Modern Australian home exterior.
Investing

Home Improvements That Build Equity

If you are thinking about selling your home shortly, consider putting some time and money towards building equity now. It is a smart idea even if you plan to stay put for several years as some projects take considerable time to complete.

Working out the details of what projects are a great way to build equity and which additions or alterations are unlikely to be worth the cost can be tricky. Nest Realty experts have seen various trends come and go and can offer an insider’s point of view regarding home improvements that build equity.

Ten Things to Consider When Trying to Build Equity in Your Home

1. Not Every Project Will Add Great Value to Your Home

When you begin to think about ways to increase your equity, you will likely come up with an extensive list of ideas. However, refrain from attempting all the items on the list. Some projects will fail to add to your equity, and others may decrease the value. For example, adding high-end fixtures and exquisite features may price you out of your neighbourhood.

2. Seek Expert Assistance

Real estate professionals can offer insight based on their experience with those looking at homes. More importantly, your Nest Realty representative can set up a free appraisal. Once you know your home’s value, you will have less stress making decisions regarding equity and improvements.

3. Paint with Fresh Neutral Colours

A fresh coat of paint can improve nearly every space in your house. Just be sure you use a modern neutral colour that appeals to most buyers. Outdoor painting can make significant improvements, be careful of making one area seem shabby because you improved other areas. Keep things on par with each other to avoid noticeable differences.

Couple choosing from colour samples for home renovation.

4. Storage is an Investment that Pays Off

If you can add storage to your home, do it. All buyers have pet peeves when it comes to homes. However, storage space is universally coveted. Add cupboards, closets, or built-in storage benches and mention your home’s storage advantages.

5. Create an Outdoor Entertaining Area

A nicely-defined outdoor space often feels like an extra room in the house. You do not need to go overboard and try to fit too many details into a small space. A cosey patio or a balcony with a table and two chairs can help prospective buyers imagine themselves enjoying the outdoors.

6. Invest in Your Garden

Add landscaping features that you can maintain (or hire someone to maintain) because poorly kept garden areas turn off potential buyers. Keep your garden plants low and well-trimmed, and think about adding a few lights for ambience. Simple is usually best.

Landscaped garden and patio area.

7. Add a Granny Flat

If you have the right amount of space in your yard, a granny flat is usually a brilliant addition. Prospective buyers can imagine many options for using a granny flat. Aside from housing for a family member, the building could be a home office, kids’ play area, or a rental for extra income.

8. Focus Attention on a Single Amazing Feature

Do you have a fantastic tile fireplace, a gorgeous view from the dining room, or a fabulous swimming pool? If so, ensure the focal area is clean, in good repair, and otherwise ready to make a statement. Work with lighting and colour to make the site stand out and point out your feature to prospective buyers.

9. Add Value to Your Kitchen

The kitchen is typically the heart of every home. Because it is a place where you can relax and engage your family, you want comfort and spaciousness to be priorities.

Increasing your equity by improving your kitchen does not need to cost thousands of dollars. Take stock of your kitchen and replace things that are no longer working or show signs of wear. You can also create a beautiful space by refacing cabinet doors or countertops. You can add a herb garden, window boxes, or fresh-cut flowers to bring a bit of the outdoors inside the home.

Beautiful white kitchen.

10. Improve the Bathroom

Homebuyers seem to love bathrooms that have a touch of glam right now. While you want your bathroom in perfect condition, over-doing the glamourous aspects can work against you. Focus on repairing any chipped or broken basins. Paint over tub cracks and ensure the floor is in good repair. Adding fixtures, lights, and mirrors can improve the room, but they should be to scale and coordinate, not overwhelm the space.

**Please note**
The material provided here is for informational use only. It is not legally binding insurance advice and you should not use it to replace a one-on-one consultation with a licensed insurance professional.

Similar Posts