American homeowners currently have an average of $193,000 in tappable equity. If you're sitting on a large amount of home equity, you'll realize larger gains if you decide to sell your home. You can also borrow a larger amount through home equity loans for things like debt consolidation, home improvements, or a down payment on another home. Unfortunately, however, not all homeowners saw their home equity increase to the same degree over the last few years.
Nally adds that energy-efficient upgrades can help to keep your energy bill down and may help you qualify for tax rebates. Add a desirable roomAdding a room can be another value driver. 'Do you have room in the basement? An additional bedroom or bathroom can add a great amount of value,' said Durham. However, you don't just want to add any room. It's important to consider the types of rooms that will be desirable in your area.