Whether you have recently bought your first home or you’re finally getting close to retiring your mortgage, you’re likely interested in your home equity and how you can increase it to build on your investment. Let’s take a quick look at how you can build equity in your home and property over time and how to realize that added value in a positive return when you sell.
Your Home is an Investment – Treat It as Such
Have you ever wandered down a street looking at the state of a house wondering what the owner might be thinking, or how it could fall into such disarray? You’re not alone. There are many homeowners who fail to treat their real estate holdings as an investment which requires care and attention in order to grow. Whether you intend to sell your home in the near future or not, it should always be in a tidy, attractive state which reflects the value it holds.
Building on Your Investment by Upgrading
Once you have retired your mortgage debt, the best way to increase your home equity is by renovating and upgrading. Where you invest your time and resources depends on the state of your home, its age and its design. Good places to start modernizing are the kitchen and the bathrooms as fixtures are generally less expensive than other major upgrades like adding a bedroom or installing solar panels.
Keeping Your Home Healthy Boosts Its Value
While building your equity is essential, it’s also important to ensure that your home isn’t falling in to a state of disrepair. Adding on a new patio will do little to increase your home’s value if there are structural issues or if the roof is in dire need of a replacement. Remember – when you list your home for sale it will be inspected mercilessly from top to bottom in order to detect any issues which may end up costing the buyer later. Keeping your home properly maintained will ensure that your investment doesn’t decline in value.
Aim to ‘Sell High’ to Realize a Positive ROI
Building your home equity will be meaningless if you can’t extract that extra value when you sell. Your goal is to sell your home as close to its peak value as is possible, which means paying close attention to the local real estate market and selling during ‘hot’ periods. The Lexington market is generally warmer in the spring and summer than in the autumn and winter, but if you’ve invested in your home and have improved its ‘curb appeal’ you’ll find that you can sell it at any point in the year.
Are you considering a sale of your home or property in Lexington? If so, you’ll want to work with experienced real estate agents who know the ins-and-outs of the Lexington market and how to attract serious buyers who are ready to sign. Contact the Nick Ratliff Realty Team today at (859) 351-9796 and we’ll show you how our approach to real estate marketing will help ensure a quick, profitable sale.