Mortgage Basics | What Upgrades Increase Property Value?

Looking to increase the value of your property but don’t know where to start? There are a few additions that can be made to existing homes that will significantly increase the property value of the entire home in 2022. Keep reading to find out more!

A Finished Basement

If the home you are valuing has a basement, turning it into a valuable area of the house is a great way to add value. Other than just using it for storage, a basement is a very versatile space. It can be turned into a home theater, used as a workout room, or even turned into a general hangout spot for you and your family. 

The possibilities with a basement area are just about near endless, so feel free to get creative in 2022 and turn it into something you believe will add serious value to the home. No matter what you choose, it is important to note that having a finished basement of any kind is much more valuable than an unfinished one. 

Paint

Repainting a home is a great method for increasing value, especially because you are almost guaranteed to get a good return on your investment since paint is relatively cheap. Repainting is a great idea when the current paint is outdated or in bad shape in some places. Updating to a modern paint style and color will make the home look better and drive the market value up. People simply don’t want to have to repaint a home themselves after they buy it, so doing this yourself before selling the home will add another area of profit to the sale of the home. 

Open Floor Planning 

Homes with open floor plans are in serious demand right now. A study by the NAHB showed that 85% of homeowners want an open space between the kitchen and dining room, 79% want openness between the kitchen and family room, and 70% want an open arrangement between the dining room and family room. Potential homebuyers simply don’t want small, individual rooms throughout the house because it makes the entire home feel too small and claustrophobic. Opening a home up is not an inexpensive process, but it has a great chance to drive up the demand for your home, and this increased demand will in turn drive up the price.

Appliances

Expensive appliances like an HVAC system or water heater are staples of every home. A home with a newly installed HVAC, water heater, or plumbing is much more valuable than a comparable home with old systems. Not only does it save the home buyer money replacing these things themselves, but it also gives them peace of mind that they will not have to worry about any of these things failing for years. Both of these factors combine to drive up the price of a home. 

Contact Us

Equity Mortgage was founded in 1986 as a lender to serve all mortgage needs. Our philosophy is to offer a full range of mortgage programs and home improvement loans to meet the diversified lending needs of individuals, commercial concerns, groups, and organizations.

At Equity Mortgage, we work with a variety of clients with varying degrees of mortgage needs. We offer our clients alternative options to their current loan programs with our wide range of mortgage products and flexible lending practices. 

Experience fast, professional service for coronavirus mortgaging today and into the future. Contact us for more info or give us a call at 1-800-332-9221.

 


* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.