You’ve built up some equity in your home and you’re considering opening a Home Equity Line of Credit (HELOC) to make some upgrades to your largest asset: your home. If you’ve ever wondered what upgrades you can make to get the biggest return, then wonder no more. Based on my research, industry experts evaluated projects and assigned a return value on the dollars spent. I’ll start at the bottom of the list and go to the top in terms of highest percentage of return value:
#5 Finished Basement: Once an area considered best for storage, the basement has become an extension of your living space. Finished basements are fetching a high 75% return on investment if done right, which means the design you create for your basement should reflect what you have in other areas of your house, meaning don’t skimp out on this item.
#4 New Windows: High quality, energy saving windows not only reflect beauty, but they also save money, especially here in New England. New windows get a 75% return on your investment, which makes this item well worth the money!
#3 New Roof: Have you noticed roofs have become an extension of home design? There are so many different materials and colors to select from, too! A new roof can be tricky, and you must be careful not to overspend—if you choose a quality product and keep to traditional materials, you should be in good shape and get back a whopping 75% return on your investment.
#2 Kitchen Renovation: We all know a kitchen is the heart of the home, and this is where many homeowners are willing to spend some money for the kitchen of their dreams! Have at it because any money spent here will add value to a homeowner’s biggest investment. The average return for a kitchen redesign is 75-100% back!
The #1 Home Improvement is Flooring! With so many options for homeowners, flooring has become an essential part of room design and decor. Any money spent here will get you 100-150% return on investment. The caveat is installation—you want to make sure the install is professional grade, so make sure you hire the right installer or take your time to do it right!
