When you own a home, one of your top priorities should be to build equity into that home as quickly as possible. If you’re able to build a lot of equity into your home
, you’ll own more of the home than your lender does, which puts you in a great position when the time comes for you to sell that property.
While just being in a home for a long period of time will help you build equity by paying down your mortgage and the likely increase in property values, there are other ways that you can quickly build more equity into your home. To help you see how this can be done, here are three of the best home improvement projects that will build home equity quickly.
Bathroom And Kitchen Remodels
If you’re thinking about remodeling part of your home, Marian White, a contributor to Moving.com, recommends that you focus your attention on the bathrooms or kitchen.
The money that’s spent on remodeling kitchens and bathrooms will often see the best return on the investment because there are areas that are big selling points for future buyers. So if you’re wanting to quickly make your home more appealing and more valuable to another buyer, spending your money in one of these two areas is ideal.
Clean Up Your Home’s Exterior
Another area of your home that will help make your property more valuable and, in turn, help you to build more equity into the property, is to clean up the exterior of the home.
According to Amy Fontinelle, a contributor to Investopedia.com, doing things like replacing the front door, cleaning out the gutters, washing or painting the house, and improving the landscaping will all make the entire property appear more expensive. So especially if you’re trying to sell the home for more than you paid for it, these home improvement projects can go a long way toward doing this.
Add Some Square Footage
To really see a huge difference in the value of your home since you bought it, Beth Buczynski, a contributor to Market Watch, recommends that you take steps to make the home bigger by adding square footage.
Although this definitely isn’t a small home improvement project, adding square footage is an undeniable way to make your home worth more and build immediate equity into the property. Even if you don’t want to do something like adding an extra room on, even finishing a previously unfinished basement or adding on a deck or patio can count as adding more square footage of living space to the property.
If you’re wanting to build more equity into your home by doing home improvement projects, consider using the tips mentioned above to help you know where to focus your efforts.