Buying a house not only gives you a home to call your own, but it helps you build wealth over time. When you make improvements to your house, you may increase its value. Here are four summer home improvement tips that can make you wealthier.
Beautify your yard.
While it may not seem like a big deal to you, cleaning up your yard can make a big difference particularly if you plan to sell your house. Smart landscaping such as trimmed trees, eye-catching flower beds and well-maintained edging can make a good first impression to potential buyers not only of your house but of the houses of your neighbors. Why does that matter? When your neighbors sell their homes for more money, the value of your house goes up. Some estimates say a well-kept yard could increase the value of your home by 15% to 20%.
Add a deck or patio.
If you’ve been dreaming about sitting in your yard with a book or entertaining friends outdoors, there’s another reason adding a deck or patio might be a good investment: homebuyers are likely to pay more for a house with a deck or a patio. In fact, some estimates say as much as 80% of what you spend on a deck will be added to your home’s value.
Create an area for grilling and eating.
Who doesn’t love a good barbecue? Cooking out is one of the greatest summer pastimes. But it can also be good for your bank account years from now. Potentially 100% of the money spent on a built-in grill and dining area, also known as an outdoor kitchen, could be recouped due to the increased value of your home.
Put on a fresh coat of paint.
Painting your house can brighten your home and infuse a new sense of energy, but it can also increase the value of your home by an estimated 2% to 5%. It’s also a project that typically costs less than other major renovations. Some of the color combinations that are most popular with buyers include white and black, gray and white, and beige and white.
While some of these renovations could be costly, one way to finance them is by using the equity in your house. Learn more about how your house can bail you out of a cash crunch.
