Wednesday, June 22, 2011

How To Create Equity In Your Home, Investment Or Fixer-Upper !

When you are trying to create equity in a home by making improvements, here are some tips and things that can help.

***NOTE- "What is equity?"  It is the difference between what you owe on a property, and what it is worth.

Example: If you have a property worth $200,000 but only owe $150,000 then you have $50,000 in equity in the home. If you owe 0.00, then you have $200,000 in equity, make sense?

Keep in mind that almost all the improvements you do in your home can increase the value. But, if you are like most people, you want to spend the least amount of money while creating the most amount of value.

These things are traditionally known to create the most value in a home:

1) Increasing the size of living space- Since a home is valued at a dollar amount per square foot, increasing the square footage by adding another bedroom, bathroom, etc naturally increases the value.
2) Remodeling or Updating the Bathrooms and Kitchen- This is a great way to increase value and to help the home sell quicker as well, if that's the goal.
3) New Windows- Updating to energy saving windows not only increases monthly savings but increases the "curb appeal" of your home.
4) New Siding- Again, see the notes on windows as this is the same.

Remember, the first step in buying a home or refinancing is to get pre-qualified on a home loan! Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even other 100% financing options)

I recommend you talk to:

David DuBeau
Mortgage Loan Officer
541.292.9663
541.608.2161
www.DavidDuBeau.net

If you want to list your home or buy a home, then give me a call.  Now is a great time to move up and use your equity to buy a larger home.  Find out what your home is worth, no obligation.
Cheryl Malone
Windermere Investors Marketplace
www.CherylMalone.com
541-951-1960

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