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 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.
Take a look at common home renovations that have the potential to increase 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 increase your value of your home.
3. Upgrade Countertops
Something as simple as updating the countertops and cabinets in your kitchen can go a long way. It can change the whole vibe of the home, 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. .
Whether it’s remodeling your kitchen or sprucing up the landscaping, you want to make sure you’re adding value to your home for a future refinance.
Ready for a simple, painless refinance experience? Contact a mortgage broker 619-221-3624
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