Gaining equity is an exciting part of home ownership. Being able to take out a loan or line of credit just by regularly paying your mortgage is a major financial resource, and it never hurts to boost your property value and access greater funding down the line. Home remodels can range from budget-friendly to major investments, and there’s an upgrade available at everyone’s price point to make a meaningful difference in your home’s value. Below are several ideas you can consider to increase value and get the most bang for your buck.
New Kitchen Appliances
If there is any space where remodels can have the greatest impact on your quality of living, the kitchen is it. But before you throw thousands of dollars into ripping out cabinets and replacing all your counters, it’s better to look at your appliances and smaller details. A new kitchen sink, energy-efficient fridge, stove and dishwasher can boost the value of your home and still feel natural. Unless it is part of a bigger renovation, avoid overhauls that make your kitchen feel like it belongs in an entirely different house. Investing too much in remodeling one room can actually decrease the value of your property because it isn’t consistent with other properties in the local market.
Open a Room and Install a Home Elevator
Open living spaces and large bedrooms are always a plus. If you have a wall separating the dining area from the living room, consider having it removed to give your floor plan a greater flow. You can also remove a smaller room that’s underused and use it to expand the space in a bedroom. You can also make a room more accessible by adding a home elevator. A Lifton home elevator can be installed in an average house and make it feel more modern. A home elevator is a modern amenity that isn’t as expensive to install as you might think and they can also be used to increase accessibility.
Create a Backyard Space
Outdoor spaces that are well-landscaped and include a patio or deck can increase your property value for minimal remodeling costs. You can consider installing planters for gardening and a pergola for added shade during the summer. While backyard renovations can increase home equity value, you should avoid any costly additions if you aren’t planning on using them yourself. An in-ground pool, for example, may be a luxury for you, but it could be considered a costly burden for a potential buyer.
Update the Exterior
Fresh paint can make a world of difference, especially if your home’s exterior has not been touched since it was built 10 or more years ago. Also consider new window treatments and replacing outdated exterior doors. A modern touch-up can increase curb appeal and boost property value without requiring any disruptive overhauls indoors. While you are addressing the outside of your house, it is the perfect time to consider your overall decor. Do you have a specific style you’d like to strive toward, like rustic or French country? Identify your primary theme so you can create a color palette for your entire home and future remodel projects.