Have you been thinking about updating or remodeling your home? If you were housebound during the COVID pandemic, staring at the same rooms day after day probably made you eager for a change. Luckily, there are some inexpensive ways you can rejuvenate your spaces. You can create an attractive focal wall with patterned wallpaper to add interest or add new pillows to refresh your sofa. Top your floor with an area rug in a geometric pattern for a more modern style, or use mirrors with clean lines to create the illusion of more space. You can also achieve designer looks affordably by upgrading your curtains and window treatments. While most people update their homes to enhance their quality of life, there are also ways to increase your home’s value (and possibly recoup some of your money) when you are ready to sell. Unfortunately, not all home improvements will pay you back at the closing table, but these popular projects are a good bet:
- Bathroom Remodel – Average return at sale: 75%
Traditionally, a bathroom remodel involves replacing the tub, sinks, shower, vanity, backsplash, flooring and lighting. According to home improvement experts, an average to major bathroom remodel costs anywhere from $10,500 to $25,00 and up. When thinking about a bathroom remodel, you want something that you love yet also yields the best return if and when you sell. Even if you replace just replace the vanity and tub, you’ll still recoup some money when it comes time to close.
- Kitchen Remodel- Average return at sale: 83%
Designers agree that in 2021, an average kitchen remodel will cost you anywhere from $15,000-$25,000 and up. It all depends on the quality of the cabinets, backsplash, countertops, appliances, lighting and flooring you choose. If you are handy, you may save money by installing the cabinets or laying the floor yourself. Either way, a bright new updated kitchen in neutral colors is an excellent investment and will definitely pay off come closing time.
- Hardwood Flooring – Average return at sale: 70% to 80%
According to real estate mavens, carpeting is out, and hardwood flooring is in. Laying hardwood flooring in your home not only beautifies it but appeals tremendously to today’s buyers. It also promises the best return on your money when it comes to flooring. Realtors agree that the flooring you choose today can make or break the sale of your home. It’s the first thing you see when you walk through the door and has become a major selling point for buyers. In addition to solid wood, there are many great flooring options to choose from, such as laminate, engineered wood, bamboo, vinyl, porcelain and marble tile. They are all available in various colors, styles and price points.
- Hurricane Impact Windows- Average return at sale: 75-85%
The installation of hurricane impact windows has shown time and again to produce an excellent return on your investment. While hurricane impact windows can be pricey, the extra layers of safety and protection they add to your home and your family’s quality of life are priceless. Their modern look also helps with curb appeal and provides protective insulation from heat and UV rays, which lowers your energy bill. These windows will also save you a bunch on your homeowners insurance. Buyers also love to see that you have their safety in mind.
- Room Addition/Sun Room – Average return at sale: 60% to 85%
A room addition appeals to buyers with larger families. You can add a bedroom to accommodate a growing family, out-of-town guests, or create the perfect office space. An enclosed sunroom is ideal for enjoying nature and family gatherings without the annoyance of bugs and other pests, especially in the summertime. A room addition is a nice added feature that can enhance your family’s quality of life as well as broaden your home’s appeal.
- Landscape Design – Average return at sale: 20% to 30%
Realtors will tell you that pristine landscapes provide curb appeal and help sell homes faster. You can spruce up your front lawn by clearing out the clutter—plant low-maintenance plants with a splash of colorful blooms for an eye-catching arrangement. Expect to pay anywhere from $1,500 to $5,000 for a landscape design, depending on the size of your property and the plants and flowers you choose. In most cases, you’ll recoup some of your investment at closing.
- Exterior House Painting: Average return at sale: 51%
Your home’s exterior is the first thing a potential buyer sees. You want it to stand out but not like a sore thumb. A shabby old exterior with worn siding or stucco with peeling paint isn’t going to get you a reasonable offer if any. The good news is that a fresh coat of paint on your exterior will make your home stand out, and you may recoup some of the money when you sell. The average cost of an exterior paint project by a professional depends on the size of your home. The national average for a 2,400-square-foot, two-story home is $2,500. For an updated modern look, choose paint in earthy, pale gray, or cream tones that look polished and exude warmth.
How to Finance Your Home Improvement Project
Today, many of us are living on a budget, and that’s why securing the best financing for your home remodeling project is key to ensuring it gets on its feet. After all, any home improvements you make today will help you sell your home that much faster, and some even pay for themselves. While you may not have the money to fund your remodeling project out of pocket, the expert loan specialists at NP, Inc. can help you choose the best financing options for your needs. You may be able to tap into your home equity using a home equity loan, a home equity line of credit (HELOC), or even a refinance with cash out. These are just some of the possible options, and today’s historic low-interest rates have made it even easier to qualify. Visit us today at usmtg.com to learn more about how we can help finance your home improvement or renovation project.
By Susan Sherman for NP, Inc.