Are you looking to sell your home? Refinance? Just give your place a little spruce-up? Increasing your home’s value is important for a number of reasons. For example, higher home equity will allow you to borrow more money in the event that you apply for a home equity loan that can be used for home remodeling projects, college tuition payments, and debt consolidation. Here are nine surprising ways to boost your equity.
Hire a Landscaper
Does the outside of your home look like a jungle? If you’re afraid of losing your kids under the foliage in your yard, you should hire a landscaper. They can give the outside of your home a facelift by planting grass, trees, shrubs, and flowers. Besides making your home more appealing to passersby, a landscaper can help you boost your home equity. This is especially important if you plan to sell your home soon. If the outside of your home is unattractive, potential home buyers may run the other way before even giving the inside a chance.
Buy New Appliances
Do your household appliances look like they are straight out of the ’70s? If your dishwasher and refrigerator have seen better days, opt for new energy-saving appliances. Besides saving money on your electric bill, you will increase the value of your home. Many potential home buyers look for new stainless steel appliances during a home search. Improve your chances of selling your home for a good price in the near future and save on your bill at the same time, and you’ll impress the lender when applying for a home equity loan while you’re at it.
Update Your Lighting
Another great way to increase your home’s value is to update your lighting. Many contractors install builder’s grade lighting in new homes. Builder’s grade is never ideal. If your lighting is lackluster, install a few stylish new fixtures such as pendant lights in the kitchen, a chandelier in your foyer, and ceiling fans in your sunroom.
Make Your Home Energy Efficient
Energy-efficient solutions are very trendy right now, but they're also a great investment in the future. If you care about the environment or like saving money, this will also benefit you as well as boost your home equity. Potential buyers also love the idea of lower energy bills. Easy ways to make your home more energy efficient are to install low-flow showerheads, seal all windows properly and add weatherstripping if necessary, make the switch to Halogen or LED lightbulbs, and add insulation to your attic if there isn't any already there.
Add Closet Space
Many older homes tend to lack the amount of closet space home buyers prefer today. If you only have a few small closets in your home, think about building some extra storage space. It’s typically not too costly, and you’re almost guaranteed to make your money back. Your home equity may increase, and you will have organized spaces to store your belongings.
Clean Your Gutters
Gutters aren't given enough credit for the big job they do. Properly designed and cleaned gutters direct water away from your house, which protects your home from roof and foundation damage. If the gutters are broken, dirty, or not installed properly then you face a serious risk of damage to your home from ice and water. Gutters in poor condition can take away anywhere from $500-$1,000 from your home's value, and that's not something you can just ignore. Cleaning them every spring and fall is a great way to keep leaves and other gunk out from creating a blockage. You can even get a hose attachment to make this job easier. Just start near a downspout, remove large debris, and flush out the gutters to clear everything away.
Get the Right Gutter Types
Gutters come in all sort of shapes, colors, and prices, so you're pretty much guaranteed to find exactly what you need. It's also important to consider what type of gutters your home needs. You'll want colors that match and a design that doesn't stand out too much. There are so many materials to choose from, ranging from aluminum to vinyl. You can also add a rainwater collection system and more.
K-style gutters have flat bottoms and mimic crown molding and have twice the capacity of another option, the half-round. The half-round gutter style is half a round tube and is usually found on older houses. Downspouts also come with a lot of options to consider. You need to decide on width and what type of design you want. The wider the downspout, the more rain can escape.
Downspouts can come in plain styles or cute, decorative selections. However, the material of the gutter can be just as important as the style. The most popular material options are:
- Aluminum: Most commonly used material, lightweight and easy to install, won't rust, cheap, comes in many colors
- Seamless Aluminum: Same as regular aluminum but less prone to leaks, costs a little more than regular aluminum gutters
- Copper: Beautiful color, won't rust, expensive, requires professional installation
- Steel: Strong, many color options, very heavy
- Vinyl: Lightweight, cheap, not durable, fades in the sunlight
- Zinc: Durable and long-lasting, doesn't require paint, expensive, requires professional installation
Install Gutters Properly
Properly designed gutters direct the flow of water away from the roof and foundation, extending the life of your home. Gutters that are installed correctly are also leveled, so no water pools anywhere. We'd recommend calling a professional to ensure you get the results you're looking for and end up with beautiful, quality gutters that last for many years. If you're insistent on doing it yourself, follow the steps below and follow all standard safety procedures.
- Evaluate. Walk around your home and inspect the gutters and area around them. Make sure to take note of any rotting wood or other damages. Remove any damaged wood, replace it, and get it painted and primed before you start installing new gutters.
- Measure. Record the length of your current gutters and mark the locations of downspouts, which will provide you with an easy guide on where to put your new gutters.
- Prepare. Make sure you have the required amount of elbow joints, downspouts, and other materials to complete the project.
- Cut & Join Gutters. Cut everything to the correct length and connect the parts together. It's important to pre-assemble everything so your project goes smoothly and quickly.
- Add Downspouts & Outlets. Mark where these need to be on the length of the gutter and cut out the holes for the downspouts and outlets.
- Hang the Gutters. Hang the pieces in sections. Don't try and lift up too much at once or you could injure yourself and damage the materials.
- Add Flashing & Hangers. Flashing is a piece of metal that goes up under the shingles next to the gutters and protects your home from water damage. Hangers help the gutter hold its shape and stay strong. Each of these needs to be added about every two feet.
- Install Downspouts. Attach these to the holes you cut earlier and crimp the ends so you can fit them inside the rest of the gutter. Attach brackets to your home and fasten the downspouts to the brackets to hold them in place.
- Ask For Help. Don't be afraid to seek out help if you get stuck or encounter a problem. Look up DIY videos and articles, ask a worker at Lowe's, or call a professional if you really need to!
Double Your Mortgage Payments
Since home equity is calculated by subtracting the amount that you owe from the value of the home, the easiest way to increase your home equity may be to double your mortgage payments to your lender each month. You’ll also save money on the interest of your loan. Making larger mortgage payments will allow you to quickly see your home equity increase and your liability decrease.
Boosting your home’s equity is one of the first steps to building wealth. Really, you have nothing to lose by increasing your home equity. You'll have an even more beautiful home that will be a breeze to sell if you decide to move.
