Home improvement is any activity that makes a home better, more comfortable or more energy efficient. It can include anything from a new bathroom or kitchen to landscaping and maintenance work.
In addition to adding value, some home improvements also help with the cost of maintaining a home, such as updating energy-efficient equipment or replacing flooring or siding. While it’s tempting to spend big on projects that make your house more luxurious, you need to think about the impact they’ll have on your property’s resale price.
Getting a mortgage to pay for home improvement might seem like a financial no-brainer, but if you’re not careful, you can find yourself in trouble. Especially when you don’t have the credit history or equity necessary for a conventional loan. Fortunately, there are some options for home-improvement financing available to homeowners who have a good credit score and sufficient equity.
A home-equity loan, also known as a second mortgage, is an installment loan that can be used to finance a large project and be paid back over time via fixed monthly payments. This type of loan is often used to fund expensive repairs or upgrades, such as a new deck, patio or fence.
Retaining walls and basements are also popular home improvement projects that can add both value and comfort to your property. Depending on your home’s location and the amount of additional space you want to create, these updates can help increase the square footage of your living area.
Painting is another inexpensive project that can have a huge impact on your home’s appearance and comfort. A gallon of paint costs only $30 or so, and it’s an easy DIY project that can make a major difference in a room.
Replacing or upgrading a kitchen’s cabinets is another inexpensive but rewarding home improvement. A new set of cabinet doors and knobs will give your kitchen a fresh, updated look that will also add resale value to your home.
Installing new windows is an effective and affordable home improvement that can make your home more comfortable and help you save on energy bills. It can also boost your property’s curb appeal, making it easier to sell when the time comes.
If you’re looking to get more for your money when you sell, consider a smart thermostat. These devices automatically adjust your house’s heating and cooling depending on the weather or energy prices. They can also be programmed to alert you when your home needs attention.
One way to reduce the costs of energy is by insulating your home, which can reduce your utility bills and help you save money on your home’s overall operating cost. Insulation can improve a home’s energy efficiency by up to 25%.
Changing up the lighting in your home is also a great way to refresh your space. A new lamp or ceiling fixture can make a huge difference in the way a room looks and feels.
If you’re planning to remodel a home, be sure to consult with an experienced real estate agent before embarking on any renovations or upgrades. They can provide expert advice on which projects will add value to your home and improve your chances of selling it.