Give Your Home a Facelift to Improve its Value

Is your home in need of a facelift? Getting a home loan refinance is of the best ways to get the money you need to launch a home improvement project. If you have equity in your home, either through making payments toward principal or property value appreciation, there is a good chance that you'll be able to get a cash out refinance that will allow you to update your home.

When considering where to best invest money in improving your home, it's a good idea to think about making improvements that will reduce your energy costs, make your living environment more pleasant, and improve the value of the property. Whether you're planning on staying in your home indefinitely or selling it before too much longer, you'll be well served by thinking about the impact of your investment before you start spending money on it.

Energy Efficiency

One area where renovations always makes sense is in improving the energy efficiency of your home. If your house was build before 1970 and the electrical system hasn't been updated, you definitely need to consider investing in improvements in that area. Older electrical systems weren't designed to stand up to the demands of today's modern appliances, and they certainly don't contribute to the efficient use of energy in your home.

Appliance Updates

If your appliances are several years old, there is a good chance that there are new options on the market that are more attractive and function with much greater energy efficiency. Switching from old appliances to some of the new Energy Star rated appliances can actually pay for itself quite quickly, in terms of savings on one's utility bills. The initial investment can actually result in a significant savings over the long haul.

Flooring Updates

Old and dated carpeting and tile can really detract from the appearance of a home. Additionally, dust, pet dander, bacteria, and other potentially harmful substances build up in carpeting over time. Cleaning your carpet regularly goes a long way to reduce airborne allergen issues related to carpeting, but there comes a point where cleaning loses its value.

If you live in an older home, you might be in for a very pleasant surprise when you pull up the old carpet or tile in your house. In the 1970s, hardwood floors fell out of favor, and many people covered them up with carpeting or tile. If your carpet is old and dated, make sure you know what is underneath the flooring before you go and purchase new carpet. You might find beautiful hardwood floors that simply need to be refinished in order to add both beauty and value to your home.

Kitchen Updates

You probably spend more time in the kitchen of your home than in any other room. In order to update your kitchen, you don't have to rip out all of your cabinetry and appliances. A few small changes can go a long way in updating the appearance of your kitchen. Refinishing wooden cabinets is much less expensive than purchasing new ones, for example, but can make a huge impact on the look and feel of the room. If you're planning to sell your home, keep in mind that buyers often make purchase decisions on the grounds of how attractive and functional the kitchen seems to be.