Interior Home Improvement Projects That Increase Value

interior-home-improvement

To increase your home’s value with interior upgrades, you will primarily want to focus on projects that modernize the home, create more benefits for the homeowner, and increase or extend the safety of the home. Many home improvement projects can be costly so you’ll also want to focus on ones that a future buyer will pay more money for down the line- also known as your Return on Investment (ROI). Even if you do not have the intention of selling your home soon, interior design projects and upgrades can be important for your own well being or maximizing the joy that your home brings you. After all, with an investment as big as owning your own home, why not get the most out of it?

1) More Space

Finish that basement, add another bathroom or a sunroom, maybe double the size of the house! Homeowners want more space and every 1,000 square feet added to a home can boost the sale price by more than 30 percent. Bathroom additions return the most, according to Remodeling magazine’s report — an average of 86.4%. Attic bedrooms, family rooms and sunrooms had an ROI of 70-93%. Many people who are looking for a new home end up choosing to just add on to their own homes to make them more enjoyable and save on costs of moving. This is a great investment whether you are looking to sell or stay for a long time.

2) Minor remodels over upscale remodels

Opt for a minor remodel of a key room rather than a complete overhaul. For example, upgrade your appliances, replace cabinet doors, or switch out the countertops rather than knock down walls, replace the cabinets entirely, and change the whole fabric of the original design. When you work with what you have, you will not only save yourself some money in the moment, but studies show that the ROI is much higher for a minor remodel than a total remodel.
Average ROI for minor bathroom remodel= 102%
Average ROI for minor kitchen remodel= 98.5%

3) Kitchens and Bathrooms

Not sure where to start with your minor remodels? Kitchens and bathrooms offer the highest ROI of any remodels, oftentimes returning over 100% the original investment. However, when you only have one bathroom, it is much more lucrative to add a second one than to remodel the existing one (if you remember what we talked about earlier with adding space). In addition, a study at Florida State University found that adding a bathroom increased the sale price of a home by 8.7% which is more than twice the rate for adding a bedroom. It is also important to note that if you are not planning to sell right away, the best course of action for remodels is to design your home in a way that you will get the most use and enjoyment out of. Don’t shell out for a luxury kitchen if you don’t like to cook. You’ll come out on top if you actually get enjoyment out of your remodels for years to come rather than predicting what someone else will want.

4) Maintenance

The main priority of the homeowner should be to make the home safe. A potential buyer will not care about a super expensive kitchen if the roof is leaking. It is best to start with projects that secure the foundation of the home and make it livable before shelling out for cosmetic improvements. Over 70% of home buyers know when they purchase a home that they will be doing some sort of remodeling and will be much more likely to buy a home where they do not have to spend their money on making it livable first. ROI for home improvement maintenance projects varies depending on location- some are more necessary in certain regions than others.

5) Decks, patios, or porches

Adding one of these increases the livable space of the home while being cheaper than a brand new room addition. They can increase visual appeal of the outside of the home by drawing the eye towards beautiful decorations and plants or distract from less appealing features. They also offer up the opportunity for more activities from the comfort of home and as stated before, the best upgrades are the ones that you’ll get the most enjoyment out of. They also have a great ROI at selling time, averaging at about 90.3%.

Remodeling any part of your home is a big project and can be pricey! Make sure that you pick projects you will get tons of enjoyment from and keep in mind that oftentimes you can get a lot of that money back when you sell. For your home improvement financing needs, Viking Capital is here to find you a great loan and help make your dreams a reality. Apply now at vcloan.com and you will hear back from your personal loan officer within 1-2 business days.

There are also a lot of exterior home improvement projects that can increase your home’s value and we have a blog about them too! To read more, head to EXTERIOR HOME IMPROVEMENT PROJECTS THAT INCREASE VALUE.

Share this post

Disclaimer:

At Viking Capital, we try to provide accurate information on loans, credit scores and pool care, but it may not apply directly to your individual situation. We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions. The content on poolloan.net is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor.

Why Choose Viking:

Download our "Top Pool Trends" eBook

Other Useful Info:

Pool Landscaping Ideas With Rocks

Pool landscaping ideas with rocks might not be the first thing you think about when you look at your yard. But you’re about to find out why they should be. Imagine instantly setting the mood when guests come over for a swim. By adding rock and stone landscaping to your pool area you can dramatically

Read More »
Landscaping Lights Around a Pool

Landscaping Lights Around a Pool

Landscaping lights around a pool might just be the best possible way to breathe new life into your outdoor space. Think about some of the most beautiful pictures you’ve ever seen of pools in high-class resorts. You’ve probably wanted to have that in your own home. You might be surprised to find out that those

Read More »

Pros and Cons of Fiberglass Pools

The pros and cons of fiberglass pools are something you’ve almost certainly considered over the course of planning out a new pool. But there’s a lot to gain by turning idle consideration into a more fact-based examination of your options. In fact, by doing so you’ll be able to stop stressing over the question. You’ll

Read More »

6 Small Pool Ideas on a Budget

Looking for small pool ideas on a budget tends to catch everyone by surprise. If you’re like a lot of people you might have already decided that a new pool, or extensive work on an existing one, are outside of your reach. But you might be surprised to find out that you’re just a few

Read More »

Swimming Pool Coping Options – Which To Choose?

Pool coping options might not be the first thing you think of when you decide to build a new pool or renovate an existing one. But it’s among the most important pool-related decisions when it comes to long-term enjoyment. Pool coping doesn’t just maintain the health of your pool. It can also help protect the

Read More »

Pool Landscaping Ideas For Privacy

Pool landscaping ideas for privacy might be the missing element that can take your pool experience from good to amazing. Take a minute to really think about the best experiences you’ve had in your pool. A feeling of calm relaxation and safety is probably going to be a part of all of those memories. And

Read More »

Payment Calculator

FREE Loan Consultations and payment details for all applicants!

Example 1

Loan amount $40,000
Rate 5.49%
Term 15 Years
Monthly payment $327/mo.

Example 2

Loan amount $50,000
Rate 7.99%
Term 20 Years
Monthly payment $418/mo.

Loan Terms

* Loan terms and availability vary based on borrower qualifications and are subject to change without notice. Monthly payment amounts are for demonstrative purposes only and are not guaranteed to match final payment amounts for all borrowers. Your Viking Capital Loan Representative will go over all your loan options and their respective terms and payment amounts.

We are proud to offer these great loan options to our Military Families

*Eligibility requirements:

The applicant or co-applicant (or Family Member*) is active duty, military retiree, reservist, or veteran.  Branch of service: Air Force, Coast Guard, Army, Navy, Marine Corps or reserves for these branches. 

Family members must be “lineal” (spouse or direct-line ancestors and descendants. Includes family by adoption and marriage).