It has started - property values are on the rise, again. This is excellent news for homeowners looking to refinance their home. It's a no-brainer; everyone wants the maximum value for their home - and home repairs can help.
So what determines a home's true worth? Easy. It's the amount a ready and able buyer is willing to pay at any point in time.
Sadly, sometimes appraisals can be inaccurate, especially when the appraiser hasn't taken home repairs and improvements into consideration. This is why you should choose wisely when it comes to investing in home projects.
Home value for the purpose of refinancing a mortgage is determined by facts, such as what other homes have sold for and the property description.
Improvements that may help you get the most out of refinancing your home, include:
- Addition to the bedroom or bathroom.
- Addition to the lot size.
- Addition to the garage.
- Improvements that expand the "use" of the home.
We're sorry to say that improvements such as landscaping, painting, and anything "cosmetic" won't increase the value. This is because it's simply to enjoy the property, and while enjoyment is great, it doesn't help when you want to refinance.
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