5 Ways To Increase The Value Of Your Home
Owning a home is a treasure trove of opportunity. You can keep the home and live in it for your whole life. You can buy and quickly sell the home for a profit. You may also choose to do both and live in the home while slowly working to improve it and build equity.
If you’re looking to turn a profit on your home at resale, you’ll have to work to make it better than it was when you bought it. Take a quick peek at this compilation of some of the most useful ways to increase the value of your home, and get to work today.
Add livable space outside
Upgrading your home while you live in it will add value to the property, but not all upgrades were created equally. Some upgrades are more lucrative than others, and you’ll get a better ROI (return on investment) when you upgrade the hotspots of your home.
For instance, adding an outdoor living space will draw a comfortable return. Adding a DIY outdoor kitchen will do even more to raise the value of your property. Spending money adding a kids play area outside won’t bring as good of a return.
Upgrade the kitchen
The kitchen is a central space in a home, and homebuyers value a capable, comfortable kitchen setting. Investing in your kitchen will almost always bring close to a 100 ROI, so it’s always worth the money to spruce up the kitchen.
Quality countertops, solid storage options, energy saving appliances, and plenty of seating options will give you a good start on a stellar kitchen design.
Pay higher payments on your mortgage
You can always build equity in your home by paying it off faster. If you pay more than your minimum payment each month, you’re saving yourself the cost of interest. Every time you knock off a payment cycle, you gain equity. Pay double payments each month, and you could save thousands on interest.
Pay a bigger down payment
Making a bigger down payment in the very beginning is also helpful. A large down payment means that there will be less to finance, less interest to accrue, and a shorter repayment period. All of those things are extremely helpful in maximizing the return on your real estate investment.
Time is also a big helper
Of course, you could always just live in and maintain the home for a while. Time is a proper tool for increasing the value of your home. Real estate waxes and wanes in value, but the overall value of your home will always increase over the years. Just wait long enough, and you’ll be able to sell the home for more than you paid for it.