A number of home improvements can heighten a property's price, buyer interest
Posted on Friday, May 3, 2013 at 9:32:13 AM
Because May is National Home Remodeling Month, a number of property owners across America may be contemplating making a large change to their house. Aside from increasing an individual's personal satisfaction with a living space, home improvement projects such as updating an existing room, remodeling unused space or building an addition, can bring heightened resale values and buyer interest.
As consumers begin to plan for modifications, it is important they consider the entire scope of work, and decide what outcome they would enjoy most.
"Each of these projects would pose a benefit to a homeowner," said Brian Harvey, home improvement lending representative at Home Loan Investment Bank. "The question would be the homeowner's goal - are they looking to change or update the flow of a room or to change the aesthetics of a room? If so, than updating an existing room would make sense. Minor changes and improvements such as painting, flooring, or knocking down a wall to open a space can be cost effective and add curb appeal to a home but these project will not necessarily impact the value of the home. Remodeling an unused space or building an addition will increase the living space of the home which will naturally add to the value of a property."
Typically, the larger the size of a residential improvement - the more value it could add to a property. Therefore, homeowners may want to consider obtaining home improvement loans.
"The scale to which these projects are done and the initial cost will directly affect the return on the investment," Harvey said "Additions by nature are a lot more invasive and carry a higher cost. The best money spent would be to remodel unused space such as finishing a basement or attic space. The main components to the room such as the walls, floor, and roof/ceiling are already intact allowing for a reduction in the cost to remodel and unused space versus adding on to the existing home."
Those individuals interested in acquiring home improvement financing can find a wide variety of opportunities with HLIB, a trusted lender which has helped thousands of homeowners during its years in operation.