Tips for First-Time Homebuyers
Most homebuyers start the process anxious, excited, nervous, and some are downright terrified. It’s natural. A home is the largest...
Remodeling Projects That Will Boost Your Home's Value
One Carribean Estates
Posted last July 11, 2023
Renovations have the ability to make us happier in the places we call home, but some updates can add more value than others when it’s time to sell or refinance. Some of the best home improvements — think an updated kitchen, new deck or remodeled bathroom — can get pricey. That’s why before you decide to take on a remodeling project, it’s helpful to know what kind of return on it you might expect — that is, how much of its costs it’ll recoup, in terms of adding to your home’s value and asking price when you put it on the market.
Each year, the respected trade publication/platform Remodeling analyzes costs for major home renovation projects, estimating the value those projects offer at resale. Recently released, the “2023 Cost vs. Value report” compares the average cost of 22 remodeling projects in 150 markets throughout the U.S, with five offering a return on investment (ROI) of 100% or more.
o finance home improvements, consider a home remodel or home repair loan, which are unsecured personal loans you can get through a bank, credit union or online lender. You can also use credit cards to cover home renovations, although the interest rates can be high.
If you want to go the secured loans route, there are home renovation loans offered by Fannie Mae and the FHA. You can obtain a home equity line of credit (HELOC), which is a revolving line of credit that’s backed by your home. Because HELOCs are secured, they tend to have lower interest rates than unsecured loans.
Alternatively, you could get a home equity loan, also known as a second mortgage, which has a fixed rate, is paid out in a lump sum and repaid over a predetermined duration. A home equity loan might be a strong contender to pay for home improvement projects if you have a firm idea of what you want to do and how much it’ll cost.
Each year, the respected trade publication/platform Remodeling analyzes costs for major home renovation projects, estimating the value those projects offer at resale. Recently released, the “2023 Cost vs. Value report” compares the average cost of 22 remodeling projects in 150 markets throughout the U.S, with five offering a return on investment (ROI) of 100% or more.
o finance home improvements, consider a home remodel or home repair loan, which are unsecured personal loans you can get through a bank, credit union or online lender. You can also use credit cards to cover home renovations, although the interest rates can be high.
If you want to go the secured loans route, there are home renovation loans offered by Fannie Mae and the FHA. You can obtain a home equity line of credit (HELOC), which is a revolving line of credit that’s backed by your home. Because HELOCs are secured, they tend to have lower interest rates than unsecured loans.
Alternatively, you could get a home equity loan, also known as a second mortgage, which has a fixed rate, is paid out in a lump sum and repaid over a predetermined duration. A home equity loan might be a strong contender to pay for home improvement projects if you have a firm idea of what you want to do and how much it’ll cost.
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