Maybe you've found a fixer-upper in the perfect neighborhood. Or you want to update the home you've lived in for years. You see the potential, but aren't sure how to pay for the costs. A renovation loan maybe just the thing you need for that home that needs a little TLC.
Boost your home's value with renovations that are worth the effort and cash. Here are a few of the top projects that could give you the most value in the long run.
If you are considering refinancing be sure to do your research. Focus on long-term costs and benefits based on the equity in your home, the terms of the new and existing loans, and the break-even point at which you will recover your costs. Here are a few reasons why refinancing your home might be right for you:
Generally considered the top upgrade that a homeowner can make for the least cost.
Average Cost: $976 - $2,722
Average Return: Varies – Blue rooms could increase sale price by $5,440
Industry specialists recommend choosing new and neutral flooring.
Average Cost: $1,508 - $4,276
Average Return: Hardwood – 70% to 80%
A good first step would be to refinish hardwood floors, cabinetry, walls, windows, woodwork, and counters. If budget permits, replace fixtures and hardware to round out your finishes.
Average Cost: $21,198 - $63,829 (Remodel, Non-Upscale)
Average Return: 59% - 81.1%
Investing some money into refreshing the look of your bathroom could help increase your home's value and may be a big selling point.
Average Cost: $19,134 (Remodel, Non-Upscale)
Average Return: 70.1%
Boost your curb appeal with an upgraded outdoor area.
Average Cost: $1,446 - $5,317
Average Return: 105% to 303%
The following sources are deemed reliable but not guaranteed: