When you start talking about what you can do to improve your property value, you may start seeing dollar signs. As the old saying goes, it takes money to make money. However, it doesn't have to be this way regarding your home.
Did you know you can boost your home's value simply by putting in some hard work and sweat equity?
Sweat equity is defined as the work that a homeowner or investor puts into their property that will ultimately increase the home's value. You can calculate the sweat equity of any project by determining how much you can sell your property for now versus how much it would have sold for with those improvements.
Sweat equity helps you improve your property value in several ways:
Earning some sweat equity probably sounds pretty appealing, and it may make sense for you to take on the job yourself depending on the project. When deciding whether you should DIY your next home improvement project or hire a contractor, consider the following:
When you have the time, inclination and skill set, it's better to save your cash and attempt to complete your next home improvement project on your own. Not only will this lower the total cost of the project because you will not be paying for labor, but it also will increase the return on your investment. Sweat equity tends to pay off in big ways, so give it a try next time!
Cindy has been an active Real Estate Agent since 1999 and continued as a Broker Associate in 2002. Licensed in both the state of Georgia and Alabama, her career has always centered around the sales environment. After several years of working in the Corporate world, Cindy decided it was time to step out and start her own business where she could make a difference and contribute to the well-being of others. What better way than getting into real estate!