6 Frugal Tips to Increase the
Equity of Your Home
home equity articles and tips
Whether you are putting your home on the market or looking at home repairs and wondering where to start, the renovations you choose should improve your home’s equity. Here are six of the top renovations for increasing your home’s value.
Upgrading Your Indoor Systems
One of the first things a potential buyer will look at is your heating and cooling, electrical, sewer, and plumbing systems. You don’t have to install a custom-made HVAC system, but you should have these vital systems inspected by a professional. Pay particular attention to these aspects:
- Old or faulty wiring
- Problematic plumbing fixtures
- Inefficient heating or cooling components
- Issues with your roof
Make these issues a high priority on your list of renovations.
Adding a Deck
Nothing improves the appeal of your yard as much as a deck or patio space. If you don’t already have a deck or patio, consider adding one. Wood decks and cobblestone patios are considered the best options, but even a poured concrete patio is better than not having one.
If you already have a patio or deck, make sure your patio furniture fits together as a set and is in good condition. This can make a big difference to the way a potential buyer views your house. You may also want to consider adding features such as a fire pit or outdoor lighting.
Remodeling Your Kitchen
The kitchen is such a huge component of home value that many real estate experts assert that “anything you do to improve your kitchen will add value.” Here are some kitchen improvements to consider:
- Re-flooring, especially if you have a vinyl floor now
- Refinishing cabinets
- Replacing appliances
Your kitchen can make or break a home sell, so investing some time and funds in this room is a great idea. In fact, it is estimated that homeowners can expect a 60-120% return on kitchen remodels.
Replacing Your Windows
Your windows account for the biggest amount of heat gain in your home. This is exacerbated by single-pane windows and windows that aren’t properly sealed. Cracks, gaps, or chips in the caulk around your windows can let cooled air out. Single-panes let in more heat from direct sunlight.
You can, and should, repair your windows’ seals by re-caulking. You should also keep the windows covered when the sun is shining in. However, these measures can only do so much. If you’re looking to increase your home’s value, talk to windows experts like those at Comfort King Ltd. about installing energy efficient windows. This renovation could save you up to $500/year in heating and cooling costs, as well as provide a 60-90% return on the investment.
Maintaining Your Curb Appeal
Your home’s curb appeal has a huge impact on its overall value. One of the first things a potential buyer will notice is the state of your siding. If your siding is out of date or in desperate need of repair, a potential buyer may not even bother looking inside. When replacing your siding, consider opting for an eco-friendly siding option, such as APEX Ultrex siding, which is constructed from sand.
As with your siding, the condition of your home’s paint is one of the first things a stranger will notice about your home. Luckily, it’s a fairly easy fix. Stick with medium-hue, neutral colors. Your home should stand out in your neighborhood, but not for being painted an eye-popping color. Instead, make sure the color you choose matches the style of your home, yard, and neighborhood. Invest in high-quality paint—better paint produces a more even coat and holds up better over time.
Make these repairs to make your home more functional, energy-efficient, and appealing.
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