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.*
|Deck Addition (wood))||77.3%|
|Deck Addition (composite)||67.5%|
|Entry Door Replacement (fiberglass)||65.9%|
|Entry Door Replacement (steel)||85.6%|
|Family Room Addition||63.3%|
|Garage Door Replacement||75.7%|
|Home Office Remodel||43.6%|
|Master Suite Addition||63.2%|
|Minor Kitchen Remodel||75.4%|
|Siding Replacement (vinyl)||72.9%|
|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.