March 1, 2021
Home Improvements That Are Worth the Investment
Looking to make your home more livable, but cringe at the idea of cash flying out the window at selling time? Read on. These home improvements tend to be good investments if you’d like to increase your property’s value.
If you’ve been wanting to ditch the shag and install hardwood floors, you’ve got lots of company here in our region. People love wood floors, and it’s a good bet that new ones will be a big selling feature. High-quality laminate plank flooring is another of the many options available for replacing tired flooring.
If you already have hardwoods, make sure they’re in good shape. Otherwise, get them spiffed up or consider new ones.
Imagine a roadside service station restroom that hasn’t been updated since the Carter administration. Is the picture in your mind perilously close to what your own bathroom is like?
Worn bathrooms in disrepair won’t make anyone excited. If your bathroom looks gross no matter how much you clean it, updating it will improve your chances of a “sold” sign out front.
You’re not the only one who would rather not cook in an old, outdated kitchen. Updated kitchens are definitely attractive to homebuyers. Turning your kitchen from a con to a pro can turn a nay into a yay.
A bigger house will command a higher price. As long as the addition doesn’t feel like it’s from an entirely different house, or is shabbily constructed, additions will by-and-large be positive attributes.
Homebuyers probably know that replacing old, drafty windows can be expensive. If your house needs new windows, that might drive away would-be homeowners. A house with new windows, especially those that cut down on energy costs, can be the difference between a closing and yet another open house.
Patio or deck
Even in our climate, space outside to hang around or entertain in is a plus. Decks and patios are updates that homeowners generally like.
The Jury’s Out
Are these home improvements good investments? Well, it depends.
Curb appeal is important. A scraggly yard can cause drive-by homebuyers to step on the gas.
If your yard and plantings are attractive, cared-for and easy to maintain, that’s a positive thing. But remember, though some people love yard work, lots of other people are not into complicated landscaping that requires lots of maintenance.
While you may relish the idea of pool parties or taking a cool dip after a day at work, others see a pool as an eyesore that get used half the year and is a black hole for dollars. Families with young children may not like the safety risk of a pool, either. But, if you know you’ll love having a pool, go for it. Some homebuyers probably share your mindset.
Ready to make “home sweet home” even sweeter?
Thinking of home improvements to increase value in your property? Get a home equity line of credit from The Summit Federal Credit Union with a special low rate for a limited time.
Let our friendly, knowledgeable Mortgage Team help with your mortgage or home equity questions. Call 585-453-7700 or 1-800-836-7328 extension 7010, stop into any Summit branch or learn more on our mortgage and home equity page.
Membership eligibility required. Loans subject to credit approval. The Summit is an Equal Housing Lender.
This post was first published in June, 2019.
Cynthia Kolko, The Summit Federal Credit Union