Not all home improvements are created equal. You might really want to put money into that garage-turned-man cave, but you’d be better off spending your dollars on updates that will provide a high return when you’re ready to sell.
1. Fresh paint – a clean coat of color both indoors and out gives the overall appearance of cleanliness and newness.
2. Plant anew - Boost your curb appeal by re-seeding the lawn, planting fresh flowers and installing solar accent lighting along paths and at focal points.
3. Replace hardware – with a drill and a few hours, changing out door handles and cabinet pulls can bring your home from 1970 to 2020.
Worth the Time and Money
4. Kitchen remodel – Ask any realtor and they’ll tell you this is still the number one room buyers care about and best in terms of return on investment. Just be ready to eat “camp out” style for a few weeks if you’re starting from scratch.
5. Bathroom remodel – updated bathrooms are right behind kitchens as a guaranteed value booster. Replacing the vanity, updating the faucet and showerhead, and switching out the lighting can make a huge difference.
6. Replace carpets and rugs – If you are ready to sell soon, new carpet is a must. No one wants to tread where others have been.
7. Smart technology – security systems and home sensors are a big selling draw these days. A home that comes equipped with these features will appeal to buyers.
8. Solar panels – many solar companies don’t charge you anything to install solar panels. So if you can save money every month and promise an average price to any potential homebuyers down the road, it’s a win-win.
Reinvest your equity
If you’ve built up sizeable equity, consider a home equity loan or line of credit (HELOC) to help you cover the costs of a major upgrade. Equity loans and HELOCs offer some of the lowest interest rates available, and could be tax deductible.* It’s important to discuss your goals with an expert to determine which product is right for your individual situation. Talk to a Mortgage Consultant at (800) 506-6070 or apply online.
This is not an offer for credit or a commitment to lend. All applicants are subject to borrower and property underwriting approval. Not all applicants will qualify. NMLS#403462
*Please consult a tax advisor.