If you are looking to increase the value of your home, certain projects offer more return on investment than others. Your HELOC allows you to make all sorts of home improvements. While the choice is ultimately yours to make, some basic facts apply.
According to this study, the following projects result in the maximum return on your investment. (Please see the chart below)
Additionally, adding new appliances to your kitchen if it is showing its age is usually a win-win. If you stay in the home, you’ll enjoy the more energy-efficient, smart-capable machines or if you’re selling, buyers will appreciate seeing modern appliances and that will often shape their perceptions of your whole home. Updating countertops, cabinets, or bathroom fixtures all offer that double benefit of making your life better and seeing some return in home value.
Whatever your home improvement needs, your HELOC is there to help. As always, feel free to reach out to your local branch with any questions about your HELOC and how to use it.
| Project | Average Cost | Resale value and money recouped (%) |
|---|---|---|
| Upgrade garage doors | ||
| Upgrade garage doors | $4,041 | $3,769(93.3%) |
| Window replacement (vinyl) | ||
| Window replacement (vinyl) | $20,482 | $13,822 (67.5%) |
| Window replacement (wood) | ||
| Window replacement (wood) | $24,388 | $16,160 (66.3%) |
| Minor kitchen remodel-midrange | ||
| Minor kitchen remodel-midrange | $28,279 | $20,125 (71.2%) |
| Deck addition – composite | ||
| Deck addition – composite | $124,677 | $15,315(62.1%) |
| Siding replacement – Vinyl | ||
| Siding replacement – Vinyl | $18,662 | $12,541 (67.2%) |
| Entry door replacement – steel | ||
| Entry door replacement – steel | $2,206 | $1,409 (63.8%) |