Right now, many people are lamenting that their home values have decreased. If you are interested in helping give your home a bit of a boost in terms of value, you can make some home improvements that could help you increase the value of your home. You should realize, though, that you will not likely recover 100% of the expense outlay associated with home improvement. However, there are four home improvement projects that can help improve the look and feel of your home, and provide you with at least a 70% return on your investment, according to Remodeling Magazine:
- Siding replacement: Few things boost your home’s value like an improvement in curb appeal. Replacing your old siding, or adding siding to your home, can help increase the value of your home. You can get 87% ROI when you use fiber-cement or foam-backed vinyl (which is also something will lower your utility bill). Even regular vinyl siding replacement offers close to 81% ROI.
- Window replacement: This is another home improvement that can be good for the earth, and for your wallet. There are tax credits available for window replacement, and you might be able to find some local programs that offer special financing to help you pay for it. The ROI on window replacement averages close to 77% according Remodeling Magazine.
- Deck: You can add a simple wood deck to your home and see a ROI of at least 80%. This deck can also make a nice place for your family to congregate. It is relatively inexpensive for a home improvement project, and it might add as much as $8,600 to the value of your home.
- Kitchen remodel: Many people consider the kitchen one of the most important rooms of the house. Remodeling the kitchen can add value to your home. You can do minor remodeling to spruce things up a bit and add a little more value, while offering a ROI of close to 79.5% on average. Go whole hog, and you can add a great deal of value to your home. But completely remodeling your kitchen only offers about a 71% return on your money.
Other remodeling projects that can add to the value of your home include bathroom and basement remodeling, and adding an attic bedroom. It is important to make sure that you are in a position to afford the home improvements, and that you have the equity to support the possible loans.