Build Equity with D.I.Y. Projects
When you feel like it is time to upgrade your home, there are many projects that you can perform yourself that will help build equity in the property and also make it more comfortable for your daily use while you weigh the decision to sell. Home improvement projects are not for everyone and you should take a good, hard look at your own mechanical inclinations before your start on a project to make sure you have the tools and experience to complete it properly and without danger to yourself. It is also a good idea to have a contractor that you can reach out to for questions should you hit a roadblock or in the unfortunate event that you create a problem you cannot resolve. The following 5 Do-It-Yourself projects are common examples of things you can do to renovate your home and build equity.
1. Fixtures
These can include changing the hardware on your cabinets or switching an outdate faucet for a new one. You might consider adding light in the form of wall sconces or increasing air flow on a patio or living room with a ceiling fan. The nice things about fixture upgrades is that most times they are not terribly expensive and require little more than a small tool kit and very basic electrical knowledge.
2. Flooring
What used to be trendy in floor coverings is probably no longer in vogue today, so it might be a good idea to consider upgrading your worn out carpet for some dark, hand-cut, hardwood flooring. Laying stone surfaces requires a wet saw and a mixer to blend the mastic, but hardwood or linoleum can be installed with a few tools and some specialized glue. The result is a stunning space that is easy to clean with a beautiful finish.
3. Updating a Bath
There are a number of things you can do to upgrade or remodel your bath without bringing in a contractor. You can re-tile the floor, shower or bath area, you can add new or more light. You can also switch out a toilet with minimal work and replace a vanity as well. These options are much cheaper than a complete gutting of the bathroom and most can be done over a weekend. The return on your investment regarding a bathroom remodel is upwards of 80%.
4. Adding a Bath
The value of adding another bath can be seen in the appraisal and sale price of the home, but the increased number of interested buyers is also a good way to show the value. This remodeling job will require a plumber and electrician to “rough-in” the space if you are not currently equipped with those utilities, which can make the price of this upgrade somewhat higher, but the value of increasing your bathroom count cannot be understated.
5. Kitchen Remodel
It is no secret that kitchen renovations require big bucks. On the low-end you can expect to spend several thousand dollars if you are installing new floors, countertops or appliances. If your budget is in jeopardy, you might consider making an impact with a smaller project like changing the hardware and cabinet doors or painting them. You can also do a partial upgrade of your most visible appliances like a stainless steel refrigerator or new range. These changes will not bring you the equity of a complete remodel, but they are significant nonetheless.
Big and Small Renovation Projects
Overall you can go big, or you can make small home renovation changes, the result will generally be an increase in your home’s equity either way. Projects that are sometimes very specific or polarizing can be exceptions. These might include loud paint choices or surface materials that are not in keeping with the times. For the most part if your project can be classified by the average person as and “improvement”, you should see the change in your equity.
