Buying a home is a major life achievement. But it’s also an investment in your financial future. While regular mortgage payments build up equity in your home over time, there are upgrades and changes you can make to your home that increase its value quickly, resulting in a big return on your investment. Homeowners should look for easy, cost-effective ways to increase their home’s value over time, especially if they’re planning to sell in the future. Here are some practical ways to add equity to your home and get a strong return on your investment.
Ways to add equity to your home
Get some expert advice
Before you start knocking down walls, it’s a good idea to get a professional such as a real estate agent to give you some advice as to what they believe would add value to your property. The benefit of asking a real estate agent is, they live and breathe property in your local area and are very familiar with what buyers are looking for in a new home.
Paint your home and give it a décor refresh
The adage holds: a lick of paint does wonders. The same can be said for wallpaper, new carpeting or drapes or just simply a general decor refresh. Not only will it appeal to buyers, but if you have no plans to move anytime soon, there’s no harm in redecorating now and again to ensure your home looks its best and you continue to love living there, too.
Invest in your garden early on
A manicured mature garden with established shade trees is very popular with buyers. Growing an established garden takes years to grow. As such, it’s a good idea to get this underway early. Plus, you’ll get to enjoy the use of the garden long before you sell.
Revamp the kitchen to add equity
The kitchen is the one room that can make or break a sale. It’s usually the most expensive room in any house, so prospective buyers don’t want to see a kitchen that needs a total upgrade. This doesn’t mean a total re-fit, but there are some small things you can splurge on that will help make your kitchen more appealing.
Invest in energy-efficient home features
Today’s homebuyers tend to place a greater emphasis on eco-friendly features. This is due to both a greater focus on environmental issues and a recognition that energy efficiency saves money on utility bills. If you’re upgrading in-home appliances seek out energy-efficient equipment that can lower the cost of your electricity and gas bills.
Upgrade to high-demand finishes
If you’re hoping to sell in the near future, you can increase demand for your home by choosing upgrades that are popular among today’s buyers. Smaller finishes can also affect buyer interest while keeping upgrade costs low. Consider simple changes such as swapping out yellow incandescent bulbs for brighter LED lights.
Add updated systems and appliances
Easing a buyer’s mind about home maintenance issues is another way to present your home as more valuable. How do you do that? Make sure all the systems and appliances in your home are up to date and fully functional.