Owning your own home is a huge investment, but it’s an investment that will almost always pay off in the end. Once you are ready to list your home for sale, you’ll want to see a list price that is higher than what you paid.
Investing in upgrades while you occupy the home will give you the best chance to gain equity in your property. Make money off of living a comfortable lifestyle, and check out a few of the most lucrative, equity-boosting upgrades for your home.
Minor kitchen remodel
Remodeling your kitchen on a small scale will make a nicer place for you and your family to commune, and it will make your home more sellable. Cosmetic upgrades to your kitchen can make a huge impact without drastically changing the floorplan of the room.
Invest in nice lighting options, a new oven and cooktop, new sinks and fixtures, and upgrade the countertops in your kitchen. You may also want to rethink the flooring in your kitchen. It is one of the most heavily trafficked rooms in the house, so choose a sturdy material.
Minor bathroom remodel
You will make money on a minor bathroom remodel, as long as you watch your spending as you progress with the work. You won’t have to spend a fortune to get the room looking like a million bucks.
Invest in upgrading the tile, floors, sinks, toilet, vanity, and fixtures in your bathroom. Recaulk around the bathtub to make it look fresh, and consider reglazing the tub if it looks run down. The last two suggestions together will only cost you around $400.
Finish the basement or attic
Anytime you can add more livable space to your home, you are adding value. Spend the money to finish the basement or attic, and turn it into a comfortable man cave or in-law suite. You’ll recoup the cost the remodel when you sell the home, and you’ll enjoy the upgrades until you do.
Add a deck or porch
Adding a designated chill space outside of your home is also a lucrative investment. Your home will gain equity and curb appeal at the same time. Use pressure-treated wood with a simple pattern, and you’ve got a great space for grilling and chilling.
Give the living room a fresh coat of paint
Give your living room a fresh coat of paint and some new furniture, and you’ll up your home’s equity in an instant. Painting is the simplest way to upgrade any room in your home, and it won’t cost you a fortune.
Always consider painting before you consider any other method of refurbishment. If you can’t paint it, then consider replacing it.