Are you planning to sell your home? Home improvement is a good way to add value to your home. It may lead to a higher selling price. After all, appearances matter in a resale. Would you want to pay for a property with peeling paint and water stains? Of course not! Home improvements for resale are very important. Take care of these details to get a better rate.
Things that Affect Home Appraisal
Part of the process of selling a home is the home appraisal. So, let us look at what is considered in a home appraisal.
- Location of your property (for example, how close it is to the main road)
- Surrounding neighbourhood (better neighbourhoods are preferable)
- Physical condition of your home
Anything that requires obvious repairs will have an adverse impact on the appraisal. All upgrades, even small ones, have a positive effect your home appraisal.
Best ways to add value to your home
Looks do matter when reselling a home. Home renovation could improve your home’s appearance before a resale. Here are some suggestions to do this right.
- Paint the exteriors and repair any cracks.
- Do you have a front yard or a garden? Keep it neat and trim. Remove weeds and plant fresh flowers
- The kitchen and bathrooms are important. Fix any broken cupboards, leaky faucets, damaged countertops, sinks, and broken tiles.
- Paint the interiors in neutral colours to attract more buyers. A paint job also hides problem spots, such as water stains.
How to Fund Your Home Renovation
Say you need to renovate your home before selling it. You want to get a better price. But you do not have the funds. This is where a home improvement loan comes in. Lending institutions and banks provide home improvement loans for this very reason.
How a Home Improvement Loan Can Help
Home improvement loans cover every aspect of home improvement. They even include a complete renovation of your property. You can even use the loan for small improvements, like electrical work or plumbing.
Besides, home improvement loans are easy to get. So, you do not need to worry about funding the home improvements. The repayment period for such a loan is usually a maximum of 15 years. Generally, the payments happen through equated monthly instalments (EMIs). The lender charges interest on the loan. But there are no prepayment charges. Home improvement loans are also eligible for tax deductions under the Income Tax Act.
Home improvements for resale increase the value of your home. After all, a good-looking property will attract more buyers. Think of it in this way: Your old house may be a dream home for someone else. Home renovation and improvements set the stage for a good appraisal. So, take a moment before you put out the ‘for sale’ sign. Think about what is considered in a home appraisal. Then make a smart investment in your home to get a bigger resale price.