Hello World! Welcome Friends! When you buy a property, the last thing you want is for it to lose value and not be with what you paid for it. While there is nothing you can do about fluctuating market prices landing you in negative equity (a situation where the outstanding balance on your mortgage is higher than the current value of your home), there are some things you can do that can help you avoid how much your home is worth. According to recent surveys from CoreLogic, HUD estimates that 23% of Americans owe more than their property is worth, resulting in them losing money on their investment. If you want to avoid this happening to you or you need to reduce the amount of negative equity in your home, there are some things you can do.
Improve Landscaping
Landscaping and hardscaping your area can be excellent ways to help you boost the value of your home as well as bring you more enjoyment from it too. There are certain areas of the poem that will always attract more interest from potential buyers, and the exterior is one of them. If you have a sizable outdoor space, you might want to learn more about landscaping and how it can impact your home; some studies suggest it can add around 10-12% to your home’s value upon release. For instance, adding a patio, installing a sprinkler system, or planting trees can all be effective landscaping strategies. Consider what option is best for you in terms of your budget and the space you are working with.
Focus on the Kitchen
The kitchen has long been known to be the best place to invest, especially if you’re looking to sell or increase your home’s value. Value Report found that a good kitchen remodel can see an ROI of up to 52.5%, and the average price of a new kitchen can range from $20,000 to $120,000. The best upgrade to make in your kitchen is to add an island, but the onus is always on function over aesthetics, although a blend of both is appealing, and you need to be focused on increasing usable space and flow to accommodate the whole family as much as possible within the space you have. Adding an extension to increase the size, creating indoor-outdoor living, and so on will further increase the value of your home and give you a wonderful kitchen you can enjoy until the time comes to sell.
Add Functional Spaces
Functional spaces within your home can instantly add to the appeal and make it more enticing to buyers, forcing them to want to pay more to purchase your home. These types of upgrades require you to take an analytical approach to your home and look at how you can make it better. It might be that you divide an oversized room up to add a mud room or create a specific laundry room that can accommodate washing, drying, and organizing of clothes for large families. It can be finding unused spaces within rooms or areas of your home to add shelving or closets for storage; you might find a downstairs bathroom can work well in the space, as it can turn unused rooms into guest rooms, offices, home gyms, etc. you want to increase functionality in any way you can to enhance the home, not detract from certain spaces and make it work for you and anyone else who might be interested in residing in the property once you decide to move on.
Click the links below for any posts you have missed:
How to Elevate Your Home’s Exterior for Curb Appeal
3 Practical Tips to Renovate an Old House (& Make It Home)
Why Are Junk Removal Services Important for Our Environment?
Important Steps to Take After Your Home Was Damaged in a Flood
Raise Funds for Your School with These Fundraiser Ideas and Planning Tips
Navigating Home Decor with Wooden Maps: The New Trend You Can’t Miss
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Toodles,
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