Spring is a popular season for homeowners to take out a home equity line of credit or loan to upgrade their home.
Remodeling has the potential to save you money and increase your home’s value. However, you need to make the right remodel choices to fully reap the benefits.
Smart investments usually have the following qualities:
- Low maintenance (a pool, for example, is anything but low-maintenance)
- Good quality, but not necessarily the highest quality
- Not too costly
Need some examples? We’ve compiled a list of the best choices.
Environmentally-friendly improvements can save you money, help the environment and are attractive to potential buyers. Some improvements to consider:
- Installing solar panels
- Switching to energy-efficient appliances
- Installing Energy Star windows
Green upgrades may also qualify you for a tax credit.
Upgrade the Appearance
It’s amazing what a fresh coat of paint will do, so give your house a face-lift by painting all the rooms. Choose neutral colors that will easily go with any furniture.
For the outside, consider replacing the siding for a new-home look.
Add a Bathroom
HGTV estimates you’ll get 40-130% back for adding a bathroom to your house. That return is higher if you currently only have one bathroom.
Enhance the Kitchen
The kitchen is one of the first rooms people see when they’re in your home. It’s also a place where you spend a lot of time. You want the room to be aesthetically pleasing, but also functional.
Here are some ways you can update the kitchen:
- Refinish counters
- Install new light fixtures
- Replaces knobs and other handles
- Add a ceramic backsplash
- Update cabinetry
Upgrading to a fancy gourmet kitchen does not typically bring a high return on investment. Stick with simple upgrades that make the space more enjoyable.
Upgrade the Bathroom
If you have at least two bathrooms, you can consider remodeling one or both of them.
Popular bathroom features include: two sinks, custom showers and high-quality lighting.
If you’re looking for more of a functional upgrade, consider new shower faucets and shower heads, a new toilet, and new flooring.
Replace the Front Door
A new front door is consistently listed as the upgrade that will give you the highest return on investment.
The front door is used frequently; wear-and-tear does a number and can reduce its energy efficiency. A new door can save you money on heating/cooling costs, while also improving your curb-appeal.
Avoid Upgrades that are Trendy
What’s popular right now may change in a year. Try to avoid picking upgrades that are solely based on what’s trending now. Whatever you do to your home should make it more comfortable for you and potentially help you save money. Remodels with that in mind will always be in style.