If you are planning on selling your home in the future, you may want to take the initiative in making either minor or major home improvements. These improvements, which can be financed, will raise the value of your home so that you can get the most out of your sale. You can find loans online and research your financing options in advance.
If you are on a tight budget, consider one of the lower-cost projects described below. If you can afford to spend more money, then high-scale home improvements will maximize the value of your home.
Low Cost Projects
- Replace your home siding with a standard vinyl product, which is cheaper than both foam-banked vinyl siding and fiber-cement siding. This small home improvement will earn you a decent return on investment (ROI) of approximately 80 percent.
- Finish or re-finish your basement by adding paneling, flooring and a ceiling. Home buyers are typically interested in finished basements, which give you an ROI of 70 percent or slightly more.
- Add a wooden deck onto your home. Considerably less expensive than decks made of composite material, a wooden deck provides home sellers with a potential ROI of nearly 82 percent.
- Add a bedroom to your home, since an extra bedroom may yield as much as a 75 percent ROI when the home is purchased. If an extra room is not available, consider converting your attic into sleeping space.
- Improve your kitchen with minor remodeling projects, such as replacing counter tops or refinishing cabinets. Small kitchen projects are not only much cheaper than major overhauls, but also have a higher ROI of nearly 80 percent.
Higher Cost Projects
- Extensively remodel your bathrooms by altering the layout, replacing worn fixtures and putting in new walls and flooring. Remodeled bathrooms are attractive to potential buyers and this type of project can result in an ROI of just over 70 percent.
- Install high-quality siding made from either fiber-cement material or foam-banked vinyl. Fiber-cement vinyl is particularly lucrative, with an ROI of 87 percent. Foam-banked vinyl can earn you an ROI of 80 percent.
- Build a deck made of composite products onto your home. These sturdy structures can be costly in the short term, but can raise the value of your home and give you a 63 percent ROI at sale time.
- Replace your windows with new, energy-efficient windows crafted from wood or vinyl. No matter which you choose, you will have a high ROI (approximately 77 percent with wood-frame windows and 80 percent with vinyl-frame windows).
- Remodel your kitchen completely by installing high-quality flooring, new cabinets and appliances, counter tops and a backsplash. This extensive home improvement project typically yields great value and your ROI will be just over 70 percent.
To get started on raising the value of your home, tackle one of the aforementioned home improvement projects today.