Improving your home is a great satisfaction and deserves to be considered more often than it is in reality. A home improvement loan is the ideal solution, since you will be using equity from your home…
Improving your home is a great satisfaction and deserves to be considered more often than it is in reality. A home improvement loan is the ideal solution, since you will be using equity from your home to back up the loan as well as adding equity to the current value of the house, or at least thats what it should be. Let us see what improvements will really add value.
Naturally, The Aspect
Whether it is the front view or the interior, the aspect of a home has a direct effect on its value. The major difference lies in the additions or modifications homeowners make to their property. Renewing the kitchen appliances does not always add value since this is generally done because the old ones are obsolete or worn out.
Air conditioning and central heating will be greatly appreciated if, using our common sense, it is really applicable. In places where they are not really needed, they are not relevant to the price. I wouldnt appreciate air conditioning in the North Pole. Would you?
The features that are really very much appreciated are additions to the covered area of the house, like a garage, a workshop next to the garage or extra bedrooms. A master suite will be something important since it will also add a bathroom. A bay window will add to the value, especially if it enhances the aspect of the façade and wooden decks also contribute to the built area of the house.
The interior can be greatly improved with a good decoration; for example, drapery and carpets. Furniture is not at all relevant, unless you plan to sell and leave the house furnished. In this case it will have to be appraised separately from the house.
Structural repairs, unfortunately are not noticed, but mean a lot to the duration of the house in good condition. These, Im afraid, will not add value, but maintain the original one, instead.
This feature is considered as an added value to the home, if the location is in an area with warm climate all the year round and only if it is in ground. Fiberglass pools that are just placed leaning on the ground dont count. The reason is that they can be easily taken away, whereas in ground means actually built in.
These are very important, but generally not applicable, since the structure of the house would have to be adequate from the very foundations of the building, but certainly an extra storey can add great value to property.
The great cost of major repairs and building extra facilities in a home make it necessary for homeowners to raise an important amount of cash, usually by means of a Home Improvement Loan, using the existing property as security or collateral. The conditions are very favorable since the type of loan is similar to a mortgage, although for a smaller amount. Therefore, the duration of the loan does not need to be as long as for a mortgage.