Home Improvement Tips to Boost Your Home’s Resale Value
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Home improvement is a term that includes repairs, maintenance, and upgrades of your home. It can include a wide range of projects from painting your walls to building a deck, and it can be used to refer to any project that increases the value of your home.
It’s a good idea to make improvements to your home that will boost its value and increase the enjoyment you get from it. The key is to make sure the improvements add a significant amount of value and are not cost-prohibitive.
Here are some ways to ensure your home renovations increase its resale value:
Improve Your Home’s Energy Efficiency
Installing new windows, adding insulation, and installing a heat pump can lower your home’s energy costs, which will save you money on your utility bills and also make your home more attractive to buyers if you decide to sell.
You can also upgrade your home’s plumbing, septic system and heating and cooling systems to make it more energy-efficient. This will help you save money on your utilities, which means more of your hard-earned income can go toward a big-ticket renovation project like a new kitchen or bathroom.
A home equity line of credit (HELOC) can be a helpful option for financing major home improvements. Unlike personal loans, HELOCs allow you to borrow against the equity in your home and pay for them in smaller installments rather than one big lump sum.
When it comes to deciding what type of loan is right for you, the specific home improvement project you’re planning to do will be a factor. If you’ve set a budget for a specific project, like a roof repair or new appliances, then a one-time personal loan may be the best fit.
If you’re not sure what kind of loan will work for your needs, speak to a financial expert about your options. They can help you determine the most appropriate type of loan for your situation and explain any fees associated with using it.
Don’t fall for a Contractor’s Scams
If a home-improvement contractor comes to your door with an offer that looks too good to be true, beware. In Maryland, home-improvement contracts must be in writing and signed by both the consumer and the contractor before work begins or any payments are made. The contract should contain a description of the work to be done, the materials that will be used and when it will be completed. It should also provide the name and address of the contractor, as well as the MHIC license number.
It is also a good idea to find out how many years the contractor has been in business and if they have any complaints from customers or lawsuits filed against them. Ideally, you should get references from your friends and neighbors and also talk directly with past clients to find out how satisfied they were with the contractor’s work.
When it comes to determining the value of your home, keep in mind that only a few projects will give you a high return on investment, while most have an ROI below 100%. Choosing which projects are most beneficial will depend on your budget, whether you’re planning to sell soon, and how much your improvements will be worth.