5 home renovations that boost resale value
New and long-time homeowners alike love to dream about ways to make their homes better. In fact, Americans were projected to spend $340 billion renovating their homes in 2018 according to Harvard University’s Joint Center for Housing Studies.
Before your clients spend time and money on home improvement, consider suggesting these five renovation ideas for increasing their home’s resale value:
Paint your walls
A fresh coat of paint is an affordable and effective way for a client to beautify a home. Earth tones are the hot colors for kitchen designs this year, while darker and moodier palettes are popular in dining rooms.
Add a stone walkway
Landscaping is a great way for a client to improve curb appeal. For example, according to Time, a $4,750 stone walkway with greenery can have a return of $5,000 at sale time.1
Replace old windows
One way to freshen up a home’s appearance is to replace old windows with rotting frames. Clients can save $25 to $450 a year with energy efficient windows according to Time.com.1
Remodel your kitchen
A new kitchen adds an immediate WOW factor to a home. The average return on a kitchen remodel is 65%.2 Clients can remodel at a lower cost by resurfacing cabinets, changing hardware or replacing appliances.
Fix the roof
A third of realtors said replacing an aging roof helped to seal a sale. The average return on investment for a new roof is 69%.2
As a Bank of America lending specialist, I am happy to talk with your clients about a Home Equity Line of Credit (HELOC) to finance their home renovations.
“6 renovations that can boost your home’s value,” Better Money Habits®, Bank of America