4 Easy Ways to Add Value to Your Home
One of the greatest perks to being a homeowner is the freedom to personalize your living space to reflect your style and unique taste. Renovations can boost your home’s value over a period of time, so that dream appliance or flooring you’ve been eyeing is actually a smart investment in the long run. While home renovations can seem daunting, a remodeled kitchen or bathroom can add a lot of joy, comfort, and equity to your home.
An appraisal determines the current market value of your home. When you refinance your home, renovations and remodeling projects will be taken into account during the appraisal process. If your home has a higher value than what it was originally appraised for, you’ll have more equity and can benefit from a lower monthly payment, new loan terms, or the elimination of your private mortgage insurance (PMI) payments.
If you’re considering a refinance, it’s crucial to work with an independent mortgage broker to walk you through the process and determine next steps. To help you get started, let’s take a look at some common home renovations that have the potential to boost your home’s value.
1. Install Updated Flooring
Have your hardwood floors seen better days? Is your carpet full of mysterious stains? It may be time to bite the bullet and invest in some new flooring. Oftentimes, new hardwood flooring can increase your home value and make your home feel cleaner, newer and brighter.
2. Remodel Bathroom
Having an updated, modern bathroom can be a game-changer. Whether it’s minor updates such as replacing the sink or completely upgrading the entire space, a well-put-together bathroom can make your home that much more valuable.
3. Upgrade Countertops
Something as simple as updating the countertops in places such as your kitchen or bathroom can go a long way. It can change the whole vibe of the room, while also increasing value to the home.
4. Spruce Up the Landscaping
You only get one chance to make a first impression when someone sees your home. Spruce up your landscaping by planting flowers or laying down mulch. If you’re looking to do bigger renovations, look into the guidelines for getting a pool or patio in your backyard.
Whether it’s remodeling your kitchen or making some tweaks to the yard, you want to make sure you’re adding value to your home for a future refinance. Once your renovations are complete, contact an independent mortgage broker to guide you through the refinance process so you can put more money back in your pocket.
Ready for a simple, painless refinance experience? Find your local mortgage broker and get started today!