As you are likely aware, when you increase the value of your home, you are also increasing your equity. It is a win-win on both sides. You will see a return on your investment when you decide to sell your home. You will also have a lower loan to value ratio while you are still living in the home. This lower loan to value ratio can play a role in refinancing options.
Remodeling your home is also fun and can make your home more comfortable. Just be sure you stay in your budget and do not spend more than you have!
A “2019 Cost VS Value Report” was done recently. This report tells you what the average cost of certain home renovations are and the highest percentage of return on investment.
If you are interested in the nitty gritty details of the report, please let us know. We would be happy to share it with you.
To keep it simple, the following are renovation ideas (with the highest return on investment first): garage door replacement, manufacturer stone veneer, kitchen remodel, wood deck addition, and siding replacement. As always, keep in mind the “need” VS “want” aspect when you are making a decision of where to go when it comes to renovations.
Either way, whatever your decision is, do what makes you happy and will keep your pocketbook happy, too!