With warm weather here, you’re probably thinking about all the home improvement projects you would like to accomplish. Summer is a great time to spruce up your house and improvements that build your home’s value are a great investment.
Paying for home improvements with credit can look good on your credit report, if you pay off the debt responsibly. You can use credit for small improvements, such as adding a deck or patio or bigger ones like remodeling a kitchen or bath. Improvements that elevate your home’s potential resale value and enhance your enjoyment of the time you spend at home can be good investments.
So do your credit check, establish your budget and consider doing one of these home improvements that will enhance your home value this summer:
1. Add Outdoor Living Space
The demand for great outdoor living spaces doesn’t look like it’s going to let up any time soon. In terms of enjoyment, having a great deck where you can gather with family and friends is a sure way to boost your fun this summer. Adding a deck is also a good investment. Remodeling Magazine’s 2009-2010 Cost versus Value Report says a wooden deck addition can return up to 80.6 percent of your investment at the time of resale.
2. Remodel a Kitchen
You probably spend a lot of time in your kitchen, and great kitchens sell homes, so this is one improvement that’s a win all around. You’ll likely need to finance a kitchen remodel, so check your credit report to make sure you can snag the best loan rates. The average minor kitchen remodel costs around $21,000 and offers a very nice return on investment – nearly 79 percent – according to the Cost versus Value Report.
3. Renovate or Add a Bath
Bathrooms have become something of a sanctuary for Americans – and no one likes to wait to use the only one in the house. So upgrading your existing baths, or adding another if you only have one, can be a great investment.
4. Finish the Basement
With more people staying put rather than moving into bigger homes, finding ways to maximize living space has become more important than ever. You can maximize your home’s usable space by finishing the basement – a move that can return up to 75.4 percent of your investment, according to Remodeling Magazine.
5. Liven your Landscaping
If you’re looking for a relatively low-cost way to make a big impact on your curb appeal, landscaping is a powerful option. Simply adding flower beds, decorative pathways and garden accents can greatly enhance a home’s curb appeal – for a lot less money than you might pay for new siding or a new roof.
Before you get started on your summer home improvement projects, be sure to do a credit check so you’ll have a better understanding of how funding those improvements with credit may affect your credit report and score.