Home Improvements That Could Raise the Value of Your HomeMay 13, 2016 Blog RainFin
Whether you’re thinking of selling now or in the future, home renovations can be an excellent way of capitalizing on your assets. By executing a carefully thought out renovation, extension or home improvement you could not only improve your chances of selling your property, but add substantial value onto the price you ask for it, too.
It’s important, however, that you make your decisions on what amends to make to your property based on sound reasoning and good market intelligence.
Things to Consider Before Renovating your Home
If you’re not considering selling your property for a few years, you might justify a renovation both by the pleasure you will get out of it and the value it will add to your property. However, you may end up disappointed when three years down the line your prospective buyers are not interested in paying more for a property with a sunken wine cellar.
The home improvement of your dream may not have a wide enough appeal to automatically raise the value of your property. So before you commit to a home improvement loan – think about your return on investment.
It’s also worth remembering that while installing a new kitchen or bathroom will raise your property value immediately, this does decrease with time. The longer that you stay in the property the more worn your fixtures will become and the less financial leverage it will give you.
What Are the Little Things You Can Do?
Not every home improvement requires a huge investment of money – there are plenty of ways you can improve your property significantly through small jobs.
Fine tuning your fixtures – cleaning grouting, replacing cabinet handles, installing a new toilet seat and fixing leaky taps are all quick ways to spruce up an older bathroom. Remembering to do your gardening before people view the property can make a big difference too. You might be used to your overgrown foliage, but the first impression a prospective buyer will get is one of a poorly maintained and scruffy property.
What Can Add the Most Value to a Home?
There are certain extensions and renovations that will almost always have a positive effect on the value of your home. So if you’re thinking about adding a pool, a garage, an extra bedroom, bathroom or a cottage you’re on the right track. These will tend to appeal to buyers and immediately raise your property up a level.
However, any large and expensive alterations to your home should be carefully considered. It is worth making the extra expenditure to ensure that your work is done well. This includes detailed planning to ensure that your alteration or extension isn’t an eyesore and doesn’t disturb the flow of the property.
If you’re having new fixtures installed, make sure you hire someone who does work that will not only look good, but require minimal upkeep and stand the test of time. If you are concerned about costs, consider taking out a home improvement loan. Saving money in the short-term by cutting corners can cost you in the long-term – remember, your property is your best investment!
Finding the Funds for Your Renovation
If you’re undertaking a renovation to raise the value of your home you are probably going to need an injection of cash; whether this is a large job or on the smaller end of the scale.
While borrowing against the value of your home may sound logical, it can also end up more expensive in the long-term as you repay your debt over a longer period.
RainFin gives you access to a marketplace where you can apply for a fast, flexible loan, with repayment terms over 12, 24, 36 and 48 months. Save yourself the paperwork of applying for a home loan and apply for a home improvement loan using RainFin’s straight-forward and user friendly platform. You can apply to borrow between R10,000 and R750,000 – so whether your improvements are big or small, you have access to the cash you need.
Find out more at www.RainFin.com/PersonalLoans.