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Small home improvement changes can lead to significant return on investment

Posted on Wednesday, June 11, 2014 at 9:53:12 AM

This past winter has hampered remodeling activity, but spending is on the rise now that temperatures have started to warm up. According to the National Association of the Remodeling Industry, many homeowners have focused on their kitchens as the place to upgrade over the past several months.

Of particular interest during a kitchen remodeling project is creating a big-feeling space, even among homeowners who may not have the square footage to accomplish that goal. Thankfully, there are cost-effective solutions and affordable home improvement financing options out there to create the perfect space within a home. To help clarify some common issues, Home Loan Investment Bank's Brian Harvey recently took the time to offer some pieces of advice for any homeowner interested in a new renovation.

"There are several strategic design tricks that can be used during a kitchen remodel to help a space feel big," Harvey explained. "A more open feel can be accomplished by removing cabinet doors for a bookshelf type feel or replacing them with glass fronts. This allows the eye to travel to the back of the cabinet and helps the kitchen seem more expansive. You can erase visual boundaries that stop the eye by painting the cabinets and the walls the same color and by designing with clean lines."

He added that picking smaller pieces of furniture to complement any design changes can help make a tight kitchen feel much larger. Going this route can be an effective way to spend home improvement financing.

Moreover, it can be best in some cases to focus on efficient changes to a kitchen, instead of splurging on major renovations. According to Harvey, these little changes can provide a significant return on investment.

"Large scale renovations can be extremely expensive and recouping the cost of that investment has its dangers," he noted. "You must consider the neighborhood and the market the home resides in. If a home is worth $100,000, then doing high-value improvements may be an investment that will not be recaptured. It may also be difficult to find a buyer who shares your specific tastes."

Instead, Harvey recommended painting walls and cabinets or finishing floors. 

"Upgrading the appliances and replacing them within their original footprint will eliminate the need for modifications to the plumbing and electrical lines," he explained. "Updating cabinet and drawer hardware, replacing window treatments and adding molding are also inexpensive ways to modernize and upgrade your kitchen space."