Owning a home is an important step, whether it’s your first or you’re an expert homeowner. If you’re an experienced homeowner, you already know the importance of building equity through your home.
In most markets, homeowners can significantly increase their equity simply by living in in-demand neighborhoods, but there are also plenty of renovations and projects you can take on to take your equity to the next level.
Enhancing your home’s property value isn’t a one-size-fits-all solution. In reality, there are plenty of routes you can take, depending on your aesthetic taste and budget.
Plus, if you’re not in a rush to sell your home, you can take the time you need to complete every project on your list. As the years go by, you’ll be able to track homes in your area and determine if it ever becomes appropriate to sell your home.
If you’ve never taken the time to explore the possibilities in and outside your home, we’ll take you through some of the renovations and minor projects you can tackle to increase your home equity.
First: Which Areas of the Home Increase in Value?
Your home is made up of several rooms and outdoor spaces, but in the eyes of the real estate market, not all are created equal. When it comes to increasing the value, there are certain qualities and characteristics that buyers look for that will help realtors determine the value of your home.
Square footage is a major draw, especially for couples or small families looking to add to their family or who have pets that need room to roam.
The age and condition of your home is also a key contributor to how your property will stand against others in the market — the more work you can put into your home, the less work buyers will have to put in, which will drive up the value and increase your equity.
Types of Renovations to Consider
More than ever, today’s buyers are prioritizing energy-efficient solutions to help the environment and benefit their bottom line. Energy efficiency refers to how much energy the items in your home consume.
The lower your energy consumption, the lower your monthly energy bills will become, and you’ll add significant value to your home.
Energy efficiency comes in the form of several household objects and features. Your heating and cooling costs can drop if you install energy-conscious furnaces and air conditioning systems.
Your appliances, from the fridge to your oven, can also play a role in your costs. Lighting is a simple way to incorporate energy efficiency while window and door installations take more time and capital but, in the end, will save money and act as a great selling feature.
The structural integrity and aesthetic of a new roof are a significant draw to future buyers and are crucial to keeping your foundation and family safe.
Roof installations can be a big project to take on, but it’s been proven to contribute to increasing your home’s equity. Think of installing a new roof as an investment in your present and future.
A reputable roofing company will walk you through your design options — whether you prefer slanted or flat — and the types of materials available based on your budget and climate.
You can check out professional roofing services from Professional Roofers to learn about the types of services at your disposal and important tips for working with a local company.
Think of the front of your house as the first impression guests and future buyers will experience when visiting your home. Putting in the time and effort to make your exterior shine is a simple and often cost-effective way to add value to the home.
If your budget is on the smaller side, the easiest way to upgrade your curb appeal is by planting flower beds and shrubs lining the home. If you have a porch, hanging baskets can also add elements of warmth.
If you have more money to spend, upgrading and re-paving any walkways or driveways can significantly increase your value because it shows buyers that you’ve put in the effort to make your home look good.
Upgrading the Kitchen
We know the kitchen is often considered the heart of the home, so it’s no surprise that renovations in this area are significant contributors to the overall property value of your house. Kitchen renovations can range in price, depending on the amount of upgrading needed.
If a full renovation is too much to take on at first, start small. Swap out your countertops for upgraded quartz or replace outdated sinks and hardware for a simpler project. At the end of the day, any kitchen updates will help your end goal.
Swap Out Carpets
Most homeowners prefer hardwood or vinyl flooring instead of dated carpets, mainly because they’re easier to maintain. This is especially true for households with children and pets.
Consider ripping out the carpet in your home and spending the money to upgrade your flooring. Vinyl is a cost-effective option if hardwood is out of your budget. If you need to add warmth to the space, simply add area rugs for a cozy feel.
Important Tip: Maintenance and Repairs
When it comes to owning a home and earning equity, the condition of your house will stand apart from the rest of your projects. Simple yearly maintenance and upkeep, from plumbing to faulty handles on cabinets, can speak volumes to buyers.
Your home’s value comes from more than grand renovations. It also comes from the time and effort you put into keeping your home safe and functional — because the more work you put into it now, the less work someone else will have to put in and will often pay a higher price point for the convenience of a secure home.
Always keep a to-do list of those small, sometimes tedious, projects, so you never fall behind. You’ll learn quickly just how important they are to the overall value of your home.