FirstCCU’s Tips for Increasing the Value of Your Home
The housing market favors sellers in 2022. According to Forbes, the cost of buying a single-family home jumped 20% nationwide in April from the same month last year. This is great news for those looking to sell their home, and we recommend taking the time to get your home in the best possible shape before listing it to get the best value. FirstCCU has tips for you to consider and can assist you as you enter the housing the market.
Set a remodeling budget
Most home décor experts say you can expect to spend about $15-$60 per square foot when remodeling, and it’s important to set a budget that coincides with your timeline for selling your house. Determining a budget will help you figure out how much money to spend in your remodel. We recommend opening a Home Equity Line of Credit to help you as you’re budgeting and financing your remodeling projects. We offer HELOCs that allow you to borrow and pay continuously for up to 10 years. This is a great option if you are unsure of home improvement costs or would like the financial reassurance when your home needs an emergency repair. A HELOC is your perfect financial companion for your remodel!
Prioritize your projects
With so much to do and only a limited amount of time, you’ll need to prioritize the most important projects on your list. The kitchen is very important, if not the most important, area of your house to focus on when you remodel. Investing in some low maintenance landscaping or making small updates to your bathroom like replacing dated wallpaper or old lighting can also make a big difference in the ROI you get when selling your house. Categorizing your projects to figure out which ones are most expensive will help you as you are planning.
Apply for a Home Equity loan
Some projects, like a full-scale kitchen remodel, are very expensive, and typically most homeowners choose to apply for a Home Equity Loan instead of putting large expenses on a credit card. Tap you’re your home’s potential by using the equity. FirstCCU’s Home Equity Loans are fixed-rate loans with a variety of term options.
Price the home appropriately
You’ve finished making improvements by this point and are now ready to list your house on the market. Before doing so, you should have the home inspected to find out what it’s worth. After you determine the value of your home, we recommend pricing it on the lower end of what you are looking to get. This will lead to more offers on your home, effectively driving up the overall price from buyers trying to outbid each other. Once you make the sale, our mortgage specialists can help you refinance your existing mortgage and establish a payment that works for you, including potential lower monthly payments to help you pay off your new home loan faster.
Whether you’re a first time home buyer or seasoned homeowner wanting to make home renovations, FirstCCU can offer you sound advice to ensure that you get the best value out of your home. Get in touch with our Mortgage team and let’s talk about how we can help you.