Showing posts with label Home as an Investment. Show all posts
Showing posts with label Home as an Investment. Show all posts

Friday, June 17, 2016

From House to Asset: How to Turn Your Home into an Investment

Your home is not only a sanctuary from the day-to-day commotion of life, but it's an investment in your future. 

Over time, your home may begin to show signs of the wear and tear, both inside and out. By taking some time to work on a couple different home improvement projects, you can increase your home's value and turn it into the investment you want it to be. 

As with all investments, be sure to budget wisely. Don’t take risks you cannot afford, and remember to look for sales when buying materials for your home.

Outside the Home

When you want to put your best foot forward, you dress for success. Your home is no different, and siding is one way to dress up your home. 

According to the experts at Lifetime Exteriors, high quality siding can make a big difference in protecting your home from the elements and can also add value and curb appeal to your home. 

Brand new siding, however, can be expensive. Buying surplus is a great way to save money on materials, but even then, a massive renovation isn’t always the best course.

Instead of replacing siding, cleaning the exterior of your home can make a major difference in its look, feel, and curb appeal. 

Many DIY stores offer low cost power washer rentals, and an annual cleaning comes with the added benefit of preserving what you already have. 

Regular maintenance not only keeps your home looking nice, it makes it last longer, and, in the long run, saves you money.

Inside the Home

One of the most popular ways to increase your home's value is to add additional living space inside the home. This space can come in the form of an addition or redoing existing space to make it live-in ready. 

In addition to living spaces, like bedrooms or living rooms, kitchens and baths add a lot of value to any home and are often the first rooms buyers look at when touring a house. The bathroom and the kitchen often showcase just how well remodeling funds are spent, so taking the time to do it right the first time can really add a lot of value.

But despite how often it happens on the most popular TV shows, adding a whole new room isn’t always a good financial decision. 

As with the exterior, maintenance is usually the best option. Focus instead on preserving the value already present in your home, and don’t worry about keeping up appearances with the neighbors. 

Think instead of creative ways to use the room that you already have. Redecorate, rearrange, and repurpose existing furniture and rooms to suit your needs. A spare bedroom could become a home office. 

Cut cable and rearrange the living room to get rid of the TV—you’ll save all the money you would have spent for cable service, and you’ll have more time to be more productive.

While there are many ways to make your home into an asset—either to sell or just to make it more valuable for your own needs—make sure that proper research and steps are taken before engaging in any DIY activities. 

Just like anything worth doing, it's worth taking the time to do right. If you decide a remodel is in your budget, contact local real estate agents to get some feedback on what sells best in your area. 

By finding the best areas to focus on around the home, you can get the best resale value for your money and your time.

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