Home Equity as an Investment: 4 Surprising Options
Been in your home a while? If so, you’ve probably got a sizeable mental wish list of improvement projects to boost your living space’s appeal and, ideally, price point. While enhancements like a kitchen or bathroom remodel may instantly leap to mind, there are some less obvious jobs that could help you build greater value in your property.
You may have heard the stat that potential buyers decide whether or not they want a home within 8 seconds of seeing it. However, if your domicile doesn’t have the right number of bedrooms or square footage, a buyer isn’t even going to make the trip. Turning your photo album and holiday decoration storage area into an additional bedroom can significantly bump up your asking price.
If your house is older, it may not measure up to the efficiency standards buyers look for these days. With green living a continuing trend for the foreseeable future, projects like adding insulation to your attic, installing new windows, and getting a new furnace could be the difference between sitting on a hot property and being left out in the cold.
Your home could be the Taj Mahal of your neighborhood, but a problem with roof or foundation moisture could be an absolute deal breaker for a buyer. Keep in mind too, that these kinds of issues can get much worse—and more costly—if not dealt with promptly. Better to spend some money now than being forced to accept a much lower selling price in the future.
The in-demand local makeover
There’s no one-size-fits-all solution to improving your home’s price tag. A feature that buyers do backflips over in one part of the country may add little value in other regions. If your selling timeframe is within the next few years, ask a few local real estate professional about the amenities buyers in your area are placing a premium on.
Remember, the Credit Union is here to help you explore options for turning the equity in your home into the upgrades you’ve always dreamed of.