Home Upgrade Paybacks

In most cases, the added comfort, convenience and enjoyment home improvements offer may be enough to go ahead with any project, but if there is the possibility you might sell your home within the next two or three years, here are the current paybacks for some of the most common improvements.

2013 Home Improvement Paybacks Mid-Atlantic Region.*

Project CostPayback
Attic Bedroom72.9%
Basement Remodel70.3%
Bathroom Addition54.8%
Bathroom Remodel65.2%
Deck Addition (wood))77.3%
Deck Addition (composite)67.5%
Entry Door Replacement (fiberglass)65.9%
Entry Door Replacement (steel)85.6%
Family Room Addition63.3%
Garage Addition63.7%
Garage Door Replacement75.7%
Home Office Remodel43.6%
Master Suite Addition63.2%
Minor Kitchen Remodel75.4%
Roofing Replacement62.9%
Siding Replacement (vinyl)72.9%
Sunroom Addition46.5%
Window Replacement (vinyl)71.2%
Window Replacement (wood)73.3%

One of the worst paybacks is adding a pool, with only a 5-15% payback. Among the best is a new heating system at 100%  and air conditioning at 75%.** Your actual payback will depend on a number of factors, including the real estate market, property values, plus the extent of your improvements. For example, don’t expect a high payback if you increase the value of your home beyond the value of other homes in your neighborhood.

Financing Home Improvements

When you need to finance your home improvements, come to Members 1st. We can help you choose the best option, whether it’s a low Fixed Rate Home Equity Loan with a repayment term up to 15 years, or a Home Equity Line of Credit. A Green Loan is also available. For the details, call or stop by the South Jersey credit union branch nearest you.

*Source: www.remodeling.hw.net for 2013, mid-atlantic region.

**Source: askmen.com