Home Renovation for Boosting Value You Can Take to The Bank
Being a homeowner is a wonderful thing. You'll have a place to call your own so that you and your family can grow. However, there might come a time when you need to sell the house. A new job might arise. You may want to move to another neighborhood or get a bigger house. You should always renovate your home so that you can earn money when it comes time to sell it instead of losing money. We thought we'd create a list of some home renovations that will boost the value of your home. We've also added some information about where you can get the financing for the renovations. Go through the list and see if any of these ideas interest you.
Boost Your Home's Value With These Renovations
You can do a myriad of things to your home to boost its value if you really want to. These are some ideas you can start with. Go through the list and see what works for you. You might even come up with some ideas we don't mention.
1. Add a Porch
Adding a porch to your home is a great home renovation for boosting value. Not every home has a porch, but just about all buyers will appreciate one. A porch is a place where couples can sit and relax and watch the sunset together. It's a place where family members can talk. A good porch will not only increase your current home value, but it will add personality to your home. It will make your home one of the most unique homes on the block. The price of this renovation can vary significantly. You could spend $5,000 for a basic porch with a roof, or you could spend up to $50,000. The budget and complexity of the porch are up to you.
2. Turn the Attic Into a Room
Does your home have an attic? If so, then you have a little gold mine inside of your home. You can turn your attic into an additional room and possibly sell your two-bedroom home as a three-bedroom home and so on. This renovation is probably not as expensive as some others are, which is a good thing. You'll need to ensure that the insulation in your attic is good. You'll also need to make sure the electricity works well in there. Of course, you'll also need to add furniture, pictures, mats, and other things that truly transform the attic into an additional room for someone. You'll most likely have to paint the walls, as well. Think about doing it because it can earn you extra money while you're still living there, too. You can rent your adapted attic to someone who needs a place to stay for a while.
3. Put New Siding on the Home
New siding can give your home a gorgeous look and an appeal that home seekers might not be able to find anywhere else. There are many different ideas you can consider for siding. You could try stucco. You could try slate and stone veneer siding. You can even make your home look like a brick house if you want to. The average price of having siding put on your home is between $5,000 and $15,000. However, you could get a much better deal if you take the time to find quality providers that offer promotional discounts to their new customers. The possibilities are endless. Consider the neighborhood you live in and think of something that will really stand out and captivate a prospect.
4. Add a Fountain
A fountain or waterfall can be an excellent home renovation for posting value. The extent of the expense you'll have to put out depends on how elaborate you want to be. You can buy a fountain for a few hundred dollars, or you can go all out and pay several thousand dollars. You'll have to have someone install it if it's complete or it has a waterfall effect. The beauty of a fountain or waterfall is that it can become a community landmark. People will want to live in your home because it's unique, and it's a great house to take pictures of. That's the kind of exciting feature you should want to display on your property.
5. Install a Fence
A fence is another home renovation for boosting value that you could do before you sell your home. Having a fence around your yard will open up the market to more families and people who have pets. It can give your home more of a traditional appeal, as well. Fences come in all shapes, colors, and sizes. If you want to be completely traditional, you could have someone install a white picket fence. If you're looking for security, you could get a metal fence. For privacy, you could have a solid wooden fence installed. Whatever you do, it will increase the value of your home and make it sell faster, as well. Believe it or not, installing a fence isn't that expensive. Speak to some professionals to find out more.
6. Repaint All the Rooms
Another project that you might want to take on is repainting all the rooms in your home. It will instantly add value to your house, and it will make you feel like you've moved to a new home, as well. This is a chance to let your creativity truly shine. You can make each room any color you want. A good idea is to use colors that breathe life into anyone who comes in. You might not want to go with the traditional white color. Maybe you want to use vibrant colors like red and yellow. Add some contemporary furniture to it, and you'll have yourself a pretty fun house. You could also go in the opposite direction and use calm and cool pastel colors. That will create an environment of tenderness. It's up to you. Think about what you want to see when you walk into a prospective home and then go from there.
7. Add a Kitchen Backsplash
Maybe you can add a kitchen backsplash. That's another thought you might have while you're thinking about which upgrades are best for you. A kitchen backsplash can add a gorgeous layer of class to your kitchen and make the area more fun for someone to cook. It isn't an upgrade that will be highly expensive, so you don't have to worry about the money. The most you'll invest will be around $5,000. That's not a lot considering that it's the starting point for most renovations. Just have fun with it and know that it can add a lot of money to the value of your home.
8. Replace Carpeting With Hardwood
Another idea for a less expensive renovation is to remove the carpeting in some areas and replace it with hardwood floors. The hardwood will have a number of benefits to it. One benefit is that floor cleaning will be much easier once you start using it. Wood also has a certain luster about it that can make an entire room look much more refined. The hard floor can also keep the house a little cooler during super-hot months. Those are all the things you might want to consider when you're thinking of smart renovations to make.
9. Replace the Door With Steel
Another home renovation for boosting value is to replace the current front door with a steel door. A steel door can help you and the people who move into your home in several ways. For one, it can add an extra layer of security. You'll feel more secure that no one can enter your home by easily breaking through the door. Secondly, steel doors are much more energy-efficient than some other doors are. They can trap heat and cold air inside the house during crucial times. That can reduce your heating or cooling bill to a level that's much more acceptable to you. Thirdly, they can provide some protection in the unfortunate case of a fire. Expenses for buying and having a new steel door installed will be somewhere in the $1,000 to $1,500 range.
10. Repaint the Exterior
Repainting the exterior is a good idea if you don't want to put new siding outside your home. You can do a world of different things with the outside of your home. Again, you should consider the type of neighborhood you live in and what styles might be attractive in that neighborhood. Think of unique colors but are not too loud or busy for the outside of a home.
The exterior of your home is the first thing that people see. Therefore, your first home renovation for boosting value should revolve around the home's exterior. Use the method you used in the interior to decide which colors to make the home. The colors should be unique, but they shouldn't be so strange that they discourage people from buying the property. Take all the time you need to think of a color scheme that will sell your house quickly.
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How to Get Financing for Home Renovations
The first thing you'll need to do is get the financing before you begin any home renovation for boosting value. No home renovation is cheap unless you can do it yourself or you have a handy friend who can pull it off. We'll assume that you don't. These are some places you can go to get the money you need to improve your home.
Ask Friends or Family Members
Your family is the first place you can go to see if you can come up with the funds to do your home renovation for boosting value. Family members are usually a little more lenient on payback, and they might be willing to assist you if you ask them. Let them know that you want to invest some money in making your home more buyer-ready for resale. You may just have some family members who will be willing to invest in the journey for you. If not, you can always use one of the alternative methods.
Talk to Your Local Bank or Credit Union
You can go to your local bank or credit union and request a loan for your home improvements. To do this, however, you need to have decent credit. You may also have to provide a lot of paperwork and go through some red tape to get approval. Check your credit report to see what category you fall under. We don't recommend going to a traditional lender unless you have a score that classifies you as having good credit at the very least.
Apply for a Personal Loan
You can also visit some non-traditional sites and request a personal loan for your home renovations. These lenders might be more willing to work with someone who has a less-than-desirable credit score. They will probably involve less red tape in their process, as well. The only downside is that your approval may come with a high cost. Your interest rate might be astronomical, but you can at least get the home renovations you need.
Peer-to-Peer Lending Sites
Peer-to-peer lending sites are another idea. They consist of a group of investors who are willing to invest in other people's dreams, projects, and crises. Prosper and Upstart are two examples of such companies.
Request a Home Equity Loan
A home equity loan might be a good idea if you've had your home long enough to build an equity increase. These tend to have lower interest rates than a lot of unsecured loans and personal loans. The reason is that your home is the collateral for them. The lenders don't face as much risk as other types of lenders do. Therefore, they relax on the interest rate they charge. You can apply for one of two types of advances. You can either borrow a lump sum of money at once, or you can request a home equity line of credit. A line of credit is just that. It's not cash that you can use to buy anything you want. It's a specific line of credit that you can use for your home renovation for boosting value.
Sell Something of High Value
You don't necessarily have to ask for a loan to do a home renovation for boosting value. You can gather the funds in other ways. For example, you can start looking for items of value that you can sell at various outlets. You might want to start with an old car you no longer want by offering it up for sale on the classified ads. You can then look through your garage and home for electronics, furniture, expensive clothing, and other items that you may be able to sell for a substantial amount of cash. There are many ways you can sell those items. One way is to sell them online on a classified site or an auction site. You could also have a yard sale at your home and offer your items there. Alternatively, you can rent a table at a local flea market if you feel as though you can interact with more people there.
Pick Up a Second Job
Working a second job can always get you the funds you need for your home renovations. You may want to add a second part-time job to your work activities if you really want to pay for home improvements. With all the available online work, you have a lot of options. You could pick up a job and put money toward your home renovations every week. It will grow before you know it, and you'll be well on your way to adding value to your place.
Final Thoughts
Now you know some solid ideas for renovating your home to increase the value when you sell it. Take advantage of as many of these ideas as you can because they can help you in the long run. You can contact us if you need any information about home financing, home refinance, or even loans for renovations. We are a trustworthy consumer finance advocate. We are not a lender, and we do not issue loans.
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