When you purchase your home, it has a set price. That set price can either move up or down after you purchase the home. If you invest in upgrades, you can build equity in your home. In layman’s terms, building equity raises the sale price of your property.
When you have accrued equity in your home, you have options. You can cash in on your equity with a HELOC (home equity line of credit), or you can sell your home at a higher price for what you paid. Either way, the money bag is in your court.
Upgrade the windows/doors
If you purchased an older home, the windows and doors may not be in the best shape. Energy efficiency is a huge plus in home equity, and it will always do you good to upgrade the windows and doors.
The government offers tax kickbacks for energy efficiency upgrades, so make certain you get only the best doors and windows for your home. Your overall energy bills will be lower as well, so you can see that there’s really no downside to this particular enhancement.
Invest in a cozy outdoor space
Adding a central space outside of your home for fun and fellowship will add value to your property’s tag. People enjoy a place where they can safely relax and build new memories with their families.
Setup a space with plenty of comfortable, outdoor furniture. Add a fan and shade for respite from the summer sun, and invest in an outdoor heat lamp to keep it warm in the wintertime. Create a space your family can enjoy all year ‘round.
Remodel the kitchen
You may not have the funds to invest in a full kitchen overhaul, but you can spruce up the elements that matter most to buyers. Energy efficiency is once again a true value. Swap out old appliances for Energy Star appliances, and you won’t regret the decision.
Remodel the bathrooms
You spend far too much of your life in the bathroom, so why not make it great? Bathroom remodels are at the top of the list for building equity in your home. We do our most important business in the bathroom, and for that, the bathroom holds value when it comes to sell price.
Finish the attic or basement
Space is a hot commodity among today’s homebuyers, so you can never go wrong with adding more livable space to a home. Spend some time finishing up the attic or basement space in your home. Purpose it as another bedroom, an office, a playroom, or even a man cave. However, you choose to use the space, call it an extra bedroom on the sale ad.