Many home improvement projects can improve your home's value. Here's how to get the most bang for your buck on your home improvement plans and tips on how to pay for them.
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It's easy and fun to plan home improvements, but not all projects have the same impact on your home's value, so you must plan carefully. Here's a summary of how to get the most bang for your buck, as well as notes on how to pay for home improvements.
Every year, Remodeling Magazine compares national average costs for popular remodeling projects with the value those projects retain when the homes sell. Each year this cost vs. value analysis turns up similar trends on which projects deliver the most return on investment (ROI).
These are just a few examples of projects, and use national averages for mid-range homes. These numbers change based on region and city, as well as mid-range versus upscale homes.
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You can plan home improvement projects by category, and price each element of the job including materials and labor on a line-item basis.
And when you're ready to take action, you can also find a home improvement pro to formally bid the job for you.
If you've determined that your project's ROI is suitable and you're going to move forward with it, the most common ways to finance home improvements are:
Tap into your home equity
A Home Equity Line of Credit (HELOC) can cover home improvements that add value to your property.
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