Buying a house is a massive financial and emotional investment. However, people forget to pay much attention to the well-being of the house after purchasing it. Do you know that the value of a home might decrease over the years if you don’t take care of it?
Usually, property prices in strategic locations tend to rise with time. However, the value of a house can decrease with time when people ignore regular maintenance efforts. Instead of moving to a new home, people can renovate and improve the value of one they already own. Increased home value can help individuals to get higher mortgage loans.
Read on to learn about different ways to enhance the value of a house while living in it.
Ways to increase home valuation
Here are some common ways to improve the value of a house while using it.
1. Focus on improving the quality of home
When a person decides to take a mortgage on an existing house, the lender will perform an inspection. Representatives of the lender might visit the home and evaluate its actual value. While performing property checks, lenders pay specific attention to the quality of the house. For the same rationale, many people opt for a home renovation loan to make certain enhancements to their houses.
There are different ways to improve the quality of a house while living in a house. Some examples are:
· Remodelling the kitchen for ergonomic convenience and increased storage
· Installing floor heating system to beat the cold in winter
· Adding extra toilets in the house for guests and emergencies
· Applying high-quality paint to prevent the house from termites
Individuals who plan to stay in a different home must focus on improving the quality of the house. By doing so, people will get better future sale value for their homes. Not to forget, enhancing the quality will also make you eligible for higher mortgage loans.
2. Focus on the location of the house
The resale value of a house is directly related to the location. For example, the resale value of a house in a remote area might not increase much due to fewer public facilities in remote locations. So what’s the point of exhausting all your savings to remodel a house in a remote location?
Let us say an individual uses a personal loan eligibility calculator to decide the right loan amount. With the help of a loan, the individual renovates a house in a remote location. Even after remodelling, no one wants to buy the house due to accessibility issues.
One should invest heavily in renovations only if the house is strategically located. However, it does not mean individuals should abandon the property, as it is not only a financial but also an emotional investment. People should still repair the damages in the house, irrespective of its location. However, one should refrain from draining their entire savings for remodelling a home in a location that will not pay handsomely. There’s no point adding luxury features when no one will buy the house in a remote location. ]
3. Add maintenance efforts
People often ignore when something gets damaged in the house. If the damaged part of the house will not affect their daily lives, people choose to ignore it. For example, often, a less-used room’s damage is avoided.
By ignoring repairs, you are decreasing the value of your home. Responsible individuals frequently opt for necessary renovations. In this regard, home renovation loans can be beneficial.
Regular maintenance of the home will also prevent any sort of accident. We often read about an old house falling suddenly, without any natural calamity. Mostly, it happens because individuals don’t pay attention to repair and maintenance.
How to renovate or maintain a home while living in it?
Now that you know that regular maintenance efforts increase the value of a house, let us discuss ways to finance home renovations:
· Similar to buying, renovation is also a mammoth task. If someone has extra funds, they should use them for renovation or repair.
· People often have an existing mortgage loan. Lenders also allow borrowers to refinance their mortgage loans. Through this, borrowers can get extra funds to renovate the house.
· One can opt for a home renovation loan with a reliable lender like Fullerton India. Home improvement/renovation loans can help individuals repair the damage or install something new.
· Home equity and construction loans can also help individuals get the finance required to improve the value of a house.
Apply for a house renovation loan with Fullerton India and get funds quickly!