When buying a house, or before selling one, it’s important to note the resale value of the home and property. What you get for the house once it’s sold is dependent upon many variables, but most importantly, the condition of the house when it is put on the market will determine how much you will get for it. If it’s a crappy-looking house with shutters falling off or broken windows, the value of the house will plummet. If a buyer is looking for a fixer-upper project, then you might have a taker, but if a family is looking for a nice place to live, then forget it.
Maintenance is a very important aspect of keeping and selling a home, but the type of home also makes a difference in how much it will sell for too. Trailers/mobile homes are cheap to begin with and sell even cheaper. They depreciate in value and you would be lucky to get about half of what you originally paid for it once it resold (if it resold.) However, houses with good foundations and basements typically do not depreciate. Their value usually stays about the same for quite a while, provided, it has been maintained and is in good condition. If it has been repaired, updated, remodeled, or landscaped, then the value would actually go up. It could sell for more than it was bought.
There are many things that you can do to a house to increase its value: replace old and drafty windows and doors, exchange old wallpaper for a new coat of paint (in modern colors), put hardwood flooring down instead of the old carpet, take down the ancient paneling and put up drywall, replace or repaint cabinets, and convert countertops to granite or marble instead of the old wood.
On the outside add stutters, repaint the porch, mulch and line the flowerbeds, install a picket fence (using pallets minimizes the expense of fencing), add some tasteful shrubbery, seal the cracks in the driveway or re-stone it. Updating the home is also incredibly important. Few people nowadays want their kitchens painted orange and yellow with wallpaper from floor to ceiling of flowers or polka dots. Get rid of the 1970’s colors and themes and interpret the new, modern styles into the home. If you want to go all out, renovate to an open floor plan.
Updating a home really does not have to cost very much; learn the tricks of bargain shopping so you can really make a profit off your updated home. Between that, and saving loads of money on your house by using Kloze, you will be set!
How can Kloze can be affected?
Little projects such as replacing carpet with hardwood flooring or repainting the living room will not really affect home loans, but if the remodel means that the use of the building is being changed or modified, then it certainly can. Before the demolition happens, be honest with your home insurance carrier and discuss the changes in detail. Why are you making the kitchen bigger? Why are you closing in the back porch and converting it to a pool house?
Sometimes, modifications can bring up the value, but it can make your home owner’s insurance inadequate. On the other hand, the changes could lower your premium, saving you even more money. Do not miss out on an opportunity to save money – call your insurance lender and ask.
- A new roof will really cut down on your premiums and save you some money. It also increases your home’s value.
- If you add another room to a dark corner of the basement, you will need it to be insured. This extra room makes your house more valuable, but it costs more to insure.
- A pool is a beautiful way to skyrocket the price of your home, but lenders see it as a liability.
We also offer the best VA loan rates in Fort Lauderdale
When it comes to our veterans, we cannot repay them for their service to our country, but we do want to serve them. Here at NHL lending we have affordable home loans for veterans so that they can come back to the states and settle down in a home of their own. The typical mortgage package for VA loans are purchase loans. These are loans that are provided by private lenders, and proudly, we are one of them.
As a veteran, you get the patronage of the federal government, which protects lenders from typical mortgage risks and creates a safer environment for your mortgage. The VA loans in Fort Lauderdale can include refinance loans that allow you to borrow against the equity in your existing home.