All homeowners can benefit from additional home equity when trying to sell their home. If you’re looking for practical ways to increase home equity, then you should be looking at Electrical upgrades to your house.
A home appraiser can conduct an examination which will be used to determine the value. This appraisal is where you have the chance to add home equity.
What Home Appraisers Take Into Consideration
Home appraisers must be certified in your state. As such, they adhere to standard practices put into place by the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice. This means you can rely on the appraiser looking into certain specific items in and around your home. This includes the home’s Electrical. To be precise, the home appraiser is looking for things that upgrade your home; not just make it nicer to look at. Upgrading your Electrical system is the single most easy thing you can do to add home equity!
How to Upgrade Your Electrical System For More Home Equity
Appraisers take into consideration the age and efficiency of all components of your Electrical This carries the most weight in their appraisal report. Here are the actionable items you can do to make electrical updates for home equity:
- Install programmable thermostat
- Replace 20 years’ old furnace with Energy Star-rated model
- Install full or partial solar array
- Replace outdated electrical circuit box
- Install subfloor heating
The best thing about these Electrical upgrades is that—not only will they help increase home equity—they will also lower your energy bills and enhance your quality of life.
You don’t need to do everything on this list; even one or two items will translate to a noticeable increase in your home equity. And isn’t that worth it?