When it comes to home renovation projects, not all are created equal. Some will do very little to increase the value of your home, while others can actually add a good bit of equity. If you're looking to add value to your home, either to make a profit when you sell or to borrow against for other purposes, here are three home renovation projects that are sure to add equity.
#1 - Kitchen Remodels
A kitchen remodel is almost always going to add more value to your home than the cost of the remodel itself. A mid-range kitchen remodel can cost anywhere from $20,000 to $50,000, but it's not uncommon for that remodel to increase the value of your home by more than $100,000. If you're thinking about selling your home in the next few years, a kitchen remodel is a great way to add some quick equity.
#2 - Adding a Bathroom
Adding an extra bathroom to your home is also a great way to increase its value. A simple half-bath can be added for as little as $5,000-$10,000, but it's not uncommon for that bathroom to increase the value of your home by $20,000 or more. If you have the space and you're thinking about adding an extra bathroom, it's definitely worth considering from an investment perspective.
#3 - Finishing a Basement or Attic Space
Another great way to add value to your home is by finishing an unfinished basement or attic space. This can be a fairly inexpensive project if you're doing most of the work yourself, and it can easily increase the value of your home by $10,000 or more. If you have an unfinished space in your home that you're not using for anything, consider finishing it and adding some instant equity to your property.
Home renovation projects are a great way to add value to your property. However, not all projects are created equal. Some will do very little to increase the value of your home while others can actually add quite a bit of equity. If you're interested in adding value to your home, consider one of these three excellent options: kitchen remodels, adding an extra bathroom, or finishing an unfinished basement or attic space.
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