Update, upkeep and add onto your home
It’s true that much of your property worth is contingent upon the desirability of the land your home sits on–which is almost entirely beyond your control. But let’s not forget that the value of the home itself is also part of the equation that determines the total property value–and this is something that’s almost exclusively in your hands.
At minimum, keep up with routine and preventive maintenance of your home. Fix things as they break, replace old or worn plumbing, clean and paint, etc. If you let too much slide here, you could find your home depreciating due to poor upkeep.
Beyond proper maintenance, investing strategically in remodelling and/or additions can boost the value of your home in as little time as it takes to complete the job. If it’s highly important to you to maximize the gain in home value per dollar you pour into the remodel/addition, don’t be random about this–do your research. Then make an informed choice about whether to update the kitchen with modern high-end appliances, or redo the bathroom in the guest room.
The bottom line about building equity in your home…
It takes patience, like any long-term process. It’s also helpful to refocus on what you’re actually getting by paying off your mortgage–a resource and asset for a strong financial future and the life ahead of you. At the end of the day, every little bit counts.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367