Many homeowners take great pride in their properties and work year-round to maintain their homes and add new amenities. However, it’s all too easy to spend lots of money at the home improvement store on projects that don’t really increase the value of your home.
Here are a few home improvement projects that are likely to increase your home’s curb appeal and market price while providing additional benefits. Tip: Make sure you obtain any required permits from your municipality before starting your projects.
Outside the Property
- Install new siding. Replacing your home’s siding let you change the color of the structure and its exterior design elements. It can also improve energy efficiency. By using weatherproof materials, you can reduce the risk of sustaining damage during severe storms.
- Replace windows. If your home has old windows that don’t properly function, switching them out with an upscale, modern alternative can help you save on energy costs. It also improves the appearance of your home and can help boost your listing price should you decide to sell.
Inside Your Home
- Furnish the basement. Many residential properties nationwide include a substantial amount of unused space on its lower level. If you have an unfinished basement, invest some time and money into improving the area. This can benefit you in several ways. For example, if you incorporate an additional bathroom or bedroom, you may boost your home’s appraisal price and possibly enable you to rent out the space for added income.
- Remodel your kitchen. Your kitchen is probably used more than any other room in the house. Even small improvements to your kitchen can yield significant returns. Adding contemporary designs and updated hardware can make a big difference. Installing a new floor can really brighten up a kitchen as well.
You may want to consult your financial advisor or tax accountant to discuss any potential tax impact of increasing the value of your home.
Financing Your Renovations
If you’d like to increase the value of your home without depleting your cash on hand, you may want to consider refinancing. Call Freedom Mortgage to learn more about your refinancing options.