Blog

Whether they’ve grown tired of their home’s exterior appearance or it’s simply time for an upgrade, homeowners across Central New York are tackling outdoor renovations and other improvement projects as summer gets underway. While new furniture and a fresh coat of paint might enhance aesthetic appeal, they may not add monetary value to the home. For homeowners looking to generate a return-on-investment on home renovation projects, it’s important to prioritize and plan projects with the following in mind.

Planning for Success

Homeowners wishing to maximize their ROI should consider a few factors when deciding which project to tackle first According to the lending representatives at Pathfinder Bank, the first step any homeowner should take is to walk their entire property and home, listing anything needing improvements on both the interior and exterior. With a master list of potential renovations on hand, homeowners can then prioritize those projects that increase the value of the property and yield the best ROI.  

Next, homeowners should create and analyze their budget to ensure they are distributing funds to the projects that will help increase their ROI in the long run. . While some homeowners can fund these projects through their savings accounts, Pathfinder Bank is here to remind those throughout Central New York that these improvements can also be made with a home equity loan or home equity line of credit (HELOC).

Before the construction begins, the last step of the planning phase is to decide how much to allocate to each project. Homeowners should carefully vet contractors, seeking out those with a proven track record for peace of mind that the project will be completed correctly the first time. It’s also recommended to include a buffer in your budget of about 10-15%, as unexpected expenses may arise during the renovation process.

Luckily, Central New York homeowners don’t have to go through home improvement planning alone. As they decide on the home improvement projects that demand the most attention this summer, Pathfinder Bank’s knowledgeable and professional mortgage originators are standing by to help them form a budget and navigate their lending options.

Top Home Improvements for ROI

According to industry data, bathrooms and kitchens are among the best projects that any homeowner can reap ROI for. This is because today’s homebuyers largely prioritize modernized spaces, especially when it comes to kitchen appliances, plumbing fixtures, and overall interior design. In other words, if a homeowner has identified that their kitchen or bathroom needs improvements, these projects should be pushed to the front of the list.

Additional studies recently found that garage door replacements and upgraded entry doors also have the potential for a high ROI, as does adding manufactured stone veneers to exterior spaces. Further, landscaping projects can instantly boost curb appeal and lead to better offers on your home in the future.

What about the attic? Though mostly unseen, attics should be properly insulated and kept clean, especially if used for storage. Not only will future buyers appreciate an attic that’s been properly maintained, but current homeowners may also notice a positive impact on their heating and cooling bills.

Find More Home Improvement Advice at Pathfinder Bank

No matter what projects homeowners in Central New York are tackling this year, Pathfinder Bank is ready to assist. Serving Syracuse, Oswego, and the entire region since 1859, the financial institution is committed to providing personalized financing and personal banking services, as well as investing in its local communities. At any of its 10 locations, homeowners can find the support they need to boost the ROI on their home through interior and exterior renovations. To learn more, contact Pathfinder Bank. today.