Undergoing home renovation projects can not only enhance your living space but, if done right, may increase the value of your home. Whether you’re looking to attract buyers before selling your home or want to modernize your space, here are eight popular home renovation projects to consider that may add value and pay off in the long-term. Plus, with renovation loans or refinancing,* funding these projects may be easier than you think.
1. Upgrade the Front Door
The front door of your home is the first thing people see, and first impressions matter. Replacing an old, worn-out door with a new, sleek one can instantly boost your home’s curb appeal. Opt for a steel or fiberglass door for durability. For a lower budget option, a fresh coat of paint and new hardware can also do wonders.
2. Enhance Landscaping
The exterior yard is crucial when it comes to selling a home, and well-maintained landscaping can make a big difference. Simple tasks such as trimming bushes, planting flowers, and adding fresh mulch can create an inviting environment. Consider adding attractive features such as a stone walkway, small fountain, or boxwood bushes.
3. Remodel the Kitchen
The kitchen is the heart of the home and is oftentimes a key deciding factor for people looking to buy a property. Even minor updates like replacing outdated appliances, installing new countertops, or refreshing cabinet hardware can make a big impact. If you have a larger budget, consider a complete kitchen overhaul including modern cabinetry, a marble island, or a luxurious backsplash.
4. Remake the Bathroom
Updating bathrooms can significantly boost your home’s value. Start with easy fixes like re-caulking the tub, replacing outdated fixtures, upgrading to a modern mirror, or adding a fresh coat of paint. Depending on the condition, it may be worth to completely renovate the bathroom by updating the shower or tub and retiling the space.
5. Add or Upgrade a Deck or Patio
Outdoor space has always been an appealing feature to homebuyers. Adding a deck or patio can extend the living space and create an enjoyable area for entertaining and relaxation. If you already have a deck, ensure it’s in good condition by making any repairs or replacements. You can even add unique features like an outdoor kitchen or elegant lighting.
6. Add Fresh Paint
A fresh coat of paint is a simple, cost-effective way to update your home. Choose neutral colors that would appeal to a wide range of buyers and make spaces feel larger and brighter. Painting can cover up any scuffs and marks, making your home look cleaner and well-maintained.
7. Improve Energy Efficiencies
Energy efficiency can be a top priority for many homebuyers. Simple upgrades like adding insulation or installing programable smart home technology can make your home more attractive. Larger investments, such as replacing old windows and converting to Energy Star-rated appliances, may also add significant value.
8. Increase Spare Footage
If you have the budget, increasing your home’s square footage may considerably raise its market value. Options include finishing a basement, converting an attic, or adding on an extension. The new space could be marketed as an extra bedroom, bathroom, or home office, making your home more appealing to a wider range of buyers.
Financing Home Renovation Projects
While remodeling a home may add significant value, it can also be costly. Fortunately, there are financing options available to help fund home renovation projects, such as a renovation loan, home equity loans, or cash-out refinancing.
Have any home renovation projects in mind? Contact us today to learn how we can help you finance the home of your dreams.
*By refinancing an existing loan, total finance charges may be higher over the life of the loan.