Changes
COVID and the surge in housing prices are bringing changes: With record low-interest rates, and many people in forbearance, this might be the time to make some changes You might consider selling your house and putting some money in your pocket. Or if you’ve decided you like where you live, but there are some things you would like to add, now is the time to make those improvements. If you are barely hanging on and worried about what you’ll do when forbearance ends, its time to seek answers.
Recently, “Just over 15 million residential properties were considered equity-rich in the second quarter, meaning mortgages on those properties were 50% or less than the value of the home. That is 27.5% of all mortgaged homes in the U.S., up from 26.5% in the first quarter.” That build-up in equity is making the remodeling industry stand at attention.
Changes
Kitchen and bath have always been popular remodeling choices, but plans here jumped 40% in June versus a year ago. CNBC said,”More people are cooking and eating at home, and kitchens are now even more the center of family life.”
Extra space
A target for money from home equity loans (HELOCs) or refinancing means many are thinking of adding plenty of livable space. Thsat also means expanding your house makes a lot of sense.
A great idea for expansion is to add a granny pod or casita in the southwest and Mexico. When it’s time to list your property you can claim it’s for visitors or even a separate rental.
Energy-efficiency upgrades
Modern buyers, especially Millennials, want energy and water efficiency. Prices for solar installation have come way down. We recently added solar to our new house for about $6,000.
According to Realty Biz News, ‘When you invest in such home tech improvements, you will create a strong selling point while improving your property’s comfort, functionality, convenience, and eco-friendliness.”
There are other ways you can improve the energy efficiency of your home. Choose to is to replace old windows with new, energy-efficient ones, replace old appliances with Energy Star models, switch to LED lighting, and boost insulation.
Fresh paint
Paint can instantly upgrade both the interior and exterior of your home. Paint is cheap. Make sure to repaint all painted surfaces in your home before you put it up for sale.
Deck or patio addition
Again because of COVID, adding a deck or allows you to spend time outside while separated from the crowds. Every deck will enhance your home’s exterior and buyers will appreciate the extra usable space that buyers want.
New front door
Replacing your front door or outdated garage doors can work wonders for your home’s valueI. Remember buyers want a move-in ready house, and they will pay up for that.
Ask for FREE information about How to Sell Your House Fast.
Terra Firma Property Solutions, LLC, is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
