October 4, 2023


8 Ways To Increase Your Home’s Value

Your home is a valuable asset, and making improvements to it can boost its value even more (not to mention make it nicer to live in).

Of course, redos and remodels don’t come cheap — especially in these inflationary times — making it difficult to schedule them. In fact, Bankrate’s recent “Delayed Financial Milestones” survey found that 25 percent of Americans have delayed home improvements and renovations due to the current state of the economy.

All the more reason, then, to focus on getting the most bang for your redo buck: projects that offer a good return on investment and/or add substantial, demonstrated worth to your home.

Whether your renovation aim is to sell your home soon or make it more habitable for yourself here are eight high-value renovations to prioritize.

Key takeaways

  • Even relatively inexpensive renovations and upgrades can enhance your property’s value.
  • It's important to determine not just how much a renovation will cost, but how much of that cost you’ll recoup.
  • There are multiple options for financing home improvements, such as cash out refis and home equity loans.

Home improvement statistics

Home improvement is a big industry and Americans spend a fair amount on their homes annually. We’ve gathered some key statistics about renovations in recent years.

  • Homeowners spent an average of $8,484 on home improvements in 2022, a 18% decrease from 2021.¹
  • In early 2022, 23% of Americans said they were planning on spending more on spring and summer home improvements, but a later survey found that 25% had delayed renovations for state-of-the-economy reasons.²
  • Despite the cost, 14% of Americans said they were willing to accrue debt for home renovation-related purchases.²
  • In 2022, the total home improvement market is worth $475 billion.³
  • Homeowners who completed work did an average of 3.2 projects, with an average cost per project of $2,800. Painting interiors, bathroom remodels and installing new flooring were the top three most popular improvements.¹
  • 55% of Americans are planning home improvement projects in 2023, with an anticipated median spend of $15,000.⁴
  • The top five projects that add the most dollar value to a sale in 2022 are refinishing hardwood floors, installing new wood floors, upgrading insulation, converting a basement to a living area and renovating closets.⁵
  • Four home improvements more than recoup their costs, with a return on investment (ROI) of over 100%: HVAC conversion to electricity, replacing garage doors and front doors, and adding a manufactured stone veneer to a home exterior. and entry door replacement.⁶

8 ways to increase the value of your home

1. Clean and declutter

To help boost the value of your home, begin by decreasing the amount of stuff that’s inside it. Cleaning and decluttering are relatively inexpensive tasks, even in bigger homes. Professionally cleaning a four-bedroom home averages between $200 and $225, according to HomeAdvisor.

Of course, you could save money by doing the work yourself. Start by going through cabinets and closets and making donation piles. Then clean out drawers and other storage areas, making sure you’re not keeping anything you don’t need or want.

2. Add usable square footage

Adding more usable space to an existing home can make a lot of financial sense, especially in areas where acreage is limited — and almost always enhances a home’s worth.

Homes are valued and priced by the livable square feet they contain, and the more livable square feet, the better, says Benjamin Ross, a Realtor and real estate investor based in Corpus Christi, Texas. As a result, adding a bathroom, a great room or another needed space to a home can increase function and add value.

Adding a separate in-law suite (officially known as an accessory dwelling unit) can also be a smart idea. “Most homes do not have this feature,” says Ross, “ so adding one sets you apart from the competition when it is time to sell.”

Bankrate insights

The cost of an addition will depend on the size of the space and other factors but typically ranges from $22,350 to $81,267, according to HomeAdvisor, with an average cost of $49,869.

3. Make your home more energy-efficient

Projects that lower utility bills are a smart way to increase the value of your home. Installing a smart thermostat, for example, helps improve efficiency and save money, says Scott Ewald, director, brand & content marketing at Trane, the HVAC company.

“The right smart thermostat will allow a homeowner to control their home’s climate from anywhere, giving them the power to manage energy costs regardless of whether they are sitting on the couch or away on vacation,” says Ewald. “Such investments in home tech — particularly when connected to the HVAC, which is the largest mechanical system in the home — provides a strong selling point and highlights the home’s overall comfort, functionality, energy efficiency and convenience.”

It can cost between $200 to $500 to make this quick upgrade, according to HomeAdvisor, or an average of about $350.

Other ways to improve your home’s efficiency and value include replacing old, leaky windows, installing energy-efficient home appliances and adding insulation to your home. Some of these will be pricier projects, of course.

4. Spruce it up with fresh paint

A fresh coat of paint can make even dated exteriors and interiors look fresh and new — and it’s not that expensive, either.

Begin by repainting any rooms with an “odd” color scheme, says Timothy Wiedman, a former professor and personal finance expert who has flipped homes over his career. For example, did you let your then-11-year-old daughter paint her bedroom hot pink 16 years ago? If so, that’s a good place to start.

The cost of an interior painting project ranges between $952 and $2,975, with a national average of $1,963, according to HomeAdvisor. Your exact painting budget will depend on which rooms you’re hoping to give a new splash of color. For example, HomeAdvisor pegs painting a bathroom — usually the smallest room in the house — somewhere between $150 and $350, while a 330-square-foot living room might cost as much as $2,000.

An exterior paint job, on the other hand, will cost much more, with prices ranging from $1,810 to $4,443 (the national average is just over $3,000) — obviously, because of the greater square footage, but also because there’s more prep work involved; exterior paints often cost more as well and usually require separate primers.

If you just want to re-paint a door or a single room, doing it yourself isn’t the worst idea in the world; it will cost you between $1 and $3 per square foot, which is nearly half the expense of a professional. Painting is one job where labor often makes up the lion’s share of the cost. For bigger jobs, though — especially exterior ones — hiring a painter might be more worth it, given that professionals can buy paint at wholesale prices, know what sort of finishes to use, and be more adept at scaling ladders.

5. Work on your curb appeal

From power washing your driveway to hiring someone to wash your windows and mow the lawn, improving curb appeal can make a big difference in your home’s value.

In fact, curb appeal can account for as much as 7 percent of it, according to a 2020 joint study out of the University of Texas at Arlington and the University of Alabama.

Upgrading your landscape can go a long way, says Joe Raboine, vice president of design at Oldcastle APG, a manufacturer of exterior building products. Some ideas for outdoor hard and soft landscaping upgrades include: a fresh walkway, shrubs, planters, mulching or even a new patio or outdoor kitchen.

6. Upgrade your exterior doors

Also in the vein of curb appeal, replacing an old front door can work wonders, says Wiedman. In the late ’90s, he and his wife replaced an old, ugly door with a solid mahogany door with a frosted, oval piece of lead glass. He stained the door himself to save money, and the result was “simply stunning.”

Don’t forget the garage doors, too, says Randy Oliver, president of Hollywood-Crawford Door Company. At a 102 percent return on investment, you’ll get back more than you spend, according to Remodeling’s 2023 Cost vs Value Report.

“The front of the home is the first thing you, your neighbors and prospective buyers will see,” says Oliver. “Garage doors often take up the most amount of space on the front of your home, so installing a modern glass panel door or a rustic wood door will dramatically improve your home’s appearance.”

7. Give your kitchen an updated look

Many buyers zero in on the kitchen as the central feature of a home, so if yours is outdated, it can ultimately affect how much you garner from a sale. Likewise, if you aren’t able to utilize your kitchen fully due to layout, space or other concerns, you won’t be maximizing the space.

This project, though, will require a lot of money, and you likely won’t get every dollar you invest back. According to the NAR’s “2022 Remodeling Impact Report,” the average complete kitchen renovation costs around $80,000, and a homeowner would likely get around $60,000 of value when it’s time to sell. Midrange or modest upgrades actually offer a better ROI than the most elaborate ones.

If updating your entire kitchen is too big of an undertaking, a minor remodel could still have an impact on your home’s value — think coordinating appliances and installing modern hardware on your cabinets. Talk with a real estate agent about what makes the most sense and what will command the most dollars from prospective buyers.

8. Stage your home

If you’re planning to list your home for sale, consider skipping cosmetic home improvements and go with a home staging service instead.

Seventy-three percent of staged homes sold for over list price — an average of $40,000 higher — and staged homes move off the market nine days faster than the average, according to a 2021 survey by the Real Estate Staging Association (RESA).

Staging costs just over $1,600 on average, according to HomeAdvisor, but the cost varies based on your needs and home. Staging services range widely, from decluttering and depersonalization (for example, removing family photos or specific decor) to bringing in rented furnishings and repainting. Simply put, the more work involved to stage it, the more expensive the production will be. A real estate agent can help you determine which staging services would make the most impact on your home’s value.

How to pay for home improvements to increase value

Whether you plan to sell your home or just want to enjoy it more while you live there, it’s important to consider how you’ll pay for these value-adding projects. You can work to save the cash to pay for home improvements as you go, but there are also plenty of financing options that can help you remodel your home sooner rather than later.

Personal loan

Personal loans allow you to borrow a fixed amount of money with a fixed interest rate. These loans are unsecured, meaning you don’t have to put your home or other property up as collateral to get approved. Many personal loan lenders let you borrow as much as $35,000 for home improvements — sometimes more — which you can then repay over time. The rates for a personal loan can vary widely, so be sure to compare options to get the lowest-cost loan for your project.

Home equity loan or HELOC

Home equity loans are similar to personal loans in that you receive a lump sum of cash with a fixed interest rate and fixed monthly payment. Home equity lines of credit, also known as HELOCs, work like credit cards, and come with variable rates and a line of credit you can borrow against.

These borrowing options require you to put your home up as collateral to qualify. The good news is, you could score a lower interest rate with one of these types of loans compared to a personal loan or home improvement loan. In addition, no matter which option you go with, the interest might be deductible if you use the money to make eligible home improvements.

0% APR credit card

If you need to borrow a small amount of cash for your home improvement plans, you might be able to skip the loan and go with a 0% APR credit card instead. Many cards have no interest payments on balances for up to 18 months, which can be ideal if you have a smaller-scale project in mind. A credit card can also work well if you’re able to pay your contractor with it.

Just remember: If you don’t pay your balance off by the time your zero-percent APR offer ends, your card’s interest rate will reset to a much higher variable rate, costing you more.

Cash-out refinance

If you have built equity in your home and you’re looking to do a major renovation, a cash-out refinance could provide you with the funds you need while getting you a lower rate on your current mortgage. The refinancing process is just as paperwork-heavy as taking out a mortgage, however, and there are closing costs to consider. If you go this route, take the time to shop around for the best refinance rates so you maximize your savings.

Improvements to increase value FAQ

  • Different renovations can have varying degrees of impact on your home’s value. Rather than think about how much a renovation will increase your home’s value, it’s important to determine how much that renovation will cost to get a sense of what you will be able to recoup. Replacing your garage door, for example, might add more than $4,400 to resale value, while replacing windows can add more than $13,700 — but those windows are recouping only around 70 percent of their cost, while the garage door recoups all of its. price, plus a little more. The best projects are the renovations that enhance the home’s worth in a buyer’s eyes while recouping a lot of their outlay from the homeowner’s pocket.
  • There are financing options that allow you to buy a home and pay for renovation expenses at the same time. For example, the Fannie Mae HomeStyle loan bundles the money you need to buy a new property and the money you need for renovations into one loan. The maximum you can borrow is 75 percent of the as-completed value of the home after the renovation. FHA 203(k) loans are also designed to cover renovations when buying a home, although there are some additional limitations with this route: A 203(k) loan can’t cover luxury add-ons like a swimming pool or outdoor fireplace.
  • You can make some major upgrades to your home with a $100,000 budget. For example, you might convert your attic into living space (around $40,000, according to HomeAdvisor), add a standard bathroom (around $35,000), a 50-square-foot mudroom ($12,000) and a simple sunroom (somewhere between $8,000 and $11,000). No matter what you decide to do to your home, you can stretch that $100,000 further by focusing on more affordable materials: standard (vs custom) cabinets, cheaper wallpaper and non-luxury finishes, for instance.
  • The time to complete a kitchen renovation depends on the size of the kitchen and the scope of the work. For example, if your plans include a new backsplash, a fresh coat of paint on the cabinets and a new dishwasher, the project shouldn’t take long — maybe a week or two. However, if your project involves rearranging the layout of the room, installing new electrical wiring, ripping up the floor and other major steps, be ready to order out (or move out of your house) for a while. What you want to accomplish isn’t the only factor, either. The current labor shortage and supply chain issues — stories of six-month delays for sourcing cabinets are common, for example – are stretching the timeline further.
  • Establish your goals. For example, is the renovation so you can enjoy the home for the foreseeable future, or are you aiming to increase the value and sell it in hopes of turning a profit? Then, create an outline of everything you want to accomplish, and get quotes from multiple contractors for the cost and timeline. You don’t have to go with the cheapest option; go with the one that is most reputable. Before you go too far down the path to starting the project, make a plan for what you’re going to do during the renovation. Will you be able to live there during the construction, or do your plans call for gutting the home? If you need to relocate for part of the project, it’s important to figure out how to minimize those short-term living costs.

How to make a house look cozy: 7 ways to make a snug home

As the cooler months approach and we spend more time at home once again, more people are looking for how to make a house look cozy to hunker down and enjoy the cooler weather. 

There are countless cozy room ideas to incorporate into your home, but creating a coherent, cozy house can prove more difficult. While cozy living room ideas and cozy bedroom ideas may be more obvious, incorporating cozy decor in other areas requires more thought. 

5 Functional Ways To Give Your Serious Estate Groups Arms-On Aid

Welcome to Inman’s latest movie sequence. @properties Christie’s Intercontinental Authentic Estate executives Amy Corr and Kevin Van Eck give their top five ideas on how brokerages can very best support their groups.

Groups are growing, shifting and evolving swiftly, as new agent ranks swell, selling prices rise and uncertainty is at any time-present. May possibly is Teams Thirty day period listed here at Inman. Appear alongside with us as we delve into teams today. Follow along with our weekly e mail e-newsletter Groups Defeat to continue to be in the loop all year, despatched every single Thursday, signal up now.

Are you getting Inman’s Broker Edge? Make positive you’re subscribed right here.

@properties Christie’s Intercontinental Serious Estate executives Amy Corr, EVP of Tradition and Progress, and Kevin Van Eck, EVP of Innovation, offer broker insights and suggestions each other week — solely for Broker Edge viewers. Grab a cup of espresso, and check out the entire video clip for a additional in-depth appear. 

Actual estate teams, although not automatically new, have become a great deal more well known in modern decades, and they have reworked how quite a few brokers regulate and improve their corporations. 

Again in March 2020, at the beginning of the pandemic, we started off a each day (and now weekly) video section to stay connected with our brokers and brokers. We served our workforce remain centered and motion-oriented by supplying realistic practices to go on going their organizations forward all through that turbulent time.

In today’s display, we’ll supply 5 means to support your group potential customers and users.

Crew chief roundtables

Roundtables are a excellent way to foster collaboration and in-business referrals among team leaders — specifically if you have various places of work, marketplaces or areas.

Build inquiries that can be talked over in breakout sessions. Performing so aids team leaders get the job done alongside one another and share intelligence even though enabling them to network and establish relationships with a person one more. 

Education for staff associates

Workforce potential customers are good at marketing and acquiring new organization, but not constantly fantastic at mentoring others. Providing schooling for crew users presents them with the abilities they have to have to be productive and gives “stickiness” and price to the complete group — which include the team leader.

You also get the opportunity to train “your way,” ensuring that your groups are up-to-velocity on organization tools and devices.

Teams as beta testers

Using your teams as beta testers or giving them a “sneak preview” would make them feel additional valued. Furthermore, for the reason that groups generally deliver the maximum range of transactions, they are the greatest team to try out out new internet marketing or tech instruments.

Be confident to request them to offer testimonials that you can then use to push interior adoption amongst every person else at your company.

Take your groups to lunch

Consider your teams out to lunch on a standard basis, but posture it as the workforce leader’s thought to make them look like the “hero.” Not only does it clearly show that you’re intrigued in how the total team is accomplishing, but you will also get to spend high-quality time with all people and garner responses.

Recruiting for your workforce leaders

You can support latest groups and staff prospects grow by recruiting from the competitors. We know that some brokers are most effective when they are section of a crew, and we also know that numerous crew potential customers are good at advertising, but not automatically at recruiting.

By furnishing aid, you make certain that the group leads get the enable they need with hires who are a great healthy for both the team and your brokerage.

Amy Corr is the govt vice president of society and agent progress for @attributes Christie’s International Genuine Estate. Locate her on InstagramTwitter and LinkedIn.

Kevin Van Eck is the EVP of innovation and education and learning at @houses Christie’s Intercontinental Real Estate in Chicago, Illinois. Connect with him on Instagram or Fb.

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10 Smart Ways to Pay

  • Using cash is the least expensive option for paying for home improvements.
  • Borrowing against the equity you have in your home with a loan or line of credit is also cost efficient.
  • Unsecured loans will have higher rates, but you won't risk losing your home if you're unable to pay.

There are many reasons you may want to renovate your home. Besides the added value they might bring,

home renovations

may be necessary to fix safety issues, provide additional comfort, or add space for new living situations.

Any successful home-improvement project starts with a good plan, a key part of which is how much it's going to cost and how you're going to pay for it. As of mid-2022, the average remodel or renovation project was just under $47,000, with most falling in the range of about $18,00 to $77,000, according to data compiled by the digital home-improvement marketplace HomeAdvisor.

Start with the basics

The way you pay for a home-improvement project will depend on your individual situation. 

"When financing home improvements or dipping into cash reserves, there is never a one-size-fits-all answer," says J.R. George, senior vice president at Trustco Bank. "There are just too many variables involved to be able to price each method accurately."

Before you begin, George recommends you ask yourself these basic questions:

  • How much money do you need and how long will it take to pay that amount back?
  • Are current loan interest rates favorable?
  • If you have cash reserves, how much are you earning on that cash versus how much it will cost to borrow?

Having answers to these questions can help you figure out which method of paying for home improvements will work best for you.

10 ways to pay for your home-improvement project

1. Save the money and pay cash

Cash is the least expensive way to pay for home improvements. There are no interest charges, origination fees, or repayment periods. A 2021 Bank of America survey found that 62% of homeowners making significant changes to their homes planned to use savings to pay for them.

However, as ideal as this sounds, the large cost of renovations can put this option out of reach when your home needs a lot of repairs or an extensive remodel. 

"While this can be an effective way to finance some smaller projects, it might not be feasible for homeowners who are doing big projects such as a complete kitchen makeover," says Franco Terrango, retail sales executive at Bank of America. "Pairing savings with other financing options can give you the funds you need to accomplish your goals."

Pros: No interest costs; no credit check or loan qualification 

Cons: Ties up a large amount of money that could be used for other purposes

When it makes sense: When you have the funds to pay in cash and when the scope of your project is smaller 

2. Home-improvement loan

A home-improvement loan has a fixed interest rate and doesn't use your home as collateral. Amounts can vary from $3,000 to $100,000. You can find home-improvement loans at banks,

credit unions

, online lenders, and private lenders. They're structured similarly to personal loans. 

"A homeowner is approved based on creditworthiness, like with a credit card," says Vince Passione, founder and CEO of digital-lending platform LendKey. "There's never a lien on their home, and the entire process is almost instant."

Pros: Not secured with your home; quick approval process; fixed interest rates

Cons: Higher interest rates than a home-equity loan or line of credit; shorter repayment period

When it makes sense: If you don't have equity in your home or don't want to use your home to secure the loan

3. Home-equity line of credit

A home-equity line of credit (or HELOC) offers a relatively low-cost borrowing option with a lot of flexibility when it comes to home renovations. It is secured by your home. If you aren't able to repay it, the lending institution can foreclose. Banks, credit unions, and other lending institutions may offer HELOCs. 

"As homeowners are accumulating equity at a faster rate, a home equity line of credit lets them borrow against the available equity in the home up to their credit limit," Terrango says. "Additionally, home-equity lines of credit give homeowners the flexibility of a revolving credit line that can be accessed as needed, and it tends to offer more attractive interest rates than other financing options – which will save money in the long run." 

How it works: A home equity line of credit works similarly to a revolving line of credit such as a credit card. There's a maximum amount you can borrow, and you make installment payments with interest. Lenders generally won't approve you for more than 85% of your home's value, minus the amount you owe on your mortgage. 

Your credit limit will also depend on how much you're able to qualify for. If, for example, the amount that can be borrowed against your home is $140,000, but your income and

credit score

don't qualify you for that amount, the limit will be lower. 

Money from a HELOC can be paid directly to the contractor in the form of a check or debit transaction.

Pros: Low rates; convenient access

Cons: Uses your home as collateral on the loan; may have some closing costs

When it makes sense: If your home has a lot of equity and if you're unsure of what your remodeling costs are going to be

4. Home-equity loan

A home-equity loan is like a HELOC in that your home is used as collateral for the loan. However, with a home-equity loan, the entire amount is borrowed up front, and repayments begin immediately. The interest rates are low and funds can be dispersed at the homeowner's discretion. 

The amount that you can borrow depends on your income, credit report, and the market value of your home, but generally follows the same guidelines as a HELOC. The main difference is a homeowner borrows a fixed amount with a fixed interest rate on a home-equity loan. There may also be additional costs.  

"Borrowers need to keep in mind when borrowing against your house is that it is a mortgage transaction," George says. "This often results in some form of closing costs which can equate to thousands of dollars."

Pros: Low interest rates; set amount of money financed

Cons: Full amount must be applied for up front; uses home as collateral on your loan; possible closing costs

When it makes sense: If you have a larger renovation with a solid bid from a contractor

5. Cash-out refinancing

If you have a lot of equity in your home, you can use a cash-out refinancing to replace your old mortgage with a new one and receive the difference in your bank account. With a cash-out refinancing, you take out a loan larger than the amount you still owe and receive a portion of your home's gained value in cash.

It's a new mortgage, so you'll qualify based on income and credit history. A cash-out refinancing generally has a maximum loan-to-value (LTV) ratio of 80%, meaning, you can only cash out up to 80% of your home's value. 

For example, if you owe $200,000 on your house and it's worth $350,000, you can refinance up to 80% of $350,000, which is $280,000. The $200,000 mortgage is paid off and you're left with $80,000 in cash.

Pros: Costs of renovations wrapped into your new mortgage; lower interest rate

Cons: Renovation financed along with your mortgage over the entire term of loan; full mortgage application and approval process 

When it makes sense: If you have a lot of equity and borrowing conditions are favorable for a new mortgage 

6. FHA 203(k) renovation loan

An FHA 203(k) loan combines the purchase of a property and needed renovations into one mortgage. Funds for the renovation are placed in escrow and are paid out as projects are completed. The cost of the renovation must be at least $5,000, but not more than the FHA mortgage limit for the area. 

Applicants will need to apply through an FHA-approved lender and be able to find contractors who can bid for the work that needs to be completed before the loan closes. Once the loan closes, the work can commence and contractors will be paid with renovation funds held in escrow.  

Pros: One loan for both the purchase of a property and the renovation; lower credit score and

down payment


Cons: More hoops to jump through to get work approved, scheduled, and paid for

When it makes sense: If you have less income or a lower credit score, or would like to combine the costs of a renovation with the purchase of property

7. Fannie Mae HomeStyle renovation loan

A HomeStyle Renovation loan covers the purchase of a property and renovations. Before the loan closes, the borrower must work with a contractor to submit plans for approval. The LTV ratio is calculated by taking the project into account. As the work is completed, the contractor can request the funds held in a custodial account. 

It's similar to an FHA 203(k) loan, but the Fannie Mae program bears the hallmarks of a conventional mortgage, such as cancellable mortgage insurance. You do have to find an approved HomeStyle Renovation mortgage lender. 

Pros: Low rates; one loan for both the purchase and renovation of a property

Cons: Not as flexible as other options

When it makes sense: If you want one loan for the purchase and renovation of a property and are able to get a solid bid from a contractor who can meet the timelines required by the loan

8. Government-backed renovation loans

For those who qualify, a government-backed renovation loan could be a low-cost option for a home improvement project. Here are some lesser-known options. 

  • HUD Title I property improvement.  Amounts can be as much as $25,000 with terms as long as 20 years. To qualify, the project must substantially improve the safety and liveability of the property. 
  • VA cash-out refinance. Terms and conditions are similar to conventional cash-out refinancings but with the added VA benefits, such as lower fees and credit requirements. 
  • USDA single-family housing repair loans and grants. This program offers loans up to $40,000 to very low-income households in eligible rural areas. Grants are also available for borrowers over age 62. The money can be used to repair, improve, or modernize your home. Loans are for 20 years at a 1% interest rate. 

9. Personal loan

Applying for a personal loan is similar to what you would experience with a home-improvement loan. Your home is not used as collateral, so you'll pay a higher rate than you would with a secured loan. But personal loans also have fewer strings attached than other types of


financing, giving you more flexibility in how you can use the money.

Most banks, credit unions, and other lenders offer personal loans. They will examine your creditworthiness in determining how much you qualify for. 

Pros: Doesn't use your home as collateral; often has lower interest rate than a credit card; flexibility in what it's used for 

Cons: Shorter repayment period and higher payments than a home equity loan or HELOC; may not qualify for as much as you would with a HELOC or home equity loan

When it makes sense: When you don't have enough equity for a HELOC or home equity loan or do not want to use your home as collateral on a loan

10. Credit card

Using a credit card is one of the most expensive ways to fund home improvements. Nevertheless, Bank of America's survey found 24% of households planned to do so.

While this method is convenient and may make sense with a smaller project, most other options will come with a lower cost. One exception might be a new credit card with an introductory 0% interest rate. If you can pay for the renovations within the introductory time period, the cost will be low. The ability to dispute charges for dissatisfactory work or materials could also be a benefit of using a credit card.

However, with APRs ranging anywhere from 16% to more than 24%, carrying a large amount of debt on a credit card becomes very costly. It also can affect your ability to qualify for other, lower-interest loans. When your credit utilization becomes high due to the amount of renovation charges you're putting on the card, your credit score goes down significantly.

Pros: Easy, no paperwork to have your loan or renovation plans approved; funds immediately available; doesn't use your home as collateral

Cons: High interest rates; may lower your credit score if your credit utilization gets too high

When it makes sense: With smaller projects or projects on a shorter timeline

Home decor ideas: 40 ways to make your home beautiful

Whether you want to update your home completely or just add pretty touches, these home decor ideas are for you. We have garnered expert tips, ideas, inspiration and advice from interior designers and the Homes & Gardens team.

Between us, we have covered every space indoors and out... and we will keep adding more home decor inspiration so that you can continue to perfect your interior design skills.

Home decor ideas

5 Easy Ways to Make Your Aged Property Experience New

If you have lived in the same household for a when, you’re not by itself.

Owners are keeping place more time than they did in the past. The regular homeowner now spends about 13 yrs in their household, up from roughly 10 decades a 10 years ago, in accordance to a Redfin examine. Homeownership tenure is primarily extensive in California — Los Angeles home owners keep onto their homes for a median of 18.1 many years, up from 13.6 a long time in 2012.

Redfin economists attribute the improve in tenure to a larger sized variety of more mature home owners growing older in place, a nationwide house provide shortage and a lot more reasonably priced housing payments for those who’ve not long ago refinanced to a decreased property finance loan charge.

Nevertheless, if you’ve owned your property for a while but haven’t up-to-date it, now may well be a good time to make some dwelling advancements.

Right after all, there’s a fantastic possibility you’ve just lately acquired a substantial total of equity — the ordinary home loan borrower saw their home fairness enhance by practically $57,000 involving the third quarter of 2020 and the third quarter of 2021 by yourself, according to residence data firm CoreLogic. That’s equity you can tap by way of a hard cash-out refinance or residence equity line of credit history (HELOC).

Creating a several updates to your home can modernize your house and make it extra pleasing to prospective buyers if you’re seeking to promote soon.

Right here are 5 strategies to make an older house experience fresh.

1. Paint aged or broken partitions

“Paint can make the most considerable difference in any home,” claims Caroline Harmon, a trend specialist at Lowe’s. A new paint work is significantly worthwhile if your partitions have chipped or are demonstrating smudges or other flaws.

Deciding upon the right color palette is crucial. “Earthy colors and tinted neutrals are soothing and easy to combine during your property,” Harmon states.

An additional risk-free bet: “Off-white can give an illusion of additional space,” states Emma Glubiak, lifestyle specialist at dwelling improvement website The Spruce.

To catch the attention of a larger pool of homebuyers, it is intelligent to stay away from shades that induce a love-it or dislike-it reaction — even if the shade is trending on Instagram. For instance, mint green is well known in kitchens suitable now, but numerous authentic estate brokers in a latest Zillow study explained consumers would shell out much less for a residence with a mint green kitchen.

2. Give your kitchen a facelift

“Oftentimes, a kitchen does not require to be gutted, it just desires a handful of changes to truly feel fresh new,” claims Sarah Fishburne, director of pattern and style and design at The Property Depot.

She suggests replacing old kitchen area cupboard knobs and drawer pulls with modern components, putting in a touchless faucet and setting up (or updating) a backsplash. Just make guaranteed the backsplash ties in with the counter tops, Fishburne states.

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3. Switch dated light-weight fixtures

Lighting has a large impact. “Not only does it brighten your room, but it can outline the seem and feel of any area,” claims Harmon. “Lighting is often referred to as the ‘jewelry of a room’ as it genuinely does increase the finishing contact.”

Mild fixture styles go in and out of style, so think about changing outdated sconces, pendants and chandeliers if they seem outdated-fashioned, Fishburne states. Also, if a space is dim, it can be a very good plan to change delicate-white bulbs with daylight bulbs.

She also encourages homeowners to glimpse at their exterior lighting. In some cases, a light-weight fixture’s end just has to be current with a new coat of paint, alternatively than replacing the total fixture. For case in point, “shiny brass is not common any more,” claims Fishburne.

4. Improve that control charm

Curb charm — how your house seems from the exterior — can significantly enhance how prospective buyers understand your house. In truth, on regular houses with significant curb appeal offer for 7% far more than properties with a considerably less-welcoming exterior, in accordance to a 2019 examine revealed in the Journal of Real Estate Finance and Economics that rated suppress enchantment centered on facets like trimmed shrubs and effectively-tended lawns.

As a result, just take inventory of your landscaping. “Sometimes with older residences, people today who aren’t gardeners have let shrubs and plants and trees overgrow, and they just need a good trimming,” Fishburne claims.

If you do have a environmentally friendly thumb, producing a flowerbed, or planting trees and shrubs that incorporate volume, can make your entrance garden a lot more inviting. And if you’re seeking for landscaping strategies personalized to your residence, seek the advice of a landscape architect — most demand $70 to $150 an hour, according to HomeAdvisor.

5. Say goodbye to carpet

Surveys display that carpet — a prevalent characteristic in more mature homes — is out of style.

Ripping up outdated carpet should be really straightforward, but changing or restoring what is actually beneath can be trickier. According to a March 2021 poll by the Countrywide Association of Residence Builders, the the greater part of homebuyers claimed they prefer hardwood flooring, with 32% indicating hardwood flooring in the major dwelling place is a “must-have.” Hence, if your residence has carpeting, specifically carpeting which is noticeably worn, believe about putting in hardwood.

In addition, restoring primary hardwood floors can go a long way. “Bring in a pro nicely-versed in functioning in outdated residences to deliver your floors back to their former glory,” advises Mallory Micetich, property care pro at Angi, the household expert services web site formerly identified as Angie's List.

On a budget? Think about laminate, which is typically less expensive than authentic wood and is easier to preserve.