Planning the Right Investments to Add Equity to Your Home

Planning the Right Investments to Add Equity to Your Home

Adding equity to your home isn’t as easy as infomercials and contractors would like for you to believe. With careful attention to detail, however, and an idea of what is sellable in your area, as well as a realistic set of expectations, you could add the sort of detail to your home which turns buyer’s heads even now, in this rapidly shrinking housing market. One of the first things to consider, and potentially the easiest to take care of yourself, is a fresh coat of paint, particularly if it hasn’t been done in a while. Avoid overly stylish colors, as trends tend to turn quickly, and opt instead for neutral shades with an eggshell patina, preferably in a lighter shade, as this effect tends to make rooms seem bigger and more open than they really are. This renovation will add buyer interest as well as value, and if you are planning on selling soon, should more than pay for itself.

A big equity builder which isn’t as inexpensive as paint, but should give you a full return on your investment is hardwoods. Either flooring or trim, Everyone loves to see hardwoods in a home. Not only does it impart a feeling of luxury, but natural wood finishes give a home an impression of warmth that can’t be matched with painted trim or vinyl flooring. Additionally, a relatively new offering among hardware stores is environmentally friendly hardwoods, including bamboo, which is a totally renewable resource, and a beautiful flooring surface, as well. As opposed to adding only buyer interest, as paint will do, hardwoods can add value to your home as well as making it stand out strongly among other homes that buyers in your area might be looking at.

The last big area that buyers will look at is how the back yard looks. If you’ve got a mess of briar patches in your yard, and patchy, spotted grass, it’s unlikely that a prospective home buyer will choose to purchase your home over a similar home with better landscape. The name of the game is in how much work the future homebuyer won’t have to do to make their home the best looking on the block.

You won’t have to break your bank to complete any of these renovations, and thankfully, each is little more than a weekend’s worth of work. Ask some pros at a home store about laying down hardwood flooring, and use your imagination with your landscape. Your local library will have plenty of great books to give you ideas for what specifically you can do with your home. Just be careful, though, because when you get finished with your renovation, you just might find yourself not wanting to sell your home after all.

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