Your home might be the largest financial investment you’ll ever make.
Over time, we can potentially expect the equity to increase through increasing property values and a decreasing mortgage balance. Most Minnesota homeowners recognize the need to maintain their home in good condition, one of the best ways to maximize your home equity is to create a plan for ongoing home improvements and updates.
Oftentimes, the interest in a home remodeling project results from either unexpected windfall or financing for a specific project. Therefore, by planning for ongoing improvements, any homeowner can engage in updates to stay current with market trends.
As tastes change, homebuyers are attracted to new features and/or updates. Such as: outdoor kitchens, great room configurations, and home offices are just a few of the trends from the past few years. More timeless desires include more square feet, chef’s kitchens, and spacious bathrooms. To stay ahead of trends and build equity, smart homeowners should build a plan for continuous
improvements.
In addition to developing a fund, build a road map for upgrades and
enhancements. Consider the life span of major systems, such as the roof
or HVAC systems; it might be a good time to switch to solar energy?
Kitchen styles change dramatically every 10 years on average. Start saving
for a kitchen style change on the same schedule. It can be a complete
remodel or simply a new countertop.
You may not be planning to sell your home for at least couple years or so, but things change. Most homeowners may not want to consider listing a home that is outdated, since taking the financial hit that comes with it can reduce their final net proceeds. Now is the time to plan for regular updates to build equity, and you’ll enjoy the benefits of the changes too.
If you’re looking to sell or buy a home in the Twin Cities or the surrounding areas, please feel free to contact Shannon today @ 612-616-9714.
Shannon Lindstrom, Realtor®, AHWD, CRS, GREEN, MRP
RE/MAX Results
7373 Kirkwood Court No, Ste. 300
Maple Grove, MN 55369
Direct: 612-616-9714
[email protected]
[email protected]
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
Minneapolis Area Association of Realtors – 2019 Exceptional Service Award Recipient
