Is Home Improvement Worth the Money?
Home improvement can be an expensive investment. It’s important to consider the return on investment, as well as your happiness as a homeowner, before starting a project. Some projects add significant value to your property at resale, while others do not. To help you determine whether a home improvement is worth the money, we’ve looked at cost recovery and homeowner satisfaction data to highlight the best upgrades.
The latest reports show that homeowners have regained interest in renovating their homes. In fact, in 2021 and 2022, more than half of homeowners renovated their properties. But with mortgage rates still on the rise, high-dollar home improvements may not be possible for many consumers.
Even so, there are plenty of smaller DIY home improvement projects that can bring a big bang for your buck. For example, adding a fresh coat of paint to the exterior of your home is a great way to boost curb appeal and increase the value of your property.
However, if you’re thinking of selling your property within the next five years, it’s essential to prioritize the highest-cost-recovery improvements. By doing so, you’ll be more likely to make a profit on your renovation and cover the cost of your mortgage payments. Moreover, you’ll be able to qualify for a lower private mortgage insurance rate and save thousands in the long run. To help you find the right financing for your next home improvement, contact us today and get matched with lenders that work for your budget and financial situation.