Put Your HELOC to Use: Home Improvements for Increased Home Value

Posted on: in [ Personal Finances ]

“Take care of the things that take care of you.” This saying applies to the big things in life that you use every day and have a significant impact on you. Your home is definitely one of those things. Without the proper maintenance, things will break and your home will begin to look and feel unkempt.

 

The good news is that, even though home projects can be pricey, there is a way to get the money you need quickly: a home equity line of credit (HELOC) from State Bank. You borrow only what you need to, and pay interest only on what you borrow.

 

So, fix your siding, update your bathroom or do whatever project you need to correct that one thing about your home that’s been bugging you for awhile. If you simply want to increase the value of your home, try some of these projects to maximize your return-on-investment:

 

Bathroom remodel: updating an existing 5-by-7 foot bathroom costs an average of $10,504, with a resale value of $10,642, recouping 101.3 percent of the cost.

 

Minor kitchen remodel: by “minor” we mean replacing the front of your cabinets, new hardware for cabinets, replacing your wall oven and cook top with energy efficient models, installing a mid-price sink and faucet, replace laminate and countertops and paint trim. The average cost is $14,917, with an average resale value of $14,645, recouping 98.2 percent of the cost.

 

A few other projects for added home value include:

  • New vinyl siding, 1,250 square feet: Avg. cost- $7,243, avg. resale- $6,877, cost recouped- 94.9 percent
  • Upscale bathroom remodel: Avg. cost- $26,063, avg. resale- $24,264, cost recouped- 93.1 percent
  • Attic bedroom remodel: Avg. cost- $39208, avg. resale- $36,359, cost recouped- 92.7 percent

 

Whether your home project is large or small, you can get the funds you need to complete it through a HELOC at State Bank. Get in touch with the lending experts at any of our offices today to see what we can do for you!

 

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