Which Renovations Have The Highest Impact On Home Value?
When looking to increase home value, homeowners are often inundated by gimmicks and trends that ultimately do not produce a definitive effect on value. However, good old-fashioned home remodeling and renovation has remained the best solution to increase a home’s value. Whether you choose to replace your garage door or redo your kitchen, these changes can not only make your home look nicer but can also boost its value. Furthermore, there are loans you can apply for to help you cover the costs.
The Benefits of Remodeling
Remodeling your home may seem like a daunting task, but in fact, it can provide a host of benefits for your finances. For one, a home renovation will grant you more home value and, with that, more home equity. If you were to sell your home, you would be guaranteed a higher return on investment and if you choose instead to refinance your loan, you will have more options available to you, which may include the removal of mortgage insurance from your payment amount.
Other benefits to remodeling include designing your home as you wish. There are plenty of options to make your home your own, with beautiful decorations and durable structures, like updated doors and windows. When choosing these features, you may also have the option to use energy-efficient building materials that will help you save on utility bills.
Top 5 Renovations to Increase Home Value
These common home renovations average the best return on investment:
- Garage door replacement
- Manufactured stone veneer or anything that improves the curb appeal of your home
- Kitchen remodel
- Bathroom remodel
- Wooden deck addition
- Siding replacement
Analyzing how these renovations affect your home value will allow you to make educated decisions on what remodels you should be spending your time and money on. If you need assistance paying for such renovations, you can reach out to a local mortgage lender to find a loan that can help shoulder the cost.
Home Remodeling Loans
Here are a few loans that can assist you with your home value-boosting remodeling work.
- CHOICERenovation® Loans – Freddie Mac’s CHOICERenovation® Loans allow funding for homeowners looking to make home value boosting upgrades and improvements that will help their home withstand natural disasters
- FHA 203(k) –This loan can be a single, long-term adjustable-rate mortgage or a 15-, 20-, 25-, or 30-year fixed-rate term.
- HomeStyle® Renovation Loans – Available in adjustable-rate as well as 15- and 30-year fixed-rate, these mortgages from Fannie Mae may be used for a variety of home improvements such as swimming pool installations.
When it comes to financial assistance to renovate your home, rely on the quality advice from the professionals at Butler Mortgage. With over 25 years lending experience in the Central Florida area, we can help you with financing renovations that will positively impact the value your home. Contact us today at 407-931-3800 or fill out our free consultation form online.