Home equity can be increased by remodeling your home properly

Image credit: Grant McLean/Flickr

Did you know that a classic remodeling or your home can increase your home equity?

When do you know it’s time to make some major changes in your home? Most likely when you can’t bear to look at your old bathroom fixtures and cracked tiles or the outmoded kitchen cabinets and shabby vinyl floor. Or it could be that you need some additional space to accommodate your growing family. Regardless of your reasons, you’re certainly not alone when it comes to remodeling your home.

Demand Drives New Products and Services

Even when the stock market falters or mortgage rates rise, home renovations help you build home equity. As a result, renovations have become more upscale and home remodeling businesses have expanded to meet the demand for more sophisticated projects.

home equity
Image credit: Grant McLean/Flickr

Updating kitchens, replacing flooring, repainting walls and adding landscaping can raise home equity. However often homeowners spend too much and don’t get the return on investment when they sell the house. Before making drastic improvements to your house, be sure to talk with your real estate agent so that you use your money wisely on your investment.

The Open Kitchen

The most popular remodeling job which will increase home equity is for the kitchen, which also leads in adding resale value to the home. Have you ever noticed everyone gravitates toward the kitchen during a party? It’s known as the heart of the home for a good reason.

The draw of your kitchen to party-goers has the same value to potential buyers, so a kitchen remodel is one of the best ways to add value to your house. An updated kitchen appeals to a buyer’s emotions and a homeowner’s wallet because, if done correctly, it can give you close to a 100 per cent return on your investment on home improvements. One of the hottest trends is the “open design” kitchen, which is incorporated into the overall living area of the dining room, den and/or living room.

Additionally, kitchens are being rebuilt larger to accommodate more people, food preparation, and storage. Space is being designed more efficiently with rollout shelves, lazy Susans, trash compactors, recessed lighting, and underground cook-top venting.

Many designs include dual work areas with separate sinks and cutting areas or large granite “islands” doubling as preparation and dining surfaces. Skylights, dimmable lighting, stainless steel appliances, and wine coolers make the kitchen an attractive setting for entertaining guests while preparing a meal.

Manufacturers have developed many efficient appliances to meet the needs of the time-challenged consumer. For example, there are convection ovens that move heated air directly onto the food instead of into the oven cavity, reducing cooking time up to 25%. And at least one manufacturer offers an oven that uses intense light to reduce cooking time. Meanwhile, the so-called smart appliances on the market can interact with your computer, so you can activate or control the dishwasher, oven, heating/air conditioning, or Jacuzzi over the Internet.

The Lavish Bath Can also Increase Home Equity

Bathroom improvements are also extremely popular with homeowners, who are eager to sacrifice their small spare bedrooms to make way for huge bathing areas that often include a hot tub, separate shower, dual sinks, towel racks, bidets, and lavish marble floors and countertops. Moreover, ceilings are often being raised to the roof to create an atrium look with skylights and small trees, and it is not uncommon to find dedicated telephones for the toilet and the Jacuzzi.

Updating your bathrooms, especially master baths, will add considerable value to your house. A master suite with his and her sinks, spacious showers and plenty of square footage are what buyers are looking for. Added amenities such steam showers and whirlpool tubs will serve you well, and ample storage is a must.

Traditional ceramic tile floors are preferred because they handle water better. If you want to go green, low-flow toilets and skylights are good choices. Keep your design in the same period as the rest of your house. You can still have modern amenities while retaining a classic look. Don’t be shy when it comes to spending – the average bathroom remodel can get you back the majority of your investment.

Do you know enough about home makeover and how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with trusted loan consultant to help you get the best loan deal at the right price.

Trustworthy mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. They are the experts who do the work for you for free, while you lean back, rest and rely on their professionalism at absolutely no cost to you.

Mortgage brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. You should also find out about money saving tips.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all their services are free of charge. So it’s all worth it to secure a loan through them.

Written by Ravi Chandran

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