Home Improvements that Pay Off | Marlborough Savings Bank

May 4th, 2012

Use your home?s equity to build value.

Does your home need a pick-me-up this spring? Maximize your home?s value by using its equity to make updates and improvements. We still offer a great rate on flexible Home Equity Lines of Credit and fixed Home Equity Loans. Find out how to make the most of your greatest asset ? your home. Home-improvement junkies, have fun!

You may want to improve your home to increase its value when you?re ready to sell. The home improvement project that received the highest value on return was a replacement steel entry door, which recouped over 102% of its cost nationally. Another exterior project that had strong numbers was a garage door replacement, for which homeowners in many cities received close to 84% of their costs. Siding and window replacements came in at around 72%.

Smart Money?confirms that green updates also add value to your home.

Although installation can be pricey, about 65% to 76% of the cost can be made up when putting new, energy-efficient windows and doors in your home. Continuing with the outdoor theme, the addition of a wood deck brought homeowners 73% of their cost outlay when they sold their home.

As for interior improvements, a kitchen remodel still remains strong in regaining costs. It is interesting to note that a ?minor? kitchen remodel, such as replacing cabinet fronts, adding new hardware, installing energy-efficient appliances, changing laminate countertops, and installing a moderately priced faucet and sink can increase home value around 4% more than can a ?major? kitchen remodel, which includes adding a 3?5-foot island, stainless-steel double sink, ventilation system, built-in microwave, garbage disposal, custom lighting and new flooring. A homeowner can expect to recover about 73% of investments with a ?minor? kitchen upgrade versus 69% with a ?major? kitchen upgrade. Some of the other high-return-on-investment projects include an attic bedroom (72%) and a basement remodel (70%). Bathroom additions and bathroom remodels came in at 53% and 64%, respectively. One additional interesting point that came out of the study is that cost vs. value varies by area of the country. For example, a major kitchen remodel in Los Angeles returned 77% of its cost, whereas the same remodel in Pittsburgh only returned 69%.

Whatever the project, we can provide the foundation for you to get started. Talk to us about our Home Equity products today; call us at 508-481-8300 or visit our Equity TLC page to find out about our different loan products. When you?re ready, we?ll be here to guide you in the right direction.

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