Your home is your most important investment and it is therefore important that you protect this investment. By maintaining the value of your home you could very easily receive a 100% profit when you sell after a few years.
Home renovations offer a number of advantages over selling and buying a new home, especially if your have some extra equity available in your home loan.
In general the costs involved in buying a new home are between 15% – 20% of the value of the house. In addition, house hunting can become very frustrating and tiresome.
Before you consider relocating its best you take a moment and consider the reasons why you looking for a new home. Often you can achieve the same goals by using some of the funds available in your home loan to renovate.
If the family is expecting a new baby or you new a work-from-home office, building an extra room will not only save you money but also add value to your home.
Items which add the most value to your home:
- Better Security
- Good lighting throughout the house
- Beautifully landscaped gardens
- Kitchen and Bathroom upgrades
- Ceiling and Flooring upgrades
- Adding a fireplace
Things to keep in mind:
Be aware of overcapitalizing.
It is important that you strike and balance between your needs and the resale value of the home. Any changes done to your house should ideally add to your quality of living and increase the resale value of your home.
That said, you should be cautious of over sending as you may not get a return on your investment.
The smallest things can make all the difference.
It is not always necessary to spend big when you looking to increase your house value. Often a fresh coat of paint could all the difference.
Other areas to look at:
- New Door Handles
- Repairing broken lights
- New security gates
If youâ€™ve been pay your home loan for a couple of years you should have accumulated some equity. Many homeowners wisely use the extra funds to renovate their homes.
Remember, if you look after you home it will reward you when the time comes to sell.
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