Homeowners understand that through renovations—both big and small—they can successfully add value to their home. The only problem is knowing where to start; what projects should homeowners invest their hard-earned money and time into in order to build equity?
Fix your fixtures
In an ideal world, a complete bathroom renovation would be first on your equity-building to-do list. But, if that’s too much for your budget, there are less expensive fixes that can have a real impact.
“Outdated and boring bathroom fixtures can really take away from your bathroom’s style and feel. Upgrade fixtures, such as knobs and pulls, check for leaky faucets or poor drainage, consider re-grouting your shower or installing a tile backsplash, and always keep it clean,” advises Mady Dahlstrom, U.S. News & World Report contributor.
Ring the dinner bell
In most homes, the kitchen serves as the central hub, and when buyers check out a home they are looking for one that is modern, clean and updated.
If a complete renovation is out of the question, you can add value by simply installing new and energy-efficient lighting fixtures, swapping out the old faucet and accenting your cabinet doors with new hardware, according to Bankrate.com writer Teri Cettina.
“The kitchen is the part of the home that gets the greatest return when updated. While a more expensive option, upgrading your current kitchen appliances like dishwashers, microwaves and stoves can increase the value of your home. Consider choosing stainless steel when updating your kitchen as this style is a popular look for buyers,” advises Dahlstrom.
Since piles of clothes, toys and paper can mask the amazing attributes of your home and make it feel smaller than it actually is, you need to do a thorough decluttering, according to U.S. News & World Report writer Ray Boss, Jr. And, once the clutter is tackled and you’ve put effort into organizing your home, Boss recommends painting interior walls to give your home “a crisp look and a hint of that new-house smell.”
Upgrade your entrance
If you’ve been living with a stuck slider or a banged up front door, it’s time for an upgrade.
“The front and rear doors should be both aesthetically pleasing and in good working order. The last thing you want is for prospective buyers to be greeted by a beat-up door they have to throw themselves at to open,” reports Boss.
Your home’s existing square footage might be housing a currently underused equity-building area.
“Refinishing a basement or other space can dramatically boost the value of a house in some areas,” reports U.S. News & World Report contributor Maryalene LaPonsie.
Retire your vacuum
Wall-to-wall carpeting is no longer a highly sought after home feature giving way to hardwood floors as the popular choice, according to Dahlstrom.
“While the idea of removing carpeting and refinishing wood floors on your own can seem like a daunting task, with the proper tools this DIY project can be done on a budget. From prepping and removing carpet to stripping, sanding and cleaning the floor to stain and seal, hardwood flooring can deliver a significant return on investment,” reports Dahlstrom.
While most of your attention will focus on improvements on the inside, your home’s outside needs a little love, too.
“Any yardwork that improves the curb appeal of your home will benefit you long term,” according to Dahlstrom.
By focusing on key areas in your home—kitchen, bathroom, lighting, flooring and landscaping—you can build your home’s equity with both simple and more extensive fixes.