Real estate remains one of the most reliable financial investments, and when you own a home and you’ve built up 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’re planning on selling your home, you want to maximize your home’s potential to earn more income, or you want to update it 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 make your home more valuable today.
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. This includes replacing old carpet or vinyl flooring with hardwood or even high quality laminate floors; removing old windows and putting in new energy efficient ones, and updating the window and window treatments by installing new curtain rods and beautiful curtains that are more modern. These kinds of changes make a huge impact on the look of the home and how much money it’s going to be worth. If you’re planning on selling your home, it’s also worth considering an update to the home’s exterior to improve your curb appeal.
One of the most common ways to add value to your home, and even put more money in your pocket is to create an income-earning opportunity with your home. What some homeowners have done is divide up and add 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 even 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 very 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.
Did you know that upgrading your roof is one of the best ways to add thousands in 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 the peace of mind of knowing it won’t need to be replaced for a long time, and that’s very valuable.
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 some sort of office component can be a gamechanger for your household. More people are going to want workspaces that are more intentional and less makeshift, and it’s a good idea to add that to your house. 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 found a way to boost 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 own mortgage payment and further protect yourself from financial volatility. If you’re unsure of how to proceed, research the property listing in your area to see what’s selling. You can also sit down with a knowledgeable local real estate agent to get an idea of what would be the best way to make your home more valuable and appealing to the market. The expertise of someone who knows the area will be very helpful with this undertaking.