In addition to increasing satisfaction in your living situation, a major renovation may boost your home’s value and improve its curb appeal. However, not all upgrades are considered equal. “It’s a myth that you will always get back what you spend on home improvements,” says Gina Hafner, Financial Center Manager with Fifth Third Bank. “It’s important to take a look at the market you are in and what is most attractive to potential buyers.”

Project: Updated Kitchen and Baths
According to Hafner, kitchen and bath improvements will likely provide the biggest bang for your buck. These two rooms are quick to become outdated so even small renovations can make them seem like new. Focus on creating open spaces within the rooms, replacing old cabinets and tile, adding new sinks and tubs and updating to energy-efficient appliances. However, be mindful of the other homes on your block. For example, if the other homes in your neighborhood have granite counter tops, feel free to upgrade to that level. But, if everyone else still has Formica counter tops, you’re not likely to recoup the money you’d spend on an improvement.

Project: In-ground Pool
Pools, along with saunas, Jacuzzis, fancy landscaping and large, fountain-type features are all attractive upgrades — but only for a certain niche group. Feel free to make these types of home improvements, but don’t go in with the expectation that they will significantly boost the value of your home. In fact, these types of “improvements” sometimes keep away prospective buyers when you wish to sell your home because of the upkeep required and – in the case of pools — potential negligence suits.

Project: Luxury Master Suite
Avoid pouring money into expensive, upscale renovations that likely won’t translate into extra cash if you sell. Instead, consider more practical updates, such as converting unused spaces — like the attic or basement — into livable square footage. You might also think about adding a deck. This addition typically costs under $10,000 but consistently ranks as a top return on investment.

Project: Basic Improvements
Although they aren’t glamorous, basic home improvements will never go out of style. And, a new roof, windows, siding and floors, along with updated plumbing and a fresh coat of paint will all instantly boost your home’s value.

There are several ways you can finance major home improvements, one of the most popular being a home equity line of credit. With this variable-rate option, you can use equity you’ve already built in your home. The advantages include being able to use your approved line of credit at any point during the life of the loan and a flexible repayment schedule. “Right now a line of credit is a great option because rates are low,” Hafner says. “And, if rates should begin to increase, you can opt to lock in your current rate.”

Contact Fifth Third Bank if you need help deciding how you will pay for home improvements. “We can provide value from beginning to end,” Hafner says. “We want to help you make the right decisions about home improvements.”

To learn more about boosting your home’s value, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.