Love it or List It? We've all played out that scenario in our minds at some point, haven't we? The choice between renovating your current home or hunting down the perfect fully renovated dream home. Whichever path you choose, one thing's for sure: a well-executed home renovation can work wonders for your space, not only enhancing its charm but also boosting its resale value. However, not all renovations are created equal in terms of maximizing your return on investment (ROI).

So, which upgrades are worth their weight in gold? We've got the lowdown on the top five in today's blog and provide solutions to help finance these projects. Let’s dive in.

#1 Kitchen Upgrades

Imagine sleek countertops, a trendy backsplash, and appliances straight out of a chef's dreams. A modern kitchen isn't just a cooking space; it's the heart of the home. Even simple updates can work wonders, turning your kitchen from drab to fab and catching the eye of potential buyers.

Key Kitchen Renovations To Consider:

• New Countertops

• Updated Backsplash

• Fresh coat of paint

• High-end appliances

#2 Bathroom Remodels

Let's talk about luxury – soaking tubs, rain showers, and fixtures that scream "spa day every day." From minor touch-ups to full-blown makeovers, bathrooms hold serious ROI potential. After all, who can resist the allure of a beautifully designed oasis?

Key Bathroom Renovations To Consider:

• New Soaking Tub

• Sleek Walk-In Shower

• Heated Floors

• New Skylight

#3 Hardwood Floors

There’s simply no question about it, adding hardwood floors can significantly enhance the value of your home. It's not just about aesthetics; it's about durability, easy maintenance, and that timeless appeal that never goes out of style. Plus, buyers are willing to pay more for homes with these classic floors. We know what you’re thinking. How much will this cost? It depends on the size of your rooms and the style you choose.

#4 Eco-Friendly Improvements

Going green isn't just a trend; it's a smart investment. Energy-efficient upgrades like windows, lighting, and appliances not only save you money on utility bills but also attract environmentally conscious buyers who are willing to pay more for sustainability.

• Energy-Saving Windows
• LED Lighting
• Energy Star-Certified Appliances
• Higher-rated Insulation
• Updated HVAC
• Solar Panels

Did you know Greenway Offers Energy Efficient Mortgages, too? With this type of mortgage, you can roll upgrade costs into your mortgage, making it easier to finance your eco-friendly renovations.

Click to learn more about our Energy Efficient Mortgage program along with its eligible upgrades.

#5 Adding Extra Space

Whether it's a cozy attic retreat, a basement hideaway, or an outdoor oasis, extra living space adds serious value to your home. With more people working remotely, home offices and outdoor living areas are in high demand, making these additions a savvy investment.

• Outdoor Living Space
• Finished Basement
• Attic
• Workout Room
• Additional Bedroom
• Office Room
• Deck/Patio

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Solutions to Finance Your Home Renovations

#1 Greenway’s Home Renovation Loans Can Help

Whether your home improvement projects are big or small, a Renovation Loan can help you enhance your home's value while financing the improvements conveniently.

Unlike personal loans and other financing options with higher interest rates and monthly payments, our renovation loans consolidate the purchase price and renovation costs into a single mortgage payment. Whether you're purchasing a new property or refinancing your existing mortgage, our renovation programs streamline the process, making it effortless to finance your home improvements while maximizing your investment.

Our Renovation Loans Include:

• FHA 203 K Program
• Streamlined 203K
• Standard 203K
• HomeStyle Renovation Loan

If you're curious about how a Renovation Loan can benefit you, reach out to us today or visit our website for more information.

#2 Cash-Out Refinances for Renovations:

As home prices continue to climb, many homeowners find themselves sitting on a considerable amount of equity. In fact, according to CoreLogic, the average U.S. homeowner has approximately $290,000 in equity.

Another option to consider is a Cash-Out Refinance. This refinancing strategy enables you to unlock your home's equity by refinancing your mortgage for more than your current balance, allowing you to pocket the difference in cash.

Overall, it's a smart move for increasing your home's overall value. Any funds allocated toward repairs and improvements have the potential to enhance your home's value even further.

Learn more about Cash-Out Refinances and their benefits here.

Bottom Line:

So, there you have it – the top five home renovations that promise a bang for your buck. But remember, it's not just about the upgrades; it's about strategic planning and market research to understand what features the top-selling homes in your area offer.

With these top renovations in mind, which one will you get started on first?