Use home equity loans & lines of credit to add value to your home
If you’re thinking about remodeling your home, you should consider the resale value as well. Different remodeling projects will result in varying returns on investment (ROI) in terms of:
- The use your family gets out of the new space
- Money you save from energy efficient upgrades
- An improved resale value of your home
ROI is especially important if you’re using home equity loans or home equity lines of credit to finance your renovations as you’re counting on the renovation to improve the value of your home and therefore your equity investment. You also want to make sure the renovations you make are in keeping with neighborhood upgrades and will appeal to a broad audience when you’re ready to sell. Cost and return will depend on the scope of your remodel and where you live, but these are the top five home renovations with the best return on investment, on average, for a mid-sized, single family home. Speak to a home loan advisor to learn more about home equity loan options from Citizens Bank.