Are you looking to make a big investment in your home? There a quite a few factors to keep in mind as you consider the home improvement process. To begin, choose the right projects for your home. There are a few things to consider here.
Improvements Based on Returns On Investment
Design your home improvement projects with resale in mind. Minor changes often earn you more bang for your buck than major changes meaning that you will get more out of smaller changes like repainting, refinishing countertops, and upgrading old appliances to be modern and energy-efficient than you will from completely restructuring your home design.
Remember to keep in mind what’s best for your home. A grand foyer won’t make sense in a modest split-level nor does adding a swimming pool when you aren’t committed to maintaining it.
Major Renovation Tips
If you do go with a major renovation, keep this in mind: don’t price yourself out of the neighborhood. The renovations that you make should keep your home value in line with other homes in your neighborhood. If your home is valued at $300,000 in a neighborhood of $200,000 homes, you won’t reap the rewards of your investment.
Instead, keep your eye on regional design trends and the real estate market, and speak to a realtor before you proceed with major home renovations. Whatever designs you opt for, choose quality materials and designs that add character and maintain the integrity of the house.
When Small Projects are Better
Now that we have covered what won’t add value to your home, let’s take a look at what will. Kitchens and bathrooms are the rooms in which you will see the biggest return on your investment. This makes sense considering that these rooms are where homeowners spend most of their time. Check out HGTV.com to learn how you can upgrade your kitchen and bathroom to create an investment in your house. For other excellent investment ideas, take a look below:
- Siding replacement
- A new roof
- A new garage door
- Window replacement
- Extra space in a new bathroom, additional rooms, or newly finished a basement
With the right preparation and design plan, home improvements can be an excellent way to invest your money. TopLine Federal Credit Union offers home equity lines of credit or loans that can help finance the home renovation and redesign projects of your dreams.
Visit TopLine Federal Credit Union to learn about the flexible terms of our home equity line.