Choosing what projects to do around your home can be tough. Usually, we set our projects up according to what we would like to see done, but sometimes doing it that way can cost you money. Whenever you are ready to approach a new project in your home, you should consider the impact on your home’s equity. Having your home worth more than you paid for it can benefit you in many ways. Not only would you be able to get more money from the sale of your home when it comes time to sell it, but you can also use that equity to off set other projects. Here are 10 ways to easily build equity in your home.
1. Finish or update a basement
Finishing or updating a basement can go a long way toward adding equity in your home. Finishing the basement can add extra living space, and adding bathrooms would definitely add equity. But even if you just hang drywall and pre-hung doors, you will be making an improvement. Also consider updating the basement stairs to hardwood.
2. Update the kitchen
Kitchens and bathrooms add the most value to your home. A new tile back splash can be done in a day or at least a weekend, and it will instantly add value. Consider adding a new tile floor in your kitchen for increased equity.
3. Add bathroom tile
As mentioned above, the bathrooms in your home can make or break your overall home value. Consider updates such tiling the shower stall and floors in a bathroom to enhance your bottom line.
4. Install hardwood flooring
Hardwood flooring is so important to a home’s value that it is even taken into consideration when appraising your home for take purposes. Today’s hardwood flooring is getting easier and easier to install on your own. You can also refinish your own existing floors, although it is usually easier to hire a professional service for this task.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.
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