Give Your Equity and Happiness a Boost
While it’s easy to understand why rapidly rising property prices can be frustrating for those searching for their dream homes, those increases are a welcome bonus for homeowners. In just the last year, the average home’s equity rose by $68,000, according to Montana Good Life. What’s behind the boost? Sometimes, it’s simply location, supply, and demand. But some of the biggest equity and joy enhancements happen thanks to smart, energy-savvy and equity-building renovations. If you’re a homeowner, we have some tips to help you get even more enjoyment from your investment while making it more valuable.
Not All Remodel Projects are Created Equal
Nearly every home remodeling show focuses on two things: kitchens and bathrooms. However, according to the National Association of Realtors® and their 2022 Remodeling Impact Report, specific projects boosted equity and overall homeowner happiness more than others. Kitchens did not top that list.
What beat out kitchens and bathrooms? Some of the simple updates included regular maintenance to fix loose doorknobs, replacing light fixtures, painting, or simply repairing walls and baseboards. These low-cost, weekend projects can have a big impact on your happiness as a homeowner. Then there were the bigger projects. The top 10 might surprise you.
Top 10 Equity Building Projects
- Hardwood floor refinishing: Depending on your flooring, you could see a 147% return on your investment.
- New wood flooring: Everyone loves a nice, new wood floor. You’ll love the 118% return on your money when you finally sell your home.
- Updating the roof: Whether you choose asphalt, steel, or something else, you can expect to recoup 100% of the cost and build equity. Or choose to add solar panels and lower your energy bills. Our Home Solar Loans can help you get started, including the new roof, solar panels, wiring upgrades, battery and everything else you need to get the most from your investment.
- New garage door: This quick project builds equity and has a 100% return on your money.
- Upgrading your insulation and efficiency: Adding insulation around windows and doors, or updating what you have in the attic, walls, and crawlspace can build equity. It can also keep you and your family a little more comfortable. The 100% return on the investment is nice, too. Want to update your windows or doors? Or maybe upgrade to Energy Star® appliances, add electric vehicle wiring to your home, or install a heat pump or mini split? A Home Efficiency Loan from Clearwater Credit Union can help.
- New siding: The right siding can boost energy efficiency and your overall equity. Homeowners often see up to an 86% return on this upgrade.
- Basement or attic conversion: Turning a basement or attic into living space can be a big undertaking, but the value-building opportunities are endless. Plus, you could see an 86% return on your money.
- Closet renovation: Updating a closet, whether in a bedroom or hallway, can have a big impact on your home’s flow and storage. You’ll also get back 83% of the cost, overall.
- Kitchen renovation: A complete overhaul of your cupboards, countertop and appliances can cost a bundle. But you can expect to recoup up to 75%. Plus, you’ll build equity and enjoyment. Looking for a less-expensive kitchen refresh? Try painting the cabinets.
- Bathroom remodel: Replacing the vanity, toilet, or adding a new towel rack can add to your home’s value. A full bathroom remodel can have a 71% return on the investment.
Build More Equity with Your Equity
The equity in your home can help turn your basement into a home gym or completely renovate the kitchen. At Clearwater Credit Union, we can help you do the math and decide if a home equity loan1 or line of credit1 is right for you. Contact our Mortgage Lending Team to talk about your options.
We’re Here for You
At Clearwater Credit Union, we believe in you. From the checking accounts we offer to the loans we approve, we want to have a positive impact on your financial life — today, tomorrow, and for years to come. Whether it’s your first home, a project to build equity, or you simply want to talk to someone about your home loan options, we’re here to help. Connect with us today.
1 All loans subject to approval. Rates, terms, & conditions are subject to change and may vary based on creditworthiness, qualifications, & collateral conditions. Equal Housing Lender. Insured by NCUA.