Increasing Your Home Equity
Sunday Feb 20th, 2022
Toronto’s real estate investment is not nearly as stable as it once was. It swings up and down with the weather, but its dynamics are still a lot more complicated than most people think. As the Equity Master, I know how and when to best sell and buy, keep your equity stable and weather the market changes.
The GTA housing market is constantly becoming more complex and volatile. Many factors contribute to this, including economic conditions, developing trends in housing construction and the type of buyer or seller that is seeking to acquire housing.
Toronto real estate as a whole has been on the rise for the past few years. It’s been a wild ride and most people will tell you to stay away from buying into it because of the volatility that comes with it. But what if we told you there was a way to see where your property could go in just one minute?
Let’s have a look at how you can improve your home value to increase home equity!
1. Upgrading to High-demand Finishes
There are a few ways to increase your wealth by increasing the value of your home. One way is by upgrading your home’s interior to high demand finishes like granite countertops, stainless steel appliances, and hardwood flooring. With more demand on high-end finishes, more homeowners are going ahead with these changes. This can lead to bigger profits at resale time as they can sell their property for a higher value than they paid for it originally.
2. Energy Efficient Home Features
At first glance, it might seem like an expensive proposition, but upgrading your home with energy efficient features can help you increase the value of your home by up to 40%. Energy efficiency features for your home can include energy-efficient appliances, fixtures, and insulation.
Turning around using these energy-efficient features will help you save on utility costs from month to month. Plus, it's a smart investment since these features are more likely to be in demand in the future.
3. Kitchen and Bathroom Upgrades
The best way would be to spend it on home renovations that will add value to your property. These include adding new bathrooms, kitchen, and exterior fixes like painting. These renovation projects can make you a more attractive property and likely generate additional income from renters or buyers. If a home is worth $100,000, then spending $5,000 on upgrades will increase your home's value by about $10,000.
4. Landscaping in the Front
The front of your house is the first thing that people see when they visit. It's also the most important part of your property. In order to increase home equity, it's important to increase the curb appeal of your front yard. The landscaping in the front of the house can make or break a property. A well-made entrance can provide curb appeal to the home and make prospective buyers walk further into the property just for a peek at what might be inside.
In order to spruce up landscaping in front of your home, try installing some plants and flowers, as well as add more greenery around the house. This will help cut down on maintenance and maximize potential for potential buyers who are walking through your yard.
Some other ideas for this section include adding more vegetation, adding more color with flowers, planting ivy around mailbox or driveway, installing cobblestone around perimeters of the property, plant some trees near foundations, or even adding a pool in front of your house.
Whatever your preferences may be, I can help you figure out the best plan to generate the greatest impact for the least amount of dollars and the highest return on your equity investment! Contact me here for a consultation.