Home Equity: How to Improve It

If you are like most home owners, you can’t afford to increase the home equity in your home by making double mortgage payments each month. Fortunately, there are other ways to improve your home’s value without breaking the bank.

Renovate Your Home

The nice thing about updating your home is that you get to enjoy living in the space when you are finished making improvements. A clean, modern look appeals to a broad range of buyers. It will also increase the value of your home.

The Kitchen

As the old saying goes, the kitchen is the heart of any home. An increasing number of families spend the majority of their time in the kitchen. Additionally, today’s open floor plans group the kitchen and main living area into one unified space.

If you are working with a limited budget, you can still make significant improvements. Home improvement stores sell resurfacing kits that allow home owners to refinish existing cabinets. A new stain and the addition of new hardware can dramatically change the look of an entire kitchen. You can also upgrade your light fixtures to achieve a more contemporary feel.

If you have a more generous budget, consider updating appliances. Buyers often look for energy efficient appliances that will save them money on their utility bills.

The Bathrooms

After the kitchen, a bathroom is the next space most likely to show signs of age. Outdated décor and tired fixtures are very obvious in relatively small spaces. Most home owners have enough do-it-yourself skills to upgrade lighting fixtures and swap out toilet sets. If you are feeling a little more ambitious, you can also install new sinks and flooring. Peel and stick vinyl tiles are an easy, affordable option.

Closets

Modern life requires a great deal of storage space. In past generations, families made do with tiny closets and perhaps a small storage shed. If you have an older home, make the most of your storage space by installing organization systems in closets and pantries.

Flooring

Although it is under your feet, flooring is just as important as any other home décor. If you have neutral carpeting, it is probably a good idea to keep it, as many buyers prefer to select carpeting that suits their personal style. A thorough professional cleaning might be all you need to make your floors more appealing. If you have hardwood, you can have it stripped and refinished for a fairly reasonable fee.

Add to Your Home’s Curb Appeal

First impressions are just as important in real estate as they are in relationships. Your home’s exterior is the first thing potential buyers see. A simple coat of paint or some new landscaping can drastically improve a property’s market value.

Clean Up the Clutter

Decluttering is probably the easiest and least expensive way to boost your home’s value. Although you might adore your extensive collection of porcelain souvenirs, too many decorations can detract from a home’s special features. If potential buyers can’t picture themselves living in a space, they are less likely to make an offer.

Get a Home Inspection

Most mortgage lenders require buyers to obtain a home inspection before they will approve a loan. By hiring a qualified inspector to conduct your own pre-sale inspection, you can identify problematic areas ahead of time. A professional inspector can point out issues with a home’s roof, electrical systems, water drainage, and other critical areas. Addressing issues early on can bump up your home’s price.