For many homeowners, their home is one of their most significant investments. Whether you’re planning to sell soon or simply want to enhance your living space, increasing the value of your home can pay off in the long run. At Lisle Savings Bank, we offer financing options for homeowners to help fund projects that can boost your property’s value!
Why Invest in Home Improvements?
Home improvements not only make your living space more comfortable but also increase the overall value of your home. Investing in projects with a high ROI (return on investment) makes you more likely to recoup your costs when selling or even enjoy increased borrowing power through equity.
Top Projects to Increase Your Home’s Value:
Kitchen Renovations
The kitchen is often the heart of the home and upgrading it can yield one of the highest returns on investment. Simple updates like new countertops, modern appliances, and fresh cabinetry can make a big difference. A minor kitchen remodel can recoup 70-80% of the costs in added home value.
Bathroom Upgrades
Modernizing a bathroom with updated fixtures, new tiles, and a fresh coat of paint can provide a substantial ROI. Adding features like double vanities, energy-efficient fixtures, or even a second bathroom can increase appeal to potential buyers.
Curb Appeal Enhancements
First impressions matter and improving your home’s curb appeal can attract more buyers and add value. Simple tasks like landscaping, repainting the front door, or upgrading your exterior lighting are affordable ways to improve the look of your home. Other options include updating your siding or building a deck.
Energy-Efficient Improvements
Installing energy-efficient windows, a smart thermostat, or solar panels reduces energy bills and attracts environmentally conscious buyers. One of the most valuable improvements is installing energy-efficient windows. Many of these improvements may even qualify you for tax incentives, further increasing the ROI.
Finish Your Basement or Attic
Finishing an underused space like a basement or attic can add usable square footage to your home, significantly boosting its value. For example, finishing your basement alone can result in an ROI of up to 70%. These areas can be transformed into an extra bedroom, office, or entertainment space, appealing to growing families.
Financing Your Home Improvement Projects
At Lisle Savings Bank, we offer a range of financing options tailored to help you enhance your home’s value at any stage:
Home Equity Line of Credit (HELOC): With a HELOC, you can access funds based on your home’s equity with flexible, variable-rate terms. It’s a revolving credit line, allowing you to borrow as needed—perfect for ongoing projects or unexpected home repairs. Plus, you only pay interest on the amount you use, giving you more control over your budget. Learn More >>
Fixed-Rate Second Mortgage: A fixed-rate second mortgage offers you a lump-sum loan secured by your home’s equity, with consistent monthly payments and a fixed interest rate. This option is ideal for substantial, one-time renovation projects like remodeling your kitchen or adding a home extension, ensuring predictable payments over the life of the loan. Learn More >>
Refinancing Your Home: Refinancing your mortgage can provide significant savings through lower interest rates or better loan terms. By refinancing, you may also be able to access some of your home’s equity to fund home improvement projects, all while possibly lowering your overall mortgage payments. Learn More >>
We’re here to help you every step of the way! Get in touch to find out how we can support your home improvement journey with our lending options.