In a perfect world, you’d love everything about your home. But chances are there are rooms or aspects of it you’d like to change if you could. While home improvement projects can bring you joy, some add more value than others. If you have plans to take out a home improvement loan and renovate your home, you might want to prioritize your projects. We’ve listed a few that often yield the greatest return on investment.
Garage door replacement
Garage doors often get overlooked. But an attractive garage door can do wonders for your home’s curb appeal and value. If your garage door has seen better days, you might want to replace it with a new and improved one. Fortunately, this project is fairly simple and can be completed quickly. In 2022, the average garage door replacement cost $4,041 and can potentially recoup $3,769 in resale value.
Minor kitchen remodel
You don’t have to gut the kitchen and change every part to add value to your home. Even minor upgrades can pay off. Some examples of minor kitchen upgrades include installing a new backsplash, refinishing cabinets, adding an island, updating light fixtures, and switching out hardware. The kitchen is truly the heart of a home and a modern, functional space is important. The average cost of a minor kitchen remodel in 2022 was $28,279, with an average resale value of $20,125.
A deck can be an extension of your indoor space. Whether you have plans to sell your home or stay in it for some time, adding a deck can add tremendous value. Keep in mind that even though a classic wood deck is less expensive to install, it requires more maintenance. Composite decks are more durable and don’t require much upkeep. However, they do cost more. The average cost of a wood deck addition in 2022 was $19,248, with a resale value of $12,464.
These days, energy efficiency is of utmost importance for many homeowners. Not only can energy-efficient upgrades reduce energy costs, but they can boost home value at the same time. To improve your home’s energy efficiency, you might want to install solar panels, replace old windows, or improve insulation.
How to pay for home renovations
If you don’t have the cash to cover a home renovation project, financing options are available. You can consider taking out a home improvement loan, paying with a credit card, or tapping into your home’s equity with a home equity loan or home equity line of credit (HELOC). If you don’t want to finance the project, be sure you have a plan for starting to save the cash you’ll need.
The Bottom Line
Not all home improvement projects create the same return on investment. When determining which one to tackle first, you might want to prioritize those that could give you the most bang for your buck. Consider a home improvement loan to help your renovation dreams come true if necessary.
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