You may not be planning to sell your home anytime soon, but that doesn’t mean you shouldn’t invest in the equity of the property now. Building your home’s equity gives you value that you can use, even if you don’t sell your home.
If you ever find yourself in a bind, you may need to borrow against the equity of your home. If you’re selling your home, boosting the equity will help the property sell for more faster. You could look at this post to know more about how you could sell your home faster.
However, here is a quick overview of a few ways you can boost your home’s equity for under five hundred bucks.
Invest in some curb appeal
Adding a few touches to the outside of your home is always great for boosting property value. Spend a few hundred bucks purchasing bushes, flowers, trees, and sod. Fertilize the lawn at the right time, so it will grow full in the spring.
There’s never a second chance to make a first impression on buyers, so make sure not to forget the outside of your property. If your landscaping is already complete, spend a few hundred on a fresh coat of paint.
Upgrade your kitchen for efficiency
The kitchen is the heartbeat of the home, and homebuyers seek out properties solely for their kitchen build. Make sure your kitchen isn’t subpar, and upgrade different elements of the space for efficiency.
Install Energy Star appliances, so you can claim the costs on your taxes when the year is done. Spend a little of the budget on new countertops, and refinish the cabinets for a tip top look and a functional floor plan.
Spruce up your bathrooms
The bathrooms in your home are nearly as important to the value and sellability as the kitchen. People spend a lot of their time in the bathroom, and they want to enjoy their time. A simple makeover of your bathrooms will make a world of difference.
Replace old fixtures, paint the room with a fresh coat, and put a thorough cleaning on the space to make it far more desirable. Grime and soap scum won’t convince the bank your home is worth more.
Add a porch/deck area
Add some recreation space to the outside of your home, and you’ll likely see close to a full return on your investment. Homebuyers covet a spacious outdoor area for barbecues and other social gatherings.
Finish the attic/basement
Install insulation and drywall in your attic or basement space to expand the square footage of your home. Compounding your livable space gives you and your family more room to stretch your feet, and more rooms look far more appealing to potential homebuyers. A three bedroom home is worth more than a two bedroom home.