Home improvement can be a major undertaking. It may involve adding new bathroom, remodeling a kitchen, or upgrading the exterior of your house. It is a great way to improve your home’s resale value. The key is to make sure your project has a high return on investment.
For example, installing a brick fireplace is a good selling point. But if your fireplace is stained or rusted, you might need to clean it several times before you can get it looking like new.
Other home improvement projects include landscaping. According to the Washington Post, a landscaping project’s ROI can range from 150% to 1,000%.
You can increase your resale value by sprucing up your backyard. Refinishing a deck, pressure washing a patio, or cleaning a fence can be low-cost ways to add value to your home.
When it comes to home improvements, it’s always a good idea to compare your options. For example, a home equity loan may be more expensive than a personal loan, but it can offer you access to the lowest rates.
Another option is to use a credit card to cover the costs. However, these are not ideal for long-term financing.
Lastly, consider a cash-out refinance if you plan to remodel your house. This can allow you to tap into the equity you have built up in your current home. A second mortgage is also a way to access cash for a home remodel.
Whether you are doing a DIY project or hiring a contractor, remember to choose the right company. Make sure you check their references and insurance coverage.