There are a number of reasons to start a home improvement project—perhaps your kitchen is outdated or the roof has started to leak. Whatever the reason for your home upgrades or repairs, it’s nice to know that the investment will pay off. Recouping your expenses is especially important if you plan to move soon, since you’ll want to recover as much of your home’s added value as possible. Here are a few of the most popular home improvement ideas:
Basement remodel (75% ROI): Just as with a finished attic, a remodeled basement adds livable space to your home. Transform the basement into a recreation room, a large bedroom or a small apartment that can be rented to tenants.
Finished attic/extra bedroom (72.5% ROI): Adding additional livable space in your home will almost always increase its value. By adding a bedroom and possibly a half bath to the top floor of your home, you’ll increase the usable square footage while maintaining a higher than average return on investment. Simply finish the walls and ceiling, add carpeting and update any windows to transform your attic into a usable bedroom.
Window replacement (70% ROI): A major deterrent for house hunters are old, outdated windows. Not only do new windows look and function better, they improve the efficiency of your heating and cooling system by properly insulating your home. New windows can pay for themselves over time by reducing energy costs, which is why they’re one of the most popular home upgrades.
Roofing replacement (67% ROI): Every roof has a life expectancy, which makes it an inevitable repair for any homeowner. And since some home buyers would prefer not to replace a roof on their new home, this can be an attractive upgrade to prospective buyers.
There are also other, more cost-effective ways to improve your home, such as cabinet refacing or replacing entry doors. Even a fresh coat of paint can do wonders to improve the look and feel of your home.
If you are considering a major home upgrade, consider using home improvement financing to fund the project. A home equity loan or home equity line of credit could provide the money you need to complete your home improvement projects.
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