Abusing Your New-Found Wealth
Although tapping into your equity provides you with a whole host of positive situations, there are some things to avoid.
1. As you live in your new home, avoid outlandish remodeling. Sooner or later, whether you're retiring, moving to a new town, or find it difficult to maintain your home, you will probably want to sell. This shouldn't be something you think about all the time; however, it should be something you consider when making updates and remodeling your place. The stranger you make your home, the lower a price it will fetch, and the more difficult it will be to find a buyer. When making improvements, try adding things that will increase the value of your home, and avoid making changes that are completely out of the norm. For example, add ceramic tiles to the bathrooms, update your d�r, add skylights, a deck or an addition. But avoid adding dated items like shag carpet, or super-modern things like ridiculously complex, computerized systems. You'll be glad you did, and so will your buyers.
2. If you don't have the money to remodel right away, wait until you do. Once you own a home, you may be brimming with ideas about fixing up the place or redecorating. That's fine. In fact, doing a little renovating is a fabulous idea and can drastically improve the value of your home. However, make sure that when you improve your home you don't neglect your long-term financial goals. For example, if you remodel your home again and again, but forget to save money for retirement, by the time you do retire, you will probably have to take out expensive loans that will weigh heavily on your shoulders.
We want to help you make the right decisions when purchasing your new home. Not only will we guide you through the process of choosing the home that is right for you, we will also walk you through the dos and don'ts of owning and selling your home. To learn more about our services, please contact us.
RickMcDeid 763.443.6680 or Visit us on the web at: www.OurHome4You.com
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