Maintaining your Home's Value
Your home is likely the largest investment you will make in the course of your life. And your mortgage is likely the largest loan you will ever borrow. Clearly, therefore, working to maintain and improve the value of your home is one of the smartest financial decisions you can make. Here are a few tips that can help you do just that:
- Update regularly, upgrade sparingly.Roofing, kitchen fixtures, plumbing, and wiring must be replaced from time to time ‐ and the truth is that these projects can be reasonably affordable when managed correctly. The problem is it many homeowners get carried away, and instead of updating, they upgrade.
Buying a new kitchen sink? It's perfectly acceptable to buy the most affordable model. Are your roof shingles worn out? Patching up the trouble areas can be just as effective as a full replacement.
Upgrading can help improve the value of your home. But it is far more important to ensure that you have the budget available to continue making updates are repairs, rather than spending all your disposable income on one project, only to discover that you can't finance the next maintenance job you need to do.
- Keep your eyes peeled.Many problems in your home can be solved relatively quickly and affordably as long as they're caught early. A small crack in your roof can be repaired with a few shingles, for example ‐ but leave that crack exposed for a whole winter, and the entire roof could rot.
- Don't skip out on spring cleaning. (And make sure to include some summer, fall, and winter cleaning as well!)
Regular cleaning helps to prevent issues such as mold and infestation ‐ which can occur more easily than you think. It can also help you notice potential maintenance issues sooner, which, as we mentioned above, is crucial.
Last but not least, if and when you decide to sell your home, you will have less work ahead of you if you performed deep cleaning on a regular basis.
- Get involved! Go to homeowners association meetings. Volunteer in the neighborhood. Pay attention to school board meetings and local politics. In short, play an active role in creating the community that you want to live in. Home value hinges enormously on the quality of the neighborhood, after all ‐ and your experience living in the area will also improve for your efforts.
For more tips on buying or selling a home, managing mortgages and other loans, or other financial management strategies, visit Madison Monroe and Associates online today!