Typically, your home is the largest financial investment you will ever make. Over a period of years we expect a decreasing mortgage balance and a probable increase in property value, which leads to an increasing amount of home equity. While homeowners recognize the need to keep the home in good condition, one way to maximize your home equity is to create a plan for ongoing improvements and updates.
As time goes one and tastes change, home buyers are attracted to new features. Just a few of the trends in this past year include great room configurations, outdoor kitchens, and enhancements to home offices. More timeless desires include more square footage, large kitchens, and spacious bathrooms. Smart homeowners should plan for continuous improvements to stay ahead of trends and build a roadmap for continuous improvements.
Consider the life span of major systems, for example, HVAC systems or roofs; is end of life a good time to switch to solar energy? Make sure to stay up to date with lighting and plumbing hardware throughout the home. Part of this is style and the other is regular maintenance, perhaps by local experts in the electrical, plumbing, or HVAC professions.
On average, kitchen styles change dramatically every 10 years. Start saving your money for a change in your kitchen style on the same schedule. Changing your kitchen could be a complete remodel or simply just a new countertop and hardware. Often the funding for a home remodeling project comes from either financing a specific project or an unexpected windfall of cash. Nevertheless, planning for outgoing improvements, to stay current with market trends can have homeowners engaging in regular updates.
You say now that you will not sell your home for years, but things change. No one wants to list an outdated home and then take the financial hit that comes along with it. Now is the time to plan for regular updates to build equity and enjoying the updates as a benefit.
If you’re interested in an opinion on your home and some home improvement recommendations, speak to one of our agents about putting a Home Improvement Plan together. Please Contact Us to start the conversation on options and a variety of strategies to help you achieve your home ownership goals. We look forward to helping guide you through the process and helping you build equity for the future!!
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