Tips to build equity in your home
To gain a better understanding of what equity means in relation to your home, think of it in simple terms, so for example; you could refer to the difference between your home’s value and the amount you still owe on your mortgage. Your home will gain equity over a time as you pay off your bond and the home value increases while your interest portion decreases. This can be a tricky scenario to control as future home values cannot be predicted with much accuracy. One should therefore allow for a certain amount of risk in losing equity. Having said this there are simple yet effective ways to increase your home’s value faster, one of which includes home improvements and upgrades.
Home improvements can add value to the property as whole by using simple and effective upgrades and renovations to positively affect the property value as a whole. We recommend having your home evaluated at its current state and a proposed future value estimated. This will allow for you to make informed decision to improve your home without over investing.
When people walk into a home there are two critical points which immediately affect the value of the home, these being your kitchen and bathroom(s). The reason for this is because of the expense and technical nature of the possible renovations in these areas. This therefore makes these two areas the best investment as a home owner looking to uplift your property for personal or investment reasons. You can undertake this as a refurbishment by refinishing cabinets, upgrading tops and appliances or a complete renovation which will both give a proportionally higher return on your investment.
People are also highly driven on visual perceptions so apart from the interior of the home other external elements such as windows, doors and landscaping affect the overall perceived value.
It is important to make such upgrades with the right information, certified manufactures and experts within the trade. This will avoid unnecessary hiccups and additional expenses. Measure twice but cut once!
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