When you're considering the future of your home, home equity is likely one of the first things that comes to mind. Whether you end up moving or not, home equity improvements can boost your quality of life significantly, and provide you a way to make massive returns on your initial investment later on if you choose to find a new home. Thankfully, there are many new modern ways to build your home's equity, and many of these are must-dos for those seeking out a home equity loan. To help readers discover the best ways to make insane ROIs, here are seven modern trends in home equity improvements:
1. Fiberglass Entrance Windows
Anyone who knows their stuff when it comes to home equity improvements will tell you how utterly important a home's entrance is to potential buyers. Not only does an entrance help define the look and style of a home, but it's the most seen part of the home by those that will be living there. If you want to make the entrance windows both energy-efficient and modernly slick, updating them to be fiberglass is a fantastic idea. Although the improvement could cost upwards of $10,000, it can easily add $6,000+ to its resale value.
2. Replacing Your Windows with Wooden Ones
While the entrance windows are highly important when it comes to home equity, other windows are almost equally important. While wood does not seem to be the most modern material at first, it has come into fashion again in a massive way - making it a great choice to help adorn the panes of your windows. The beautiful, classical look will boost your home's equity in a major way. Although the cost could be up to $23,000 for larger homes, the ROI for the endeavor can go as high as 67.4%.
3. Manufactured Stone Veneers
Mixing the classical stone material with a highly modern look, manufactured stone veneers provide a fantastic way to boost your home's equity. For many homes, you can simply consider removing a band of siding from the bottom facade of a home, and replacing it with a manufactured stone veneer covering. With a predicted ROI of 92% in many cases, the average cost of around $10,000 won't seem so pricey.
4. Garage Door Replacement
Replacing your garage door has been a classic, trustworthy home equity investment for many, many years. However, with the modernization of garage door technology, this update has never been as promising. Additionally, it's one of the cheapest and most efficient suggestions on this list, with the average cost for replacing a garage door being just under $4,000. Add to this the fact that the average ROI is around 93.8% and you've got yourself a goldmine of a home equity improvement (and one that you should get a ton of individual use out of as well). It's a great time to invest, as 2021 saw home equity profits grow in a groundbreaking manner.
5. Modernized Amenities
While not all homes put a large emphasis on amenities, this area of home equity and home improvement has been growing fast. With new smart fridges and ovens especially, buying and including these devices with your home is a smart investment. These will not only make your life quality improve drastically while you're getting use out of them, but it will add a ton of value to your home's equity. The stats on the cost and ROI of them are not widely available, but the demand for these amenities is well-known in the real estate business.
6. Updated Electrical Outlets and Power Sources
Having updated electrical outlets and power sources in your home is a must in today's landscape, as more and more devices are using USB plug-ins and more "smart" technology is being integrated into homes. This provides a cheap way to boost your home's equity, and make your style of living much more modern. After all, wouldn't you like to stream your favorite sports and TV shows more easily from anywhere in the home (even the bathroom)?
7. Landscape Upgrades
The professionals at CDM2Lightworks.com, a commercial lighting solutions provider, also recommend that property owners (whether residential or commercial) consider upgrading their lighting as an additional way to increase property value. There also exists several government programs and incentives to help with this. You can find more information for US residents here and for Canadian residents here.
Speaking of the entrance updates we mentioned earlier on, the way your home looks as you approach it is incredibly important when determining its real estate value. One of the biggest modern trends for homes involves the landscaping of the front yard, namely replacing the grass with a beautifully designed and maintained stone garden. The plants you'll add to the stone garden will be easy to maintain, and while the initial investment can be tough - and may cost you upwards of $5,000, the ROI on this option is fantastic. The costs you'll save regarding mowing and lawncare alone will make this an appealing way to upgrade your home's equity.
Improve Your Day-to-Day Life and Security with Smart Home Equity Investments
Growing your home's equity can seem stressful, but with the right loan and knowledge, it's become easier than ever. Give yourself a lifestyle boost with modern changes. Not only do you deserve it, but it will help you secure your future in the case that you ever have to move. Thankfully, these seven options will ensure you make the home equity improvement investment that's right for you, and which will nearly guarantee you massive ROIs on the investment down the road.
