When planning home improvement projects, it’s wise to research the return on investment (ROI) of various projects. This is especially true with borrowing against the equity in your home with a home equity loan or home equity line of credit to fund an improvement. It’s important to ensure you’re making a smart investment. A recent trend is that many of the home improvement projects that bring the biggest returns are those related to curb appeal. They say that first impressions matter, and this is especially true when it comes to selling your home. If this is important to you as you’re contemplating home remodels or improvements, then read on to learn the most valuable home improvements across the nation according to the 2023 Remodeling Cost vs. Value Report. Four of the top 5 actually provide over 100% ROI.
1 HVAC Conversion/Electrification
Converting from a traditional fossil fuel burning furnace to an electric heat pump for heating and cooling provides a huge 103% return on investment. Electric HVAC systems operate more efficiently and save energy. They are a great option for saving money, as well as for those looking to reduce their impact on the environment. They are also safer. Electric furnaces cannot cause dangerous oil or gas leaks to affect your home. They don’t produce dangerous carbon monoxide either, keeping your family safe from the risk of carbon monoxide. These are just a few of the benefits of HVAC system conversion.
2 Garage Door Replacement
Curb appeal rings true when it comes to the top home improvement offering the best return which is tied with HVAC conversion and also provides homeowners with a 103% return on investment. Garage door replacement provides a high ROI when it comes to resale value. A new garage door can be an inexpensive upgrade that really enhances your home’s curb appeal. With the proper care, a good garage door can last for decades. This is all dependent on regular maintenance and quality construction. In fact, many of the newer doors come with a lifetime warranty. If your garage door is showing signs of wear and tear, new materials, such as galvanized steel, can provide a homeowner with an inexpensive, maintenance-free garage door that lasts. When is it time to replace your aging garage door? When the door has damage or excess wear, when it isn’t properly opening or closing, when there is a broken spring or lift cable, or when you are simply looking for an improved appearance, new technology, or enhanced safety. Garage doors come in different styles, so select one the fits the look of your home. Remember, a garage door replacement is one of the most cost-effective remodeling projects and a great investment that you will use daily for years to come.
3 Manufactured Stone Veneer
Number three on the list can also improve the curb appeal of your home. Replacing some siding with manufactured stone veneer is just slightly behind the two above, coming in at an impressive 102% return on investment according to the 2023 Remodeling Cost vs. Value Report. This home improvement has become increasingly popular over the past decade. Many new builders and homeowners looking to increase value and add to the beauty of their homes are investing in manufactured stone veneer. Manufactured stone veneers are used to accentuate home exterior spaces. The result gives the look and feel of a solid stone area. They come in many shapes and sizes of natural-looking stone and can provide a beautiful facelift to a section of your home at a fraction of the cost of real natural stone. With manufactured stone veneer, you can beautify and transform the area around your front door into a grand entranceway.
4 Entry Door Replacement
Replacing your existing entry door with a new steel door provides a 101% return on your home improvement investment. A new steel door will enhance your home’s curb appeal and save you significantly on maintenance costs over the years. A steel entry door also improves the security of your home, helping to keep your family safe and secure. If you have an older entry door, replacing it is a smart investment and great use of your home improvement dollars.
5 Vinyl Siding Replacement
New siding can give your home a fresh clean look. If your siding is damaged, cracking, fading, or peeling, it may be time to replace it. Gaps in or weakened siding can lead to high energy bills. The cost will depend on the size of your home and what type of siding you select. Factors to consider when selecting siding include design, durability, and budget. Vinyl is among the most cost-effective types of siding for those on a tight budget. Fiber cement siding is durable and solid once installed. It can also create a completely unique look because it can be painted in any color. The steps of replacing siding include removing the old siding, preparing the wall beneath, installing installation if needed, and installing the new siding. When it comes time to sell, investing in new siding is a good bet for increasing a home’s value. According to the Cost vs. Value report, it provides a 95% return on investment.
Apply for a home equity loan to fund your home improvement projects
Home improvements not only make us more comfortable in our homes but can also increase the value upon resale. Home remodels and improvements can be expensive. A home equity loan or home equity line of credit from Guthrie Community Credit Union is a cost-effective solution for funding your projects. Tapping into your home’s equity with a Guthrie home equity loan may enable you to borrow up to 100% of your home’s value, minus any existing mortgage or loan balance, based on your creditworthiness. Contact Guthrie Community Credit Union today for a home equity loan.