Real estate remains one of the most reliable financial investments. When you own a home and you’ve built some equity in it, you have some opportunities to leverage that. Equity gives you the leverage to actually put more value in your home in several ways. Whether you want to sell, maximize your home’s potential to earn income, or update to keep in line with home values in your locale, there are many ways to boost your home’s appeal and get a major return-on-investment. What are some of the most valuable upgrades you can do on your home? Here’s a list of projects that can improve the value of your home today.
Full Remodel
Nothing reduces the value of a property like dated features. If you have an older home, a remodel is one of the best ways to add more value to it. Some homes only require changes to the kitchens and bathrooms, but many other homes would benefit from a complete overhaul. Replace old carpet or vinyl flooring with hardwood or high quality laminate floors. Replace old windows with new, energy-efficient ones, and updating window treatments by installing new curtain rods and more modern curtains. These kinds of changes make a huge impact on the look of the home and how much money it’s worth. If you’re planning on selling your home, also consider an update to the home’s exterior to improve your curb appeal.
Income Opportunities
One of the most common ways to improve the value of your home and put more money in your pocket: create an income-earning opportunity with your home. Some homeowners have divvied up and added to their property another dwelling with a separate entrance. This creates the opportunity to get a tenant into the second space, allowing you to earn money and reduce your mortgage payments. One way people do this is to finish off their basement and turn it into some type of separate accommodation. If you already have the space and it’s not in use, why not make it something more valuable. If you get the right permits, and do the build without breaking the bank, this is a smart way to get more out of your home. Here’s our list of real estate blogs that go into more depth about renting out portions of your home.
Roof Upgrade
Did you know that upgrading your roof is one of the best ways to improve the value of your home? If your roof has seen better days, getting a replacement roof immediately boosts how much it’s worth to the real estate market. This is especially great if you’re selling your home. A new roof gives new owners peace of mind knowing it won’t need to be replaced for a long time. That’s very valuable.
Choosing Energy-Efficient Windows and Doors
Opting for Energy Efficient windows and doors is a multifaceted decision that can bring about numerous benefits, not only for your home’s value but also for your environmental footprint and overall sustainability efforts.
Energy-efficient windows and doors are often designed to minimize heat transfer, effectively insulating your home and reducing the need for excessive heating or cooling. By preventing air leaks and maintaining a consistent indoor temperature, these upgrades can significantly lower your energy consumption and utility bills. This financial savings over time is a practical advantage for homeowners seeking to reduce their energy costs and improve their financial stability.
Moreover, the environmental benefits of energy-efficient windows and doors are substantial. By reducing energy consumption, you can also decrease your reliance on fossil fuels and lower your carbon footprint. This reduction in greenhouse gas emissions further contributes to mitigating climate change and promoting environmental sustainability on a broader scale.
Home Office
2020 has changed a lot about our lives, in particular, how we work. With more and more people working from home on a permanent basis, houses with dedicated workspaces are becoming more attractive. Many people are also looking for spaces that can facilitate full-time homeschooling for their children. Even if you don’t intend to sell your home, adding an office component can be a gamechanger for your household. More people want workspaces that are more intentional and less makeshift. Whether it’s an addition or remodeling a room with office equipment, your home can gain value by preparing for a huge shift in job culture.
Adding value to your home is one of the smartest things you can do. By making the right choices on upgrades, you can make your home more appealing to future buyers, or a better place for you and your family to live. Many homeowners have boosted the long-term value of their home by creating a stream of income with it. This is a powerful way to get more out of your home, reduce your mortgage payment and protect yourself from financial volatility. If you’re unsure how to proceed, research the property listings in your area to see what’s selling. Talk with a knowledgeable local real estate agent about making your home more valuable and appealing to the market. The expertise of someone who knows the area will be very helpful with this undertaking.
