No matter what the motivation for your home renovation may be, you’ll want to know that your money is well spent. RenoFi helps you finance your project in the smartest way possible, and now we’re sharing which improvements provide the best return on investment (ROI) to increase your home’s value too.

Summary

• On average, home renovations provide a 70% ROI.
• Home renovations are one of the only investments that can improve the quality of life in your living space and increase the value of your home for the future.
• The home improvements with the best ROI are projects that add functional space and square footage. Common examples are finishing basements, addition projects that add bedrooms/bathrooms, and new kitchens.
• Home improvements that don’t add value are: luxury upgrades, aesthetic-only improvements, or out-of-the-norm projects for your homes in your neighborhood.

When people were stuck in their homes all day in 2020 during quarantine, they had a lot more time to notice everything they wanted to change. Consequently, the home renovation industry experienced one of the biggest booms in recent history.

While it’s difficult to predict exactly how much it will cost to finish a basement without understanding the specifics of the basement in question, the average cost can give you a good indication of what to expect. According to HomeAdvisor, the nationwide average for finishing a basement is around $18,395 once labor, construction permits, and materials are considered.

Considering adding a deck or patio to your outdoor space? You’re in the right place.

In this article, we’ll discuss all of the costs associated with decks and patios, depending on the size and materials used. However, to get the most accurate estimate, we recommend asking contractors in your area.

Chances are, if you’ve heard of home appraisals, you’re probably buying, selling, or renovating your home. When it comes to home renovation loans, home appraisals are crucial because the potential loan amount you receive from your lender heavily relies on your home’s assessed value. 

For this reason, it’s important to know exactly what a home appraisal is, how much they cost, and how they work. 

What is a Home Appraisal?

A straightforward explanation of a home appraisal is that it’s an impartial evaluation by a professional to determine the fair market value of a property. The duration of most home appraisals typically takes 1 to 2 weeks to complete. Most appraisals are completed within a relatively short timeframe because they are critical to the home loan processes. In some cases, it may take longer if there are specific challenges or unique features that require additional research or analysis. 

If you’re looking to pay for a major home remodel, a renovation loan probably isn’t your first thought for financing. Very few homeowners use renovation loans, or have even heard of them.

Whether you’re in sunny, coastal California, or in the chilly Midwest, you’ve probably been spending a lot of time outdoors due to the COVID-19 pandemic. And the more time you’re spending outdoors with family and friends, the more it makes sense to use your outdoor space to its fullest potential.

Homeowners are increasingly turning to remodeling or finishing a basement as a way to create additional space in their homes.

But finishing a basement can be expensive, and many homeowners need to explore the different financing options available to them to get started on the project. Choosing the right type of financing can be confusing, though. But it doesn’t need to be that way, and in this guide we’re going to take a look not just at the average cost of finishing a basement but at the pros and cons of 6 different basement financing options.

With high lumber and material costs, lots of homeowners are looking for ways to decrease their project budget to make up for spending more upfront.