Home Improvement – Add Value to Your Home Without Breaking the Bank
Home improvement is the repair, remodeling, alteration, conversion, modernization, or addition of any residential or non-residential building or land or part thereof. It includes but is not limited to the construction, erection, replacement, or improvement of driveways, swimming pools including spas and hot tubs, terraces, patios, awnings, storm windows, landscaping, fences, porches, garages, fallout shelters and other improvements on structures or land adjacent to a dwelling house.
Affordability: For those who have enough equity, a traditional home equity loan or line of credit can be a good financing option for expensive repairs. For borrowers who don’t have adequate equity, FHA-approved 203(k) Rehab Loans and Title I Property Improvement loans are also options.
Inflation: New research suggests that 60% of homeowners are less comfortable making large purchases or undertaking projects because of increasing prices. The study, conducted April 29 to May 1 among 1,915 U.S. adults, was commissioned by Hippo Insurance.
The Best DIY Projects: Some renovations require a fair amount of expertise, but there are plenty of do-it-yourself tasks that don’t involve major woodworking or plumbing skills that can help you add value to your home without breaking the bank. For example, painting and re-grouting tile are both relatively inexpensive but can add a lot of aesthetic appeal to your home.
Other projects that have the potential to increase your home’s value include adding a new roof, siding, insulation, a sprinkler system, a well pump or a water heater. The key is to find a project that fits within your budget and can give you the greatest bang for your buck when it comes time to sell your home.