Where to spend and where to save those home improvement funds
Posted on Thursday, August 2, 2012 at 6:42:47 PM
Homeowners intent on remodeling their property, but concerned about the associated costs, may want to consider strategically choosing the features to update. Home improvement financing from Home Loan Investment Bank is affordable and could increase the value of the property when it comes time to sell.
Here are two tips for remodeling a home:
1. Invest in utility upgrades. By implementing utility upgrades or energy-efficient materials into the design of a home, a property owner can save on the day-to-day costs of running a house. Consider items such as light emitting diodes (LEDs), double or triple pane windows and water-efficient appliances.
2. Upgrade spaces with high average returns. Traditionally, upgrades to kitchens and bathrooms have a high return on the investment. According to This Old House Magazine, the average cost of a minor kitchen remodel is approximately $14,773. The average resale value one year later is $13,344 for a 87 percent return on the investment. Major kitchen remodels see a slightly decreased return in comparison, only 80 percent. The average cost is $38,769 with a resale return of $31,344.