Home Updates That Pay Off
Our Home Equity Line of Credit (HELOC) is your tool to improve your enjoyment of your home, and its resale value. But which improvements should you invest in?
According to HGTV.com, some home improvements can actually pay for themselves, allowing you to recoup all or most of their cost when you resell your home. Check out these improvements' average return on your investment:
| Improvements | Average return at resale |
|---|---|
| 1. Minor bathroom remodel | 102% |
| 2. Landscaping | 100% |
| 3. Minor kitchen remodel | 98.5% |
| 4. Exterior improvements | 95.5% |
| 5. Attic bedroom conversion | 93.5% |
| 6. Major bathroom remodel | 93.2% |
| 7. Major kitchen remodel | 91% |
| 8. Deck, patio or porch addition | 90.3% |
| 9. Basement remodel | 90.1% |
| 10. Replacement windows | 89.6% |
| 11. Family room addition | 83% |
Source: HGTV.com
Pandemic effect
With more people working, attending class, shopping, recreating and even worshiping from home, the need for home offices, quite study areas, entertainment areas, privacy and yards has skyrocketed. In fact, some suburban homes are receiving 15-50 offers over asking price within a week of being listed. Many homeowners are finding it more prudent to improve than to move as some of these homes sell for $50,000 to $100,000 over list price.
Source: LATimes.com
Learn more about our HELOC
Whether you want to customize your home to better meet your needs, invest in improvements to improve its market value, pay off debt or secure a source of funds in case you need them, our HELOC can make it happen. Learn more here or call us at (888) 521-0135.