Top ways to add equity to your home.

Top ways to add equity to your home.

Top ways to add equity to your home.

POSTED BY Adam Wishart ON 14 Sep 2023

Adding equity to your home can be beneficial for various reasons, such as increasing its value, improving its marketability, or securing better financing options. Here are some effective ways to add equity to your home:

Renovations and Upgrades: Undertake strategic renovations and upgrades that have a high return on investment (ROI). Focus on key areas such as the kitchen, bathrooms, flooring, and curb appeal.  Look at current trends and see what is possible e.g., can you create a butler's pantry, or a cover dated tiled flooring with a timber hybrid?

Kitchen Remodel: The kitchen is often considered the heart of the home. A well-designed and updated kitchen can significantly increase your home's value and appeal to potential buyers.  Think about the colours and what will last the test of time, what is 'in' now might not be so popular in 10 year's time. Investing in good quality bench tops and appliances will always appeal to future buyers.

Bathroom Upgrades: Similar to the kitchen, modernizing bathrooms can provide a substantial boost in equity. Consider upgrading fixtures, adding energy-efficient features, or installing a walk-in shower.  Neutral tones work best in bathrooms allowing the homeowner to add a pop of their favourite colour with their towels and accessories.

Landscaping and Curb Appeal: Enhance your home's exterior by investing in landscaping improvements. Well-maintained gardens, a manicured lawn, and attractive curb appeal can leave a lasting impression and increase your home's value. Before planting trees understand how they grow, whether their roots are likely to eventually lift the path or driveway, and will they drop leaves, flowers or berries on common areas.

Energy-Efficient Improvements: Install energy-efficient features such as solar panels, energy-efficient windows, insulation, or a smart home system. These upgrades can lower utility bills and attract environmentally conscious buyers.

Add Extra Living Space: Consider adding square footage to your home by finishing the basement, converting the attic, or building an addition. More livable space equates to increased value and functionality.  Don't forget that you can also create other liveable spaces outside too by adding a pergola, designated seating or even a firepit.

Upgrade Flooring: Replace outdated or worn flooring with more modern and durable options. Hardwood, laminate, or tile flooring can significantly enhance the overall appeal of your home.  If living in a more moderate climate, consider under floor heating in key rooms to take that early morning chill off the room.

Fresh Paint and Decor: A fresh coat of paint can work wonders in improving the aesthetics of your home. Choose neutral colors that appeal to a broad range of buyers. Additionally, update decor and remove personal items to create a more universally appealing space.  Wallpaper can be divisive but used correctly can add to the appeal of a room by highlighting a a feature wall, making the need for expensive artwork unnecessary.

Improve Energy Efficiency: Make your home more energy-efficient by upgrading insulation, sealing air leaks, and installing efficient Heating, Ventilating and A/C systems. Energy-efficient homes are increasingly desirable and can command higher prices.

Maintain and Repair: Regular maintenance and prompt repairs are essential to preserve your home's value. Fixing plumbing issues, addressing electrical problems, or repairing a leaky roof will prevent larger problems down the line and maintain the integrity of your home. Always, keep an eye on pests and in particular, ensure that you have regular pest inspections to prevent termites.

Remember, the best ways to add equity to your home may vary depending on your location, market conditions, and the specific needs of your property. It's advisable to consult with a local real estate professional or contractor to determine the most effective strategies for your situation so that you get the best bang for your buck!