Remodelling your house can inject some flavour and help you personalize your living space. But that’s not all! Strategic renovations can also help increase your house’s value, making it more attractive to buyers who might be interested in purchasing your home. If you need some extra cash to help make your dreams a reality, a personal loan might be the right choice to help fund your next project.
Despite what people say, we always judge a book by its cover. When it comes to your home, landscaping is a crucial part of making a great first impression. Plus, a gorgeous garden is one of the least expensive and easiest ways to increase the appeal of your home. Unlike some remodelling projects, you won’t be exiled from portions of your home.
Some value-adding landscaping projects include:
- Adding shrubs, trees, and flowers.
- Developing a green, manicured lawn.
- Installing walls, walkways, or water features.
Replace Your Roof
Your roof protects your home from the weather, and it can also increase your home’s value. Replacing your roof can cost anywhere from around $5,000 to $15,000, depending on the size of your home and the materials used. However, usually up to 70% of the cost will be added to your home’s value.
Install a Steel Entry Door
Replacing your front door is one of the home renovations that will give you the most bang for your buck. If you’re feeling confident, you can get a steel entry door for as low as $500 and install it yourself. Or, you can hire a professional to help you fit your home with a new door. New, quality front doors can add roughly 90% of their price to the value of your home.
Upgrade Your Garage Door
A good garage door can safeguard your vehicle from the elements, but it can also boost your home’s value. Installing a new garage door will run you between $700 to $1,400. However, over 90% of that cost will go towards boosting the market value of your house.
Insulate Your Home
Perhaps the best return on investment comes from insulating your home. The cost to blow in attic insulation varies based on the size of your home, but you’re looking at a national average of around $1,600. Despite the initial cost, you’ll immediately reap the rewards of your investment. On average, your home price will go up 117% of the cost of insulation. Plus, you’ll save on heating costs while you live in your home. It’s a win-win.
How Do Renovations Affect Home Insurance?
When you remodel your home, make sure to tell your home insurance company about the renovation. Otherwise, if disaster strikes, you might not be covered for the extra additions to your home. However, expect your insurance premiums to increase. When your home is worth more, replacement costs increase.
Pro-tip: When undertaking a new home renovation project, make sure to comply with any relevant building codes. Otherwise, your home insurance may not protect you in the event of a loss.