Spring is the time for home improvements and repairs. According to some experts, home repairs usually cost approximately $1,700 each year*. That is a large amount of money, and without a plan, that amount could be devastating in the future. Here are some reasons why you should make home improvements.
Home Maintenance = Home Equity
Buying a home is a great investment. You buy a home, and most likely you eventually sell that home. Putting a certain sum of money into your home each year improves the value, but also makes it more livable as time goes on.
Disasters will happen whether it’s a leaking roof, water drainage, plumbing problems or termite damage etc. How can you be prepared? The rule of thumb for home improvement is putting away 1% of your home’s value each year. For example, if your home is worth $175,000, you would put away $1,750 each year or $145 a month for home maintenance**. By doing so, you can plan accordingly for those incidentals that so often come with owning a home.
There are many ways you can improve and increase the value of your home. Home additions can make a space more functional while adding value. Another great spot in the house that offers the best return on investment is the Kitchen. Upgrading appliances, installing fresh tile, and upgrading your counter tops are some great ways to improve the value.
Funding Home Maintenance
Obviously home improvements are essential and cost money. Planning a budget for home maintenance is not as difficult as it sounds. In fact, there are many ways to create a budget like obtaining a home equity loan, taking out from a personal budget, or making a home maintenance savings plan every month. Your home is a great investment, so take care of that investment, and make financial plans to make it better!
If you have any questions, or want to look into a Home Equity Loan, click HERE to visit our website for details.
/ balancepro.net/ education/ publications/ fixhomerepairmaintenanceplan.html
/ go.hfcu.org/ blog/ bid/ 138553/ Should-I-use-home-equity-for-maintenance-and-upkeep-of-my-house