5 Home Remodeling Ideas that Increase Home Equity

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Mortgage and Lending with Homebase Mortgages 12785

Improving your home’s value is something you should always have in the back of your mind when you’re a homeowner. Better home value means you will have an easier time selling when you decide it is time to let go. It also means increasing your home equity so that you can tap into it in case you need some extra cash in the future. More so, do you know that you can use your existing home equity to fund home remodeling ideas? That’s investing back in your home! Below are some home remodeling or home renovations ideas that you can go for if you want to increase your home equity.

Bathroom Upgrades and Addition

Building another bathroom can add a huge value to a home, but if you cannot do this, adding upgrades such as new cabinetry or overhead storage can be great as well. Sometimes refinishing a bathroom is all it takes to add great value to a house especially if it is the master bathroom or the guest bathroom downstairs.

Kitchen Makeover

A kitchen remodel doesn’t have to mean spending so much money on appliances and finishes that look like they should be in magazines or fancy hotels. A little paint goes a long way, as well as resurfacing old counters or replacing outdated hardware. Just changing the lights and other fixtures can be friendly on the budget and still have a huge impact not just on aesthetics but also on function.

Room Reinvention

Building a new room can be very expensive but you can achieve almost the same results and add value to your home if you convert an unused room into a more functional one or decide to divide a huge room into two (or combine small ones too by knocking down partition!). If you got some unfinished attic or basement space, you can convert those spaces into an office, an additional bedroom, or a family room that you can enjoy.

Go More Energy Efficient Windows

Energy bills are usually expensive. This is why savvy homebuyers look for homes with energy efficiency built-in and are willing to pay more for such home, bringing the value of homes that are energy efficient significantly higher. Some people may balk at the idea of spending $7,500 to $10,000 to replace windows with more energy-efficient ones but the expenses can be easily recouped because not only does it add to the home’s perceived value, it also saves homeowners a few hundred dollars per year for an average home.

Update Insulation

Good insulation can save homeowners a few thousand dollars a year in power bills. More so, bad insulation will be noted by home inspectors in their reports and will bring down the value of the home. By making small changes to improve home insulation such as adding extra insulation in the attic for a couple of hundred dollars, you can save hundreds to thousands of dollars a year plus make your home more attractive to potential buyers when it is time to resell your home.

Improving your home value doesn’t have to cost a lot. Think of it as an investment towards your home equity that you can tap if a need arises in the future. If you want to use your existing home equity to pay for home remodeling, feel free to contact us and we’ll be happy to assess what we can do for you.

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Danny Papadopoulos

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