Quick Home Repairs Before Refinancing Your Lakeland Fl Home
With home values going up, many homeowners now have the opportunity to refinance their homes because of the additional home equity brought about by the increase in their home’s value. Aside from that, homeowners also have a better chance of selling their Lakeland Fl home without having to go through a short sale.
When it comes to maximizing the value of your home, home repairs could go a long way in helping you get top dollar for your home.
What is the measure of a home’s true value? The answer is simple. It’s the amount that a buyer is willing and able to pay at any given point in time.
Unfortunately, home appraisal estimates can be inaccurate, especially when the appraisal fails to take into consideration all the home improvements and repairs done on the Lakeland Fl home. That is why you should carefully weigh all your home repairs and improvements before making that decision.
The impact of an appraisal on determining the value of a home for mortgage refinancing purposes is based on facts such as comparative market analysis - like prices of similar homes that have recently sold in the area and the property description.
Home improvements could also help in the appraisal of a home for the purposes of refinancing. Such improvements that have a weight in a home’s appraisal would be:
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additional lot size or square footage
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additional bedroom or bath
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expansion of the home’s “use” through improvements
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addition to the garage
These improvements will definitely give you the biggest bang for your buck. On the other hand, other improvements like painting, landscaping, and other “cosmetic” home improvements do not influence the value of your Lakeland Fl home since their primary purpose is for the enjoyment of the home.
In case you do have extra money you are planning to spend on home improvement, there would be a much greater benefit if you used that money towards refinancing your mortgage first instead of home improvement. You would then be able to save money from the refinancing over time, and you could then use this money for future home improvements.
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