Top Home Renovations to Increase Home Value
Del Norte Credit Union 505.455.5228 www.dncu.org
I
s upgrading a tired kitchen with highend countertops more important than installing a wireless sound system throughout the house? When it comes to increasing your home’s value, some renovation projects consistently rank higher than others. According to Remodeling Magazine, you’re less likely to recoup your investment in a major kitchen or bathroom remodel than investing money into home maintenance—such as roof upkeep, new windows or stucco improvements. Bear in mind your return on investment is directly linked to your home’s value, the value of comparable homes in your neighborhood, the local housing market and the quality of the project itself. One word of warning, don’t over-improve your home in relation to your particular neighborhood.
According to the Remodeling 2015 Cost vs. Value Report (www.costvsvalue. com) using Albuquerque data, the home improvements that will give you the biggest bang for your buck are entry door and garage door replacement. Other projects with a decent return include minor kitchen and bathroom remodeling. Surprisingly, with all the self-employed folks in the region, home office makeovers came in dead last. According to Ted Rivera, associate broker at Coldwell Banker Trails West Realty in Santa Fe, home buyers gravitate to the kitchen. “The trend these days is for smooth counter-tops and tall roomy cabinets.” He also says islands are very desirable. Even though Santa Fe charm can go a long way, some of the attributes
of older homes are not big selling points. “Updating a half-bath to a three-quarters bath can make a huge difference in the resale value of an older home,” says Rivera. That said, there are some ways to capitalize on the mystique of homes built with a nod to the region. “Uncover or reclaim hardwood floors to increase the value of a Santa Fe home,” Rivera explains. He also says it might be worthwhile to sandblast vigas to give them new life. So do your homework when it comes to renovation projects and don’t always be swayed by your emotions. One caveat: keep in mind some variables that determine a home’s value are fixed such as lot size and a neighborhood’s desirability.
HOW TO FINANCE YOUR HOME IMPROVEMENT PROJECTS When it comes to home improvement, Del Norte Credit Union has you covered with a flexible, competitive home equity line of credit (HELOC). A HELOC is an especially good option if you have multiple projects in mind or want the flexibility of a line of credit to draw on. You are assigned a credit limit for a period of five years based on the equity on your home, and you pay back only what you use plus interest. As you pay off the principal, you can use the credit again, like a credit card. If you are considering summer home improvement projects, come into one of their six DNCU branches (or apply online at dncu.org) today to get your paperwork started so that funds are available when you need them.