If you're thinking about updating your home, consider how the improvements will increase the value of your home when it's time to sell. Use our guide to help determine which are the best home improvements to increase your home's value when you decide to place it on the market.
1. Remodeling your kitchen – The kitchen is often the first room that potential homebuyers look at and upgrades can go a long way. Shiny new appliances make a big impact on potential buyers, and new cabinets, countertops and floors can go a long way too. A kitchen remodel will likely offer you about an 85% return on your investment.
2. Renovating a bathroom – There's something about gleaming fixtures that makes a home look new. So adding new hardware in your bathroom, along with updating your shower or sink, can translate into a higher selling price. Most major bathroom remodels cost less than $20,000 and offer about an 80% return on your investment.
3. Adding a deck – A new deck increases your living space and gives you a new place to entertain guests. The cost for adding a deck can range by thousands of dollars, so make sure you stay within your budget. You'll probably recoup about 80% of your investment when adding a deck.
4. Putting on new siding – You can update or repair your home's siding for around $10,000 depending on the size of your home. New siding is the quickest way to improve the exterior of your home. This renovation offers about an 80% return on your investment.
5. Replacing windows – New windows not only improve the appearance of your home, they make it more energy efficient. So this renovation not only increases your home’s resale value, but you’ll also enjoy lower utility bills while you’re still living there. You can expect a 70% return on your investment for replacement windows.
Once you've decided which home renovation to start first, you’ll need to figure out how to pay for it. Nationwide Bank can help with a home equity line of credit (HELOC) at a great interest rate.