As a homeowner, you probably already understand that renovations can add value to your home. But not all home improvements are equal. So where do you start if you’re looking to build equity in your home? Let’s take a look at some of the best (and sometimes easier) renovations to consider:
- Update your fixtures. Replace knobs or pulls, fix leaky faucets or poor drainage. Consider replacing the tile backsplash or the grout in your shower. You don’t have to perform a complete bathroom renovation to add value to your home.
- Focus on your kitchen. Your kitchen is likely the central hub for all activity in your home, so it must look modern, clean, and updated. But that doesn’t mean you have to do a complete remodel. Instead, consider installing energy-efficient lighting, updating your faucet, or adding accent colors to your cabinet doors with new hardware. If your budget allows, upgrade your appliances with energy-efficient options.
- Use all your space. Are you using all of your home’s square footage? For example, can you refinish your basement or other space in your home (even your attic) to make it more liveable? Again, you don’t have to spend a lot to put in flooring or paint the walls to make areas habitable. But it can boost the value of your home when you finish empty rooms.
- Replace your flooring. If you have used up carpet, get rid of it. Nowadays, wall-to-wall carpeting is not a home feature people want. Instead, install hardwood floors (or a less expensive modern-type flooring) throughout your home to maximize its value.
- Eliminate clutter. Everything should have a place in your home. Create storage where you need it inside or outside of your home. Whether you add a storage unit to your property or create shelving in different rooms, it will always add value to your home.
- Update your landscaping. Curb appeal matters. Take care of your yard and any other landscaping on your property. You don’t have to add expensive plants or fountains to your yard. Instead, keep up with your lawn and any flowers, shrubbery, or trees you have.
- Add energy-efficient windows. Not only will replacing your old windows with energy-efficient ones add value to your home, but you’ll save money on your energy bills each month. It’s an investment that is well worth the money.
By focusing on critical areas in your home—kitchen, bathroom, lighting, flooring, windows, and landscaping—you can build your home’s equity with both simple and more extensive upgrades. And the more value you can add to your home, the better offer you’ll be, regardless of your future.
If you already have some equity in your home, consider using a Home Equity Line of Credit to help with any further updates you make. At QCB, our HELOCs have low rates, and you can use the available funds as needed. Plus, you may be able to off the interest on your taxes.* Find out more here.
*Consult your tax advisor.
