind during storms and rainy weather, but it can also have a positive impact on your home’s value. A very old or damaged roof can drag down home value, and can make your home difficult to sell as well. Another benefit of replacing your roof is that it can potentially help to lower the cost of your homeowners insurance.
6. Installing New Floors
Updating your home’s flooring can have a big impact on its aesthetics and can improve its value at the same time. Replacing cracked tiles, stained hardwood floors, or worn-out carpeting can go a long way to making your home more desirable. Consider timeless, durable flooring to help your investment last. You’ll not only enjoy a more updated interior, but your home will be more appealing to future buyers as well.
7. Repainting Your Walls
Like new flooring, a fresh paint job can increase the value of your home. Chipped, scuffed, and stained walls can make your home look run-down, and can be a concern for prospective buyers. However, if you plan to sell your house in the next few years you should carefully consider your color choices before starting a repainting project. Some experts believe that wall color can have a big impact on your ability to sell your home.
8. Putting in New Garage Doors
New garage doors can increase your home’s curb appeal and boost its value. In some cases, replacing your garage door can help with security and energy efficiency as well.
Many people dream of making improvements and upgrades to their homes but are often hesitant because of the costs involved. The good news is that home updates can translate into a higher home value, increasing the equity you have in your home, and giving you a chance to recoup some of the expense when you sell your home. There are also many ways to help finance home renovations, including home improvement loans, home equity loans, cash-out refinancing, and more. If you are a Massachusetts or Rhode Island homeowner who would like to discuss financing for home improvement projects, don’t hesitate to contact us today.