Will Your Spring Home Improvement Project Make You Money?

The spring season is always a great time to get started on those long overdue home improvement projects in order to get prepared for all of the upcoming warm weather activities. Perhaps, you’ve decided you’d like to create an outdoor living space, add an outdoor kitchen, or install a pool and deck? Or, maybe your home improvement projects are more like home maintenance projects that you just haven’t gotten to tackle?

If you’ve made the decision to get started, then you may want to consider the projects and their return on your investment (ROI). According to a recent report, the following six home improvement projects returned the highest investment on your home’s resale value:

  • Replacing a traditional furnace with an electrified heat pump – 103% (ROI)
  • Garage door replacement – 103% (ROI)
  • Replacing your house siding with stone veneer – 102% (ROI)
  • Entry door replacement – 101% ROI
  • Vinyl siding replacement – 95% (ROI)
  • Fiber-cement siding replacement – 89% (ROI)

Although you may not plan to sell your home soon, your ROI is important before determining the project and your overall budget. Whatever your inspiration, consider securing a home equity line of credit (HELOC) before you get started. By having a home equity line of credit, you’ll have an established amount waiting before you start planning your projects. This not only helps you know your budget ahead of time, but also gives you the peace-of-mind knowing those funds are available for whatever projects you have planned.

Read more on updating your home with a HELOC.

If you’re not sure if a home equity line of credit is right for you and your spring home improvement projects, reach out to the team at First Bank. We’ll be happy to answer any questions.