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Buying Vs Renting

A recent study showed that buying a home is a much better option than renting in the majority of large housing markets in the United States. The study showed that homeowners will reach their “breakeven point” in three years or less.  This point is the point when owning is a better financial decision than renting.

Buying a house may seem overwhelming right now, but there are many ways that you can prepare yourself to be able to purchase a home.  When you are learning how you are going to purchase a home, you should not be afraid to sit down and write out a plan for yourself.

First, you will want to save enough money for a substantial down payment. The more money that you can put down the less money you will have to take out in a loan. And seeing as a loan is going to accrue interest over the years, a down payment is a great way to save money in the long run. Saving for a down payment may require that you get creative with your budgeting.

Set a goal for yourself so you know exactly how much money you want to save for your down payment.  When you set your goal, you will be able to have something tangible that you are able to work toward. After setting your goal, set smaller goals that will help you build up to your big goal.  When you set small goals that will help you reach your big goals, you will be able to feel a sense of accomplishment as you are working.

Second, before you purchase a home you want to make sure that you are going to be in the area for some time to come. Taking time to consider the area that you are in and deciding if that is where you want to be will ensure that you are able to find a home that you will stay in for at least those three beginning years.

Increase the Value of Your Home

home value

There are a few ways you can maintain and increase the overall value of your home. Some of these ideas may even surprise you!

Increasing the value of your home is important for many reasons. For one thing, a home that has value is generally a nicer home to live in. If you are constantly keeping up with maintaining your house then you won’t end up living in a home with problems. You’ll also be more likely to make a profit if you ever sell your house. The work of homeownership doesn’t end when you buy a home. There is home upkeep to remember so that your house doesn’t fall into disrepair.

Make Home Improvements

home value appreciation

One of the best ways to add value to your home is to make improvements to it. There are many ways you can go about optimizing your house. Maybe you have an unnecessary wall to take down or layout that just doesn’t work. These kinds of improvements have to do with the ideal traits of a perfect home. Some of the characteristics of a perfect house are things you can’t change, like location, but many things you can change to make your house fit a perfect mold. Here’s just a few things you can think about improving to make your house more marketable and therefore more valuable:

  • Solar panel roofing
  • South-facing
  • Safe neighborhood
  • Privacy from neighbors
  • Open floor plans
  • Indoor and outdoor entertainment areas
  • Room for guests
  • Character
  • Master bedroom with a private master bathroom and walk-in closet
  • Minimal landscaping
  • Finished basement

Renovate

real estate

A lot of homes in America are 40 years old, meaning that many of them are due for a little renovation. Ideally, you should make renovations to a house about every 10 years, according to Zillow. Don’t let home renovations go too long without management, because you might not recognize it, but that 40-year-old carpet needs to go. Important home renovations you should undergo about every 10 years include:

  • Replace carpets
  • Replace the hot water tank
  • Update ceiling fans
  • Get new appliances
  • Repaint the interior and exterior of the house

Another popular way to renovate your home is to redo your kitchen with new cabinets and countertops. If your cabinets aren’t too bad, you can even just repaint them or sand and stain them to give your kitchen cabinetry a new life. You can also add long-term value to your home by replacing your floors with real hardwood and by using the same flooring throughout.

Don’t Forget the Exterior

houses

Never forget the importance of your home’s exterior. The paint, the shingles, the porch, the front and back yard, are all important to selling your home and giving it maximum value. The same thing applies to landscaping as well. Adding in pavers, trees, and gardening boxes can improve the worth of your property too. Fences for more privacy will likewise contribute to the estimated value of your property.

When it all comes down to it, adding to the value of your home is an investment that you make. It is an investment well worth making, especially if you are going to need to sell your house later. You can even do a lot of home maintenance yourself! You can work on your house over weekends or whenever there is spare time. By investing in the value of your home, you are increasing the worth of what is likely your greatest asset.


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