5 Simple things you can do to build equity in your home
1. Exterior Upgrades
It is said that first impressions are typically the most important. This is true in a job interview and it can ring true with a home. Things like new siding, fresh paint, updated windows and a new front door are items that make a good first impression. Maintaining the exterior of your home isn’t just a good decision when you are thinking of selling, it’s a good long-term investment because it protects the structure of your home. New doors and windows can help increase the homes efficiency by cutting down on those drafts! Annual exterior maintenance is never a bad idea.
2. Well Planned Additions
An addition to your home will increase its usable square footage and in turn add value to your home. Experts say that a well-planned out addition can give you up to a 72% return on investment. Looking back on the first way to add value to your home, it is important that the addition from the exterior is balanced and blends with your existing structure. I can’t tell you how many times I have looked at homes where it is obvious where additions were built. This is where hiring a designer to achieve the look and function you are wanting is critical. The interior flow and function of the new addition also needs to be a high priority. If the addition is not designed well, potential buyers will be turned away because the extra square footage no longer is an asset but a liability that they need to alter for it to function well. Things to consider when adding an addition onto your home. First, make sure the overall style of the home’s exterior is maintained. If the addition is large enough, a designer can help re-create the exterior to have a new style. Second, make sure the door and window openings in the new addition match or emulate the existing homes doors and windows. Proportion is a very important aspect of good design.
A clean and updated bathroom is a great investment for your home. Bathrooms that are functional and beautiful can add a lot of value. Because these spaces are smaller than other areas of your home, take time to consider the finishes. Use good quality materials that can stand up to the daily use that a family requires. When remodeling a bathroom, consider adding storage or, if space allows, separating the toilet/shower area from the vanity space. This is a great layout for a family with multiple kids using the same bathroom. By separating the sink area from the toilet/shower, multiple functions are able to happen simultaneously in the mornings. This can also help with keeping our sanity in the mornings. Master bathrooms are typically designed to be somewhat of a sanctuary. These rooms are typically tailored to the needs and wants of the homeowners. Steam showers, soaking tubs, walk-in showers, double vanities, toilet enclosures are all features that can add value to a master bath.
Finishing a basement is a great way to add usable square footage to your home. Just like a home addition adding value to your home, finishing a basement is also a great option. Family room, bathroom, bedrooms, laundry rooms and storage areas are all good ideas when looking at your unfinished basement. Because it is a basement, make sure you add adequate lighting. By making the spaces brighter, it won’t feel like you are in a basement, especially when you don’t have many windows for natural light. Before finishing a lower level, make sure that the foundation drainage is adequate and you aren’t covering up issues that will become a nightmare later on. Waterproofing a foundation and keeping the basement dry is priority #1. Selecting appropriate flooring is also important. Do not choose materials that are not meant for areas below grade. Wood flooring should never be used in a basement application.
Upgrading a kitchen is one of the best ways to increase the value of your home. If your kitchen is already a functional space, replacing the countertop or adding a tile backsplash can help increase value. If your kitchen is a hot mess, a designer can help plan your kitchen and make it more functional. A full remodel of a kitchen is a huge undertaking, but after it is done, it will be something you wished you would have done years ago. Increasing usable storage, adding countertop space, increasing seating and re-positioning cooking spaces are all good considerations when planning out a kitchen. If space allows, adding a pantry room is a great way to increase storage.
With mortgage rates at all time lows, now is a great time to start the conversation about adding equity. Well-designed spaces can help simplify your life and create peace and harmony. If you are constantly fighting your home on cleanability, storage and function, talk to a designer that can help you love your home again. Families evolve and change with time and your home should evolve with you. What you needed when you had babies will change when they become teenagers. If you are ready to add value to your home, reach out to see how lilyhome design + build can help you. www.lilyhomedesignbuild.com