Your home is one of the biggest investments you’ll make. Although you may not be thinking of selling it now, you may want to later. Home improvements often add value to your home, but it’s important to know the kinds of improvements can yield a greater return on your investment. Here are 10 home improvement tips from Dutch Point Credit Union to help increase the value of your home.
How to Increase Home Value
- Hire a Home Inspector: What you don’t know can hurt your home’s value. That’s why it’s wise to hire an inspector to determine what needs repair. An inspector can catch a small problem before it turns into a big expense. The average cost of a home inspection in Connecticut is $482, and while this may seem like a lot, it can save you time in the long run, so don’t skip this important investment.
- Add Insulation: It’s not one of the more glamorous updates, but according to Remodeling Magazine, adding fiberglass insulation to your attic can yield a 108% return on your investment. Insulation can also increase your energy efficiency by keeping the heat and air conditioning inside where they belong.
- Replace Your Garage Door: Replacing your garage door will also yield a high return on your home’s investment. Homeowners can expect to recoup 94% of the cost, on average, according to Remodeling Magazine. Garage doors are more intricate than they used to be, so you might be pleasantly surprised by the choices of materials, colors and decorative hardware.
- Replace Your Front Door: Your front door is largely responsible for visitors’ first impression of your home. The practice of feng shui says a good front door opening into a wide space can help invite wealth into your home. Remodeling Magazine’s 2020 Cost vs. Value Report agrees: You can expect a 69% return, on average, for installing an upgraded steel door on your home.
- Give Your Kitchen Cabinets a Facelift: There are several things you can do to improve the look of your cabinets, from buying new handles to painting and refinishing. If you can afford it, consider replacing your cabinets. Homebuyers look first at kitchens and bathrooms, so it’s important that yours make a good impression.
- Update Your Bathroom: Like your kitchen, the visual appeal of your bathrooms is key. Experts suggest not spending a fortune updating a one-bath home, but instead adding a second bathroom to increase your home’s value. According to Remodeling Magazine, bathroom additions and remodels can yield a 54-55% return on your investment.
- Freshen Up Your Paint: Fresh paint in modern colors can add a nice touch to your home without breaking the bank. Remember to keep colors as neutral as possible to appeal to all prospective homebuyers.
- Go Green: Update your lightbulbs, appliances and windows to more energy-efficient models to save yourself some electricity costs while minimizing your carbon footprint. Check Energy Star’s rebate finder to look for product rebates and special offers. Buy appliances toward the end of the month or during a holiday sale to save even more.
- Update or Add a Deck or Patio: If you have an older deck, consider updating it with restoration paint to fills in cracks and give it a nice finish. If you don’t have a patio or deck already, consider adding one to increase your home’s value. Today’s homebuyers appreciate outdoor living space just as much as indoor space.
- Add Curb Appeal: Realtors tend to agree that upgrading the look of your front yard can help increase your pool of prospective buyers. Be careful not to spend too much money on landscaping, however, because you may not recoup it. You should also consider replacing your siding if it’s seen better days. Remodeling Magazine found siding replacement to yield an average return on investment of 75% for vinyl and 78% for fiber-cement.
When planning your home improvement projects, consider the long-term value each might deliver, as well as the neighborhood where you live. Avoid upgrading so much that your house becomes unaffordable for your location.
Ready to get started? See how a Home Equity Loan or a Home Improvement Loan from Dutch Point Credit Union in Connecticut can help you tackle your home improvement projects at an affordable rate.