Renovations and home improvements are an investment in your home. But many upgrades don’t necessarily increase your home value. Knowing which projects will have the most positive returns on your investment is important. Let’s look at some trending home improvements that pique the interest of prospective buyers in your local market.
With more people working from home than ever before, having a dedicated home office is no longer a luxury but an expectation. Invest in ergonomic furniture, such as adjustable chairs and desks, that can be adjusted to fit your needs. Additionally, soundproofing your office space will provide the privacy you need for efficient work sessions.
Outdoor Living Space
Creating cozy outdoor living spaces is becoming increasingly popular, especially as we continue to spend more time at home and look for ways to enjoy the outdoors safely. Consider investing in comfortable and durable seating options specifically designed for outdoor use and fire pits or heating elements that make sitting outside possible year-round. Adding landscaping features like rock gardens or water features can also increase the value of your home. You can even go as simple as a custom bug screen for your garage door, so you don’t have to create a whole patio or deck, but you can still enjoy the outdoors comfortably.
Smart Home Features
Automating tasks like turning on lights or unlocking doors has become standard for many homeowners and is now a desirable feature that adds to a house’s value. Installing smart lighting systems, security cameras, and other automated features can give your home an edge in the market while making life more convenient.
Upgrading energy-efficient appliances and fixtures help you save money on bills and adds value to your house. Consider replacing older appliances with ENERGY STAR-certified models that are designed to perform better while consuming less power. Additionally, installing low-flow toilets and showerheads will help conserve water without sacrificing performance.
Different Ways To Afford Home Improvements
Cash is king when it comes to home improvements, but that doesn’t mean you need to have a large bank account before you can get started. There are several ways to finance renovations and upgrades without breaking the bank.
Before diving in, we’d like to remind you that we are not financial professionals, and we recommend speaking with your financial advisor before making any financial commitment to make improvements to your home.
Home Equity Loan
These loans are taken out against your home’s equity, and they offer some of the most competitive interest rates.
Home Improvement Loans
These loans are designed specifically for home improvement projects and can be taken from banks, credit unions, or online lenders.
Using a credit card to pay for renovations can be a great option if you plan to pay off the balance quickly. This is better for improvements that are valued at a few hundred or a few thousand dollars but usually not for racking up insurmountable debt. Just because you have a limit doesn’t always mean you should reach it. This is also a good choice when you need to purchase supplies in bulk.
Depending on where you live, local or state grants may be available to help homeowners upgrade their homes with energy efficiency and safety improvements.
Refinance Your Mortgage
This involves taking out a larger loan than your current mortgage amount and using the extra money.
A personal loan is a great option for smaller projects, as it can be easier to apply for than other types of loans. Personal loans usually require no collateral or home equity and offer flexible terms.
Whatever your project may be, make sure that you do your research before committing to any upgrades or renovations. Knowing what will add value to your
A cash-out refinance is a great way to finance larger projects. In this scenario, you take out a new mortgage loan and use the extra money for your home improvement project. home is the first step in making sure that your investment pays off. With careful planning and research, you can decide what upgrades are best for your home and budget.
If you need help deciding which home improvements will get you the best resale value for your home in your local market, contact a trusted real estate agent who is part of the National Association of Realtors for advice and guidance. You should also find a trusted local real estate resource, like TheMLSonline, that provides knowledge and news about prepping your home for sale and making improvements.
Increase the Value of Your Home Today!
Taking the time to make improvements that add resale value to your home is a great way to ensure a healthy return on investment when selling and moving into a new place. Utilizing our upgrade list, you can ensure your home stays up-to-date and adds value for years to come.
The key is finding the right balance between making sensible changes and not going overboard with renovations that may be too specific to appeal to potential buyers. Take the time now to invest in thoughtful renovations that will benefit both you as an owner and future buyers looking for their dream house.