Mike, Masterton
Home renovations are a fantastic way to enhance your living space, increase comfort, and, most importantly, boost the value of your home. However, financing these improvements can often be a challenge. This is where a home renovation loan comes in handy. By securing a renovation loan, you can complete your projects and see a significant return on your investment when it's time to sell.
High-Impact Renovations to Consider
Not all renovations are created equal when it comes to increasing your home’s value. When taking out a home renovation loan, it is important to spend the funds wisely to maximise the return on your investment. Otherwise you may find that your home renovation may not be as financially attractive a proposition as you might have thought. Below are some high-impact areas to consider when choosing where to direct the funds from your home renovation loan.
Kitchen Remodel
The kitchen is often the heart of the home. A modern, functional kitchen can greatly appeal to potential buyers. Consider upgrading appliances, countertops, cabinets, and lighting. Even minor improvements like a fresh coat of paint or new fixtures can make a big difference.
Bathroom Upgrades
Bathrooms are another critical area that can add substantial value to your home. Focus on modernising the fixtures, adding new tiles, improving lighting, and ensuring there is ample storage. Adding an extra bathroom or increasing existing space into a bathroom can also provide a significant boost to your home’s value.
Energy-Efficient Improvements
In today’s environmentally conscious market, energy-efficient homes are highly desirable. Consider installing double-glazed windows, adding insulation, and upgrading to energy-efficient appliances and heating systems. These improvements not only increase your home’s value but also reduce energy bills, making your home more attractive to buyers with less power bills
Adding Extra Space
Whether it’s an extra bedroom, a home office, or a finished basement, adding usable space to your home can significantly increase its value. Open floor plans are also popular, so removing non-structural walls to create a more spacious living area can be beneficial.
Exterior and Landscape Enhancements
First impressions matter. Investing in landscaping, a new front door, exterior lighting, and fresh paint can dramatically improve your home’s curb appeal. These relatively low-cost improvements can add substantial value to your home.
Applying for A Home Renovation Loan
The right home renovation loan can be a great tool for increasing your home’s value when used in the right way. By financing key improvements such as kitchen remodels, bathroom upgrades, energy-efficient installations, and enhancing external curb appeal, you can make your home more enjoyable for you and your family as well as attract more potential buyers for a higher return on investment when it comes time to sell. If you are ready to take the next step give the Future Finance team a call today
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