Home equity is one of those industry buzzwords that some homeowners are aware of, but don’t think about until it comes time to sell. Once you have the home of your dreams, you may not give much thought to increasing its value. So how do you go about ensuring your home has value? Here a few quick tips to boost your home equity.
Have Your Home InspectedFirst, it’s important to have a thorough inspection of your home. According to HGTV, deteriorating roofs, walls, floors or other home aspects may massively affect the worth of your home. That being said, HGTV suggests hiring an independent inspector; you can’t fix it if you don’t know it’s broken, and sometimes it’s best to leave it to the professionals!
Take a Step BackCurb appeal is often forgotten as we are busy with our daily lives. HGTV.com suggests taking a black and white photo, when you take away the color the truth is revealed. You are able to see the cracks in the walls and other glaring flaws. Take the time to make a list of ways to enhance the positive and eliminate the negative. If the first thing you notice is your garage door; try adding a colored door to attract the viewers eyes there first. A curvy walkway can be accentuated with flowers or lanterns.
Keep it CleanIt’s important to keep your house well cleaned - this means the dreaded carpet-cleaning-like activities that we tend to put off for later. Cleaning windows, shampooing carpet, vacuuming vents, and attic upkeep are all necessary to keep your home from depreciating. Check out this handy guide from Goodhousekeeping.com to stay up-to-date on your cleaning schedule all year round.
It might seem like you need to make major additions to up the value of your home, but keeping your home properly inspected and routinely cleaned as well as focusing on small remodeling tasks are great ways to keep your home from depreciating. They also don’t take up a large amount of your time or money.
Small Improvements Reap Big RewardsTorn between your home’s décor versus making upgrades? Homeowners are often surprised to hear that doing a little bit of both will actually pay off. Begin by making two lists, one for your decor such as – furniture, artwork, and window treatments. And one for upgrades to your home which may include old faucets, doors, flooring and permanent lighting. Classy kitchens and beautiful bathrooms may lead to some extra dollars in the refinancing process, as well as a nice profit when selling your home. Painting the rooms in a fresh, modern color and style can make any home – no matter its age – seem newer and more valuable.
As you make these home improvements, don’t forget the cash. Your financial strategy can boost your home value in a big way. Many different loan features can be added together to give you a loan that is comfortable; give you an opportunity to do home improvements and to invest in your future.
If you would like to invest more into your home, visit our website at www.mmfcu.org for more information on our refinancing process and mortgage lending options.