July 31, 2020

Four Home Renovations That Can Really Pay Off

Have the home improvement shows got you ready to make a change to your house? Remodeling and renovations can range in scope, size, and cost—it just depends on your need. 

Maybe you’re starting to outgrow your home, and could use an extra bathroom? It certainly won’t be cheap, but it could be a more affordable option than selling your current home and buying a new one. 

Or, maybe you just want to give your older home the look and feel of one built more recently. You can always start with new carpet, a fresh coat of paint, and modern kitchen and bathroom fixtures—they’ll go a long way to making your home feel fresh again. 

But if you’re looking to make more extensive upgrades in hopes of boosting your home’s value, you’ll want to make sure you’re getting the most bang for every buck. We scanned Remodeling’s 2019 Cost vs. Value Report in hopes of finding home upgrades that would offer you the greatest return in Providence, Rhode Island.

Garage Door Replacement

Average cost: $3,720 
Resale value: $4,015 (108%)
The most inexpensive upgrade on our list also offers the highest value. Why not replace that creaky, rusted door with a sturdy, four-panel, insulated model. You’ll save on utility bills, too.

Siding Replacement 

Average cost: $17,032
Resale value: $16,769 (98.5%) 
Replacing the siding on your house is one of the quickest ways to boost its curb appeal. It also allows you to add insulation, to switch materials, and to boost the energy efficiency of your home’s exterior. Just be sure to replace any necessary trim, soffit, and fascia that need it, too. 

Manufactured Stone Veneer 

Average cost: $9,234
Resale value: $8,750 (94.8%)
If you’re looking to add a bit of character to the exterior of your home, try adding a band of manufactured stone veneer to any street-facing facades. Since you’ll need to remove any siding that’s currently in place, make sure that a water-resistant barrier is added between your home’s sheathing and the new stone.

Vinyl Window Replacement

Average cost:  $17,774
Resale value: $15,808 (88.9%)
Ready to make your cold, drafty Rhode Island winters a little bit warmer? With so many historic houses in the Providence area, window replacement has become a priority for many local homeowners. Replacing single-pane, double-hung windows with new, energy-efficient vinyl windows can boost your property value while lowering your utility bills.

Use Your Home’s Equity to Fund Renovations  

The equity you’ve built in your home is a valuable tool that can be used to make home renovations, take a vacation, or pay off credit card debt. Best of all, there are no application fees or closing costs!

At BayCoast Mortgage, we offer Energy Efficiency Loans, Home Improvement Loans, and Home Equity Lines of Credit—all designed with your renovation needs in mind. To learn more, contact us or call 877-466-2678 today to see which option is just right for you.

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