Jun 24, 2021 / Homes
Summer is the season of home buying. But with high home prices throughout Utah and a surplus of buyers lining up for every new listing, many existing homeowners/would-be buyers are taking a wait-and-see approach. If the summer of home-buying has suddenly turned into another summer of staying put, a HELOC can help you take your home to a whole new level.
Summer is the perfect time to get stuff done, but investing in your home goes way beyond simple to-dos. The following home improvement projects can add real value to your home and help you enjoy the benefits of freshening up your spaces, just in case you had your heart set on something new this summer.
If you’re sick of staring at the same soap scum on your sink and the 2010 tile in your shower, a minor bathroom remodel can actually recoup more than 100 percent of your initial costs. In other words, you’ll get back more in your home’s resale value than you spend on the actual remodel. A minor bathroom remodel, which includes replacing the tub, tile, floor, toilet, sink, vanity, and fixtures, can cost about $10,500 and adds an average of $10,700 to the resale value.
If the first impression and pathway leading to your home feels less curb appealing and more curb appalling, it might be time to put some work into your landscaping. New sod, trees, plants, and flowers can replace overgrown shrubs and flowerbeds. The average American spends about $3,500 for landscaping and almost $1,500 on services, but recoups 100 percent of costs in home value. In fact, curb appeal alone can increase your home’s value by as much as 5 to 11 percent.
The kitchen is the heart of your home. You know it and potential buyers know it, and they’re willing to pay nearly every penny of what you put into your kitchen. The bonus: you get to enjoy the upgrades too. A minor kitchen remodel, which includes new cabinets, countertops, drawers, appliances, fixtures, and flooring costs an average of about $15,000, but can recoup about 98% of your costs in increased home value.
When you think of your home as an investment, the summer of staying put doesn’t have to be so bad. Level up your home now, enjoy the upgrades, and reap the rewards of your investment later. If you need help with the costs, your home can help with that too. Talk to one of our helpful HELOC specialists today and start getting stuff done this summer.