Renovations To Increase The Value Of Your Home
Any homeowner will probably agree that whenever you have the chance to increase your home value through renovations, that is always the smart thing to do! Whether you plan to sell your home or you simply want to update it to live more comfortably, making home improvements, no matter how small, will benefit you in many ways. And even if you might not be thinking of selling right now, adding to your home’s value will allow you to demand a higher price if you do eventually decide to sell.
But the fact of the matter is, some home improvements add more value than others. That means it’s important to identify which updates to prioritize – especially if you need emergency home repairs. Before starting a project, think about the cost versus value, and evaluate if doing it is worth your time and money. So what home renovations will have the biggest impact on the value of your home? Keep reading this article to learn about the top five home renovations.
Top 5 Home Improvements That Increase Home Value
1. HVAC
It’s not the most glamorous of home projects, but replacing your traditional furnace with an eco-friendly and renewable energy-sourced HVAC system is what experts recommend. These energy-efficient systems, which are slowly replacing air conditioners, have heat pumps that heat and cool a home simultaneously. While HVAC conversion is quite expensive, having an average cost of $17,747 for a 2,000-square-foot home, the return on investment is at 103.5 percent.
2. Garage Door
Replacing your garage door is another high-ROI project. The average cost – which is $4,302 – is based on removing and disposing of a 16x7 garage door and replacing it with four-section doors made out of heavy-duty galvanized steel tracks – which you can still use with your old garage door opener. Aside from significantly improving your home’s curb appeal, modernizing your garage door offers a 102.7 percent return on investment.
3. Manufactured Stone Veneer
Manufactured stone veneer (MSV), also referred to as faux stone, not only gives off a classic and aesthetic vibe, but it’s also low-maintenance, fire-resistant, and can withstand extreme temperatures, including heavy rains and snow – which will definitely add value to your home.
You can use them both indoors and outdoors, but this project focuses on installing MSV to replace vinyl siding. Keep in mind that this renovation is pricey – costing $10,925 on average. It gives an ROI of 102.3 percent.
4. Entry Door
Replacing a wooden front door with a steel one has risen in popularity over recent years. While you might think having a steel front door may look odd, there are actually plenty of modern ones that come in various styles and finishes.
Not only will they enhance your home’s curb appeal, but they’ll also help lower your electricity bills because they’re energy efficient. Replacing your entry door costs $2,214 on average and has an ROI of 102.9 percent.
5. Siding
Old or damaged siding can make your home look worn out. Replacing it will instantly upgrade the look and value of your home. Experts especially recommend replacing it with either fiber cement or vinyl. Fiber cement siding installed in a 1,250-square-foot home costs an average of $19,36 with an ROI of 88.5 percent while vinyl siding installed in a home of the same size costs $16,348 and offers an ROI of 94.7 percent.
What Happens If An Emergency Gets In The Way Of Your Renovations?
While many of these renovations can help with your home value, what do you do if an emergency threatens to stop you from doing them? Well, we here at Southwest Title Loans can help you with our registration loans. This loan allows you to use your vehicle’s Arizona registration as collateral to get a lump sum of money for your emergency expenses.
If you’re interested in learning more, all you have to do is fill out our online form found right on our website, and wait for one of our representatives to call you. They will go over the entire process and set up a meeting at one of our nearest store locations for you to come in with a few documents. From there, we will help you find out if you can get this loan.
Start Your Renovations Off On The Right Foot!
As you can see, if you are interested in investing your money wisely, you should seriously consider these renovations to your home. Doing just a few of these renovations will not only add to your home value, but you will be able to enjoy a modern and upgraded living space!
If an emergency gets in the way of your renovations, remember that we here at Southwest Title Loans offer registration loans to help. Fill out the online form on our website to get more information.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
