Building equity in your home is a great way to build a cushion for future generations of your family. Your home’s equity is the equivalent of what’s left of your home’s value if you paid it off completely. The leftover money would be considered the equity value of your property.
Building the equity as you live out your life in the home helps to secure a future payout for your children or grandchildren. Take a look at a few of the most effective ways to boost your home’s equity, and get to work today.
Space is a valuable commodity
Space is one of the most valuable commodities when you’re trying to boost the value of your home. Adding a bedroom or an extra bathroom will always reap a high percentage return on investment.
Home buyers are also into having additions or extensions to the home. Consider adding a mother in law suite, a garage, or a workshop to your home’s floor plan. You’ll be able to enjoy the space as you live in the home, and reap the return when it comes time to sell.
Keep up with the outside of the property
Curb appeal is another efficient way to invest in your property’s equity value. You won’t have to spend thousands of dollars to get a great looking exterior, and home buyers will love the outcome.
Make sure to properly maintain any trees on the property, the grass in the yard, and exterior properties of the home. Your home’s roofing, gutters, and siding are all vital elements of boosting your home’s equity.
Upgrade the kitchen
The kitchen is (and has been for a while) the most important room in a house when estimating overall value. People like fancy kitchens, and upgrading to energy efficient appliances will save you gobs of money over time.
Adding extra seating areas, an island, and plenty of storage space in the kitchen is important. A large pantry, natural lighting, and color will also boost the appeal of your home’s kitchen area.
A coat of paint goes a long way
When you are ready to pass your home on to the next family, a coat of paint will go a long way in boosting the appeal. Paint the walls in neutral colors, but do put color into your walls. Home buyers are not typically as attracted to white walls as they are to soft bases with bright highlights.
Upgrade doors, windows, and lighting
The doors, windows, and lighting in your home are all key factors in the cost of your energy bills each month. Home buyers need to know that their prospective home will keep them warm in the winter, cool in the summer, and dry in the rainy seasons.