Remodel & Renovate in Hamden>Question Details

John Cush, Real Estate Pro in Milford, CT

What can a person do to maintain or increase the value of their home ... increase their equity?

Asked by John Cush, Milford, CT Sun Nov 13, 2011

will purchase and renovate and or refinance and renovate increase the value and or equity in my home?

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General home maintainence is an ongoing requirement of home ownership. It makes little sense to renovate the home just for the sake of doing so. Determine what is needed to bring your home up to current buyer expectations, if necessary, and prioritise the list. Consult your local Realtor to determine the economic feasability of achieving these goals without surpassing the value of market comparables for similar properties. These professionals do have an understanding of the current trends and monitor the pulse of the buying public. You may find that all the amenities required are already in the home and something simple as paint, wall treatment, and general cleanup is all that is necessary. Remember to pay as much attention to the exterior as well. Well kept lawns, shrubs and exterior adornments reflect the owners pride and care for the home.
0 votes Thank Flag Link Mon Nov 14, 2011
Purchase and Renovate = Financing is available! - the "as is" purchase price and or appraisal plus the detail estimates or a licensed and insured contractor are added to the financing. The new loan and value are increased based on the "after improved" appraised value of the new home.
Spruce up the home, Raise the roof. A simple as new paint and rugs or as large a total tear down and rebuild.
0 votes Thank Flag Link Sun Nov 13, 2011
I was just ready to agree with you John and then notice that you asked thexquestion. May be more appropriate and get more eyesxas blog post.
0 votes Thank Flag Link Sun Nov 13, 2011
Refinance and renovate your home. The detail estimates of your renovation project can be financed! The financed repairs will allow the appraiser and lender to base your new home value on the "after Improved" value!
0 votes Thank Flag Link Sun Nov 13, 2011
I'd suggest talking to a realtor about what buyers in your exact neighborhood expect when buying a home. Focus your time and money on areas that most buyers care about - usually the kitchen and bathroom benefit most from updates. The key here is to improve your home so that it is equal with the current standards of your neighborhood. For example, installing a $100k kitchen may not improve your equity beyond that of a $30k kitchen.

Appearance inside and out is also important - a clean lawn with nice landscaping can improve the value and curb appeal of your house. Removing wallpaper, popcorn-finished ceilings, wood paneling and other dated finishes can also increase the value of your home - often at a minimal cost (paint & tile).

Scott Silverstone, Realtor®
William Raveis Real Estate
The Jacobson Team
Web Reference:
0 votes Thank Flag Link Sun Nov 13, 2011
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