Whether you’re becoming a homeowner or looking to capitalize on real estate, there are plenty of ways you can improve the value of a property. If this is your first time doing either, you may find yourself in a rough spot trying to figure things out. The types of upgrades you can take advantage of are almost limitless as they range from simple to luxurious. In this post, we’ll be listing off the top ways to improve the value of a home.
Have Funding in Place
Before jumping into the upgrades, you first need to secure the right funding. Personal loans are a convenient financing option due to their flexibility. They can be used for home renovations all of kinds, both inside or out. In fact, you have the option to divide the funding and make all of the upgrades at one time. In most cases, it’s usually better to make all of your renovations at one time, especially if you’re looking to sell in the near future. Once they’re complete, it can increase the value of your home overall.
Another way you can pay for upgrades with a HELOC. HELOC is short for home equity line of credit and it works similarly to a credit card. The amount of funds you receive depends on how much you’ve paid on the house. If the mortgage for the house $300,000 and you’ve paid $150,000 already, you’ll have access to some portion of the leftover $150,000 worth of credit. It can be used for things, like renovations, remodeling, emergency situations, and even business expenses.
Replace the Driveway
If you live in a residential neighborhood or looking in areas that require a car, then your first priority is to focus on the driveway. Over time, the driveway can become less traversable and potentially cause a few issues. Cracks, potholes, and even an accumulation of water are all signs that it’s time for a new driveway. There are quite a few types of driveways you can choose, but the two most popular are concrete and asphalt. Both of these are solid choices, but before making a final decision, it’s important for you to weigh the pros and cons of each.
Starting with concrete, the pros include being more affordable, requires next to no maintenance, extremely durable, and can be customized however you want. As for the cons, they can be difficult to repair, become stained, and might crack as time goes on. The pros for asphalt driveways include being less susceptible to cracking, they cost less than concrete and can be used as soon as its installed. The cons of choosing asphalt over concrete includes not lasting as long, the edges are unfinished, needs to be resealed every few years and has no customization options. No matter what you choose, however, a new driveway can boost the property value by a significant margin, especially those with large families.
Replace the Garage Flooring
The driveway isn’t the only place you can store a vehicle; you also use the garage as an extra space. The thing is, a lot of people don’t pay too much attention to their garage, especially when it comes to the flooring. Similar to a concrete driveway, the flooring can wear down and see a bit of damage overtime. If you start noticing cracks, excess moisture, and an uneven floor, you’ll need to replace it. Instead of another layer of concrete, a better option would be installing an epoxy garage floor. Epoxy flooring is far safer than traditional concrete as it helps prevent slipping, they’re much easier to clean and maintain and they don’t take too long to install.
Add a New Stamped Patio
Patios can help turn a backyard into an additional space for the house. Not only that, patios are also one of those rare renovations that can single-handedly cause the property value to skyrocket. There are also a few variations of them ranging from the traditional wood to stamped concrete. Stamped concrete patios can range from affordable to very expensive depending on how you go about it. On average, they can cost around $9 to $15 per square foot, which is considerably more affordable than most patios. However, the overall size of it is what dictates the price. Either way, you’ll have to budget for this particular venture. It’ll also help if you look for an alternative way of paying for it.