Home Improvement Projects That Pay Off
Are you thinking about doing a cash-out refinance to pull some equity out of your home to complete some home improvement projects? Do you want to put your tax refund, stimulus payment, or other funds you have available into a home improvement project that will add value to your home? If so, you’re like many homeowners. While home improvement projects are often done to increase your enjoyment of your home, when you’re investing in them it’s also important to consider which will raise the value of your home the most, too. Here is a list of 3 home improvement projects that pay off when you sell your home.
1. Garage Door Replacement
Replacing your garage door is a relatively affordable home improvement project. It costs the average homeowner around $3,695 to do. And not only does this home improvement project add curb appeal to your house, but it also yields a good return. Many homeowners who replace their garage doors find that they recoup about 94.5% of the cost upon resale of their homes.
2. Minor Kitchen Remodel
If your kitchen looks like it is from the 1990s (or an earlier decade), it’s time to consider at least a minor kitchen remodel. There are a variety of elements you can update when you remodel your kitchen including:
- Installing new cabinets or painting or refinishing existing ones to give them a fresh new look.
- Replacing tile or Formica countertops with granite, marble, or quartz countertops.
- Updating your sink and other kitchen fixtures.
- Replacing fluorescent lighting with recessed lighting.
- Updating your appliances to stainless steel.
Whether you make all or some of these kitchen remodel home improvements, the fact is that these updates pay off. People buy houses for kitchens and bathrooms. An average minor kitchen remodel of about $23,500 can yield you a 77.6% return upon resale of your home.
3. Window Replacement
Windows may not seem like the most fun aspect of your home to replace, but installing new windows can help with your energy efficiency. This is especially true if you replace single-pane windows for dual-pane windows. The average homeowner spends about $17,500 replacing the windows of their homes but recoups 72.3% of that fee when they sell their home.
Want to Refinance to Get Funds for Home Improvement Projects?
If you’ve built up some equity in your house, there’s never been a better time than now – when interest rates are so low – to refinance your home. You can do a cash-out refinance to pull out some equity of your home and reinvest it in your house by completing one of these, or another, home improvement project.
We can help match you with a lender for a cash-out refinance. Simply fill out our online quote form and a mortgage lender who services your area will get in contact with you.