A home is more than just a place to hang your hat. It is also an investment, and home improvement tips can help you increase its value.
When real estate is purchased, the intention (and hope) is that the value of the home will increase over time. This will often be the result of external factors. For example, if the population grows and exceeds the availability of housing, the equity of a home will increase. But, this is the passive factor. The homeowner has no control over this type of situation. There are, however, many ways a homeowner can increase the equity of a property. The most common is through a home improvement strategy.
As the name would imply, home improvement refers to taking steps needed to make a home look better or be more comfortable to live in. There are several ways one can achieve in either the interior or the exterior of a home.
One common way to improve the interior of the home is to remodel a room. The two most common rooms often remodeled are the bathroom and the kitchen. When either (or both) of these rooms are redesigned to reflect a modern or unique look, the home will increase in value. This is because most bathrooms and kitchens embody a “standard” look. This is fine, but will not do very much to improve the overall equity of the property. This is because “standard” and “same” do not stimulate interest.
There are many ways to improve a home from the exterior. One of the most common involves making an addition to the home. This addition could be a front or back porch, a room that is an extension to the primary structure, or even building a garage. In essence, the addition of a new room serves the purpose of making the property larger, more spacious, and having more to offer. This will have a significant effect on the equity of the home provided it is done properly.
But, what if you lack the time or resources to make an addition? There are other means of improving the exterior of the home such as re-painting, re-siding or installing new doors and or windows. Essentially, anything that can make your home look new and improved will have a positive effect on the equity of the home.
Beware of certain home improvement strategies that may not appeal to everyone. For example, adding an in-ground swimming pool may be appealing to some. Others will look at it as a very expensive amenity. As a result, it may deter some people from purchasing as not increase the value of a home. Then again, there will be those individuals that will look at an in-ground pool as a valuable aspect. So, this would be a “question mark” as opposed to an item with a definitive value.
Sticking with tried and true equity boosting methods however, generally can’t go wrong. That is conventional wisdom to live by.