There are a number of reasons to make improvements to your home—from general upkeep and necessary expansions to personal preference. But the reason that makes the most fiscal sense is to get a greater return on your investment (ROI) when you’re ready to sell your house or want to increase its equity. When it comes to ROI, some projects deliver more bang for their buck than others. Here are the top seven renovation projects that will make your money work harder for you:
- New Garage Door
You probably don’t think much about your garage door (other than whether you left it open), but its ROI potential tops almost every renovation list out there. An average-priced door will increase your curb appeal tenfold and reap a 97.5 percent return.
- Wood Deck Addition
The best thing about adding a wood deck to your home is the enjoyment you’ll get from it—the second-best thing is the 75.6 percent ROI all that relaxation will earn. While many other renovations or additions aren’t exactly “fun,” this project will reap both personal and financial benefits.
- New Siding
Nothing damages your home’s curb appeal faster than old siding in disrepair. At an average cost of $16,000, this practical project may make your wallet wince, but the 75.6 percent cost recoup when it’s time to appraise your house should more than make up for it.
- Stone Veneer
Want to take new siding a step further? Invest in manufactured stone veneer for a specific area of your home you want to really elevate, like your entryway. You can’t put a price on the increase in curb appeal, but you can put a percentage to its ROI (and it would be 94.9).
- Minor Kitchen Renovation
Kitchen renovations are notoriously expensive projects, but they’re worth it in the end. Not only will you and your family enjoy a more modern and functional kitchen with as many bells and whistles as the house chef likes, you’ll enjoy the 80.5 percent return when it’s done.
- Attic Insulation
Among the more practical and least flashy home upgrades you can make, fiberglass attic insulation will not only help improve your home’s energy efficiency and comfort, it will be a big selling point with homebuyers who don’t want to take on the project themselves.
- Replacement Windows
Windows aren’t just for looks—they also greatly affect your home’s energy efficiency, which in turn affects your regular utility bills. Replacing your home’s windows will not only save you money every month, it will reap you a 73.9 percent ROI too.
Now you know the home projects that will give your wallet—and quality of living—the greatest return on investment, but how are you going to pay for the initial investment? A Home Equity Line-of-Credit (HELOC) from a trusted lender is a smart way to fund those big projects. Suffolk Federal’s low-rate HELOC allows you to make affordable payments on up to $500,000, with terms up to 20 years. Learn how you can make your home work for you.