Increasing Home Value Through Remodeling

Did you know the U.S. housing market was valued at over $45 trillion at the end of 2022? With a number like that, it’s clear that thousands of sales happen daily. Making your home stand out could mean the difference between a quick sale and sitting on the market for months. 

Remodeling your home is one of the best ways to increase home value. The rewards could be significant if you’re ambitious and opt for a big project. However, more minor remodels with simple touch-ups will add value as well. 

Read on to learn more about increasing home value through remodeling projects. 

Increasing Home Value Through Renovations 

Particular renovations instantly add value that validates any upfront investment. These include:

Repainting Walls

One of the most specific remodeling projects, adding a fresh coat of paint makes the inside of your home look cleaner. Choosing neutral colors, such as white, is a safe choice. 

Kitchen Backsplash

With kitchens being one of the major selling points of a home, adding a backsplash is a simple do-it-yourself project that costs less than other updates. One popular method is grouting and adding tiles. 

increasing home value

Upgraded Lighting 

Upgrading the lighting, especially in the kitchen and bathrooms, is a great way to add home value. Research can help you find the popular types of lighting. Many styles can be purchased for a few hundred dollars. 

Manufactured Stone Veneer

Stone has become a popular modern touch, and a stone veneer adds significant value. While this can be done as a DIY, professional services are available. This is one of the best projects for return-on-investment percentage

Garage Door Replacement

A remodel that adds curb appeal is always worth considering. Replacing a dated garage door with a more modern one is a worthy investment. 

Adding a Deck

Having a functional outdoor space is always worth considering. Adding a deck provides a home with more usable outdoor space. 

Replacing the Roof

On the more pricey side of remodeling projects, replacing a damaged or aging roof adds significant value that can offset the initial investment. If your home goes to market with a damaged roof, these repairs affect the amount a prospective buyer will pay. 

Finishing a Basement

The asking price should be higher if your home has more living space. Finishing a basement is less expensive than making an addition, and a prospective buyer has many options. 

How to Pay for Remodeling

Paying out-of-pocket for smaller projects like painting or adding a backsplash makes the most sense.

But for larger projects, consider a home equity loan. The advantage of a home equity loan is that you pay the interest only until the home is sold. One common approach is to save up and pay in cash. This method allows you to avoid incurring debt and the associated interest payments. If paying in cash isn’t feasible, you can explore financing options such as home equity loans or lines of credit. These loans leverage the equity you have built in your home and provide funds for remodeling while typically offering competitive interest rates.

Are You Ready for a Remodel?

Now that you know about some popular remodeling projects for increasing home value, what are you waiting for? There are multiple types of projects, from those costing under $100 to those in the thousands that require professional help. Which project type you choose may also determine how you finance it. 

If you need help with your remodeling project, contact us for assistance.