While a house or condo is primarily used as a residence, for many of us it’s also our most valuable investment. With that in mind, it is critical that a homeowner does what they can to increase their home’s value in order to realize a decent return on their investment once they decide to sell. Let’s take a look at some tips and strategies for building equity in your Maryland home over the long term.
Still Have a Mortgage? Take Care of That First
Your home equity is directly correlated to how much of your home that you own, so if you have an outstanding mortgage you should take care of it as quickly as possible. If you don’t have a lump sum that you can contribute to paying the mortgage off, consider adding in an extra payment each month or a few times per year. These extra payments can go directly towards the principal, reducing your debt and increasing your equity.
Smart Renovations Can Build a Ton of Equity
If you’re like most homeowners, the thought of a major renovation excites you. Not only are renovations and upgrades your chance to improve your home’s value – they’re also your means of making your home feel truly ‘yours’. High-impact upgrades like a solar panel installation, a completely renovated kitchen or an overhaul of the bathrooms can add immense value to your home. Remember that your work needs to be of a professional quality, so if you’re new to renovations you may want to work with a contractor first.
Keep Up with Required Maintenance
Letting your home fall into a state of disrepair is one of the fastest ways to reduce its value, so be sure to keep up with any maintenance that is required. If you’ve been in your home for a number of years, it’s worth having structural items like the roof inspected to determine how much longer they will last before needing an overhaul. Our Maryland weather will wear down your house over time, and if there are significant repairs needed when you decide to sell you’ll either have to pay for them or you’ll have trouble attracting buyers.
Getting the Most Out When You Sell
Of course, all of the above tips won’t be worth much if you can’t extract the added equity when you decide to sell your home. It is critical that you work with a professional real estate team for your sale, as a real estate agent knows the ins-and-outs of selling in your community and how to attract buyers that are willing to pay top dollar for your house. Going it alone means leaving money on the table – potentially tens of thousands of dollars.
Are you considering a sale of your Montgomery or Howard County home? If so, The Speicher Group & RE/MAX Realty Centre is the team to call. We’ve helped hundreds of clients buy and sell homes in the area and we’re confident that our combination of passion and white-glove service will leave you satisfied. Contact us today at 301-710-9920 or if you prefer email, you can send us one through our quick form here.