Looking to improve your home? Before you spend a dollar, make sure you know what that project will cost—and the added home value you can expect in return. Even if you’re not planning to sell your home soon, you still want a project that will not only enrich your family’s life—like converting a basement into a family room or adding a deck to the backyard—but also add to your home’s value.
Remember, not all home improvements are created equal. While improvement projects generally add value to a home, how much value depends on the home’s condition, the cost of materials, and the area’s general real estate market. For example, Remodeling magazine’s 2016 "Cost vs. Value" report found that in the Hudson Valley, the highest-yielding improvement was attic insulation—which adds 160.8% of the amount spent to the value of your home. Here’s how this project, and others, stack up.
Improvements that add the most to your home’s value:*
|Attic insulation (fiberglass)
|Front door replacement (steel)
|Window replacement (vinyl)
|Garage door replacement
|Backup power generator
|Minor kitchen remodel
|Major kitchen remodel
|Deck addition (composite)
Additionally, in separate research conducted by the National Renewable Energy Laboratory, homeowners who install solar panels as a renewable energy option add $20 to their home’s total value for every $1 in energy bill savings.
Where You Finance Your Project Can Save Even More
Whichever improvement project makes sense for you, home equity or solar panel financing from Hudson Valley Federal Credit Union can be an affordable way to help you pay for it. Each comes with flexible terms, competitive rates and no closing costs1,2—which can save you even more—as well as potential tax advantages. In fact, most homeowners can deduct up to 100% of the interest paid (ask your tax advisor if you’re one of them).
Before you take on that next home improvement project, contact us to learn more about affordable home equity loans and solar panel financing options.
HVFCU is an Equal Housing Lender.
*Based on mid-range pricing and national averages.
**Job costs are estimates only and may vary based on your location, size, quality of materials, and project scope.
1 Closing costs associated with this product are waived, provided loan is under $150,000 and is maintained for a minimum of three years. HVFCU will pay for property appraisal, credit report, flood certification, attorney fee, mortgage tax, recording fee, and title search. Borrower is responsible for both homeowners and flood insurance. Borrower is responsible for title insurance fees for home equity loans and lines of credit over $150,000. View full APR and disclosure information.
2 The variable rate is subject to increase. Maximum annual percentage rate is 18%.