Everybody knows that it’s a good thing to add equity to your home, but not everybody is really good at doing it. Houses tend to increase in value on their own. It’s the reason they’re such good investments. But you can accelerate the process by adding specific renovations and items to your home. And the ones that work the best may surprise you. I’ve listed three places that are great to spend your money in your house, in order to maximize the equity you earn and the money you receive when you sell your house. In some of these cases, it’s as easy as buying a new bath vanity. In others, it’ll take a bit more effort.
- Bathroom. The bathroom is one of the places that prospective homebuyers pay the most attention. And it makes sense. After all, you’re going to be spending a lot of time here. You want to the bathroom to be very comfortable. You want every bathroom piece (shower, bath vanity, tub, flooring) to work together to make a harmonious and comfortable room. You also don’t want to spend $50,000 doing it. To make the most out of a bathroom renovation, you’ve got to figure out what’s not working and how to change it on the cheap. Let’s consider that bath vanity, for example. If you have an old, broken down bath vanity, it may be the dealbreaker that makes someone not want to buy your house. Buying a new pedestal, chest, or vessel sink bath vanity can be the change that brightens up your bathroom. Stores like Modern Bathroom have a bath vanity available for every taste, and you may luck out and find the perfect used one elsewhere. Of course, buying a new bath vanity isn’t going to revolutionize every bathroom; some will require more work. But look at every individual piece in the room and change only that which isn’t working. You’ll save money this way over performing a total bathroom overhaul.
2. Kitchen. The kitchen is the other place that people look when they’re visiting a house for the first time. If it’s old-fashioned, with ancient amenities, no modern facilities, and ugly cabinets, you may have homebuyers passing you buy. If you have to lower the sale price of your house, that’s equity slipping down the drain. Sometimes, overhauling a kitchen is as simple as repainting the cabinets and adding new candles. But other times you have to update the floors, add lighting, buy new appliances, and other investments. It’s no cheap thing, but if you want to make it work you may have to change your kitchen drastically to make your larger home attractive to buyers, thereby adding equity to your home. Kitchen renovations don’t usually pay off quite as much as bathroom renovations, but it’s close.
3. Bedrooms. The more bedrooms you have in your house (within reason), the more you’ll be able to sell it for when it comes time to sell. In this case, it may start to make sense to knock down some walls and add others, in order to add another bedroom. This will let you rent out your home for hundreds more a month, or sell it for tens of thousands higher. You may want to talk to an architect in order to figure out exactly how adding a bedroom to your home may best benefit you and your equity.
There are lots of ways to add equity to your home, but these are some of the easiest, that will pay off in big ways per dollar spent. It’s important to keep track of how much you’re spending, then to talk to an agent or appraiser to figure out how much your home is worth now that you’ve made the investments that you have.
Article submitted By Community writer