THE HONEST BROKER -BUILD YOUR HOME’S EQUITY
Making home improvements will add value to your property. However, be strategic about the specific improvements you decide to make to your home. Choose improvement projects that will give you the most value when it comes to adding value to your property. The following are 5 home projects that will add value to a home.
Ask any homebuyer what they look for in a home, and you’ll be hard-pressed to find one who doesn’t place value on curb appeal. After all, you can have the best interior in the world but without attractive landscaping and front exterior, few buyers (if any) will be charmed. Even a simple, well-maintained lawn can go a long way in building equity in your home.
#2 Energy efficient windows
Simply by replacing old drafty windows with new, energy efficient ones will surely increase your home’s value (and decrease those monthly energy bills). While new windows aren’t cheap, they do end up saving you money in the long run. They also make it easier and faster to heat and cool your home throughout the year, which means you can kiss those high utility bills goodbye
#3 Outdoor deck addition
Everyone (especially a homebuyer) loves having an outdoor deck for lounging, eating and grilling. Decks will ensure you have plenty of outdoor space to enjoy while also building equity in your home.
#4 Bathroom remodel
Having updated or new bathrooms in your home will go a long way in attracting potential buyers down the road. Since it’s a room that you and guests use on a daily basis, many consider bathroom remodels to be well worth the money, time and effort. When homeowners sell the home, they should be able to recoup around 67 percent of their investment. In many cases, you can remodel a bathroom for under $20,000 when you choose affordable and reasonable finishes from Home Depot and Lowe’s.
#5 Kitchen remodel
Kitchen remodels can either be extremely expensive or fairly affordable, depending on the finishes and appliances chosen with a wide price range from $30,000 to as much as $100,000. While it’s certainly never cheap to redo a kitchen, it doesn’t have to break the bank either. Those that choose high-end, luxury finishes, such as marble countertops, custom cabinets and designer backsplashes could pay that high end price. However, those that choose less luxurious finishes can easily redo a kitchen for $30,000 or less. For many homebuyers, having a spacious, practical and updated kitchen is at the top of their list of needs, making this improvement a must.
Other ways to build equity in your home
In addition to adding value through home improvements, you can build equity in your home through other means including:
Putting extra money towards paying off home loans – The more money you put towards paying those monthly mortgage bills, the closer you’ll be to owning your home.
Putting more money down at the beginning –If you have the resources to do so, making a larger down payment will lower your monthly mortgage payments and interest on a home. It’s also a great way to build equity in a home almost immediately.
Giving it time –The longer you live in a home, the more equity you’ll have in that home. So don’t sell a home right away. Give it time, work to pay off your debt and add value to the home.
Stay well and healthy
Diane Lott, Broker
Paradise Found Realty, Inc. of Palm City
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