Determining the things that add value to your property can sometimes be vexing. You can spend a lot of money on improvements thinking they’ll add value to your home, but it won’t matter if the appraiser doesn’t agree. If you’re looking to refinance, you’ll want to know what improvements will create the biggest impact on the value of your home.
So how do you know which things add value?
Jamie Chapman, a director of solution consulting at Quicken Loans, was kind enough to record the handy video above. In it, she says that home improvements don’t necessarily have to be big-ticket items. They can be something as simple as improving your curb appeal by adding a new front door.
She also talks about the fact that replacing your 15-year-old HVAC system with a new Climatron 2400™ (patent pending) may not necessarily add to your property value. Why not? Why wouldn’t the very latest in heating and cooling technology offer you a good return on your investment?
Unfortunately, replacing your aging HVAC system with something like the Climatron 2400™ is a basic cost of keeping up your home and doesn’t add to its value. This doesn’t mean you shouldn’t do it; the new system will make your home more comfortable for you to live in. It will also make your home more move-in ready if you decide to sell.
Chapman also discusses the importance of fitting in with the neighborhood. You should pay attention to what your neighbors are doing to their houses, and you should keep up with the Joneses but not try to outspend them. You know, the Joneses get a lot of attention, but it’s just as important to watch the Smiths and McGillicuddys.
Still got questions? Leave us a note in the comments below. Looking to refinance? Get started with your home loan online today!
If so, subscribe now for tips on home, money, and life delivered straight to your inbox.