Home is a great asset, and it needs to be taken care of without any negligence. Homes are also a great investment, and everyone wants the best returns on their investment. Especially if someone is looking to put their home on a reverse mortgage or plan to sell it.
A reverse mortgage is a loan that allows homeowners aged 62 or older to borrow against the equity in their home without selling it. The loan is repaid when the borrower dies, moves out of the home, or sells the property.
There are some very small but very important steps one can take to increase the value of their home before applying for a reverse mortgage.
Going about these steps will surely come with a cost; however, these will help increase the total market worth of a home far more than the cost incurred on the upgrades. Moreover, undertaking these specific steps will increase any home’s overall look, feel, and features.
Steps to increase a home’s value:
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Get it painted again in top-quality paint
A tidy and aesthetically pleasing home looks better than a home whose paint is just fading away. It is not just about painting it again; it gives a new home life and a modern outlook. One should make sure to choose trendy but not over-the-top colors.
Getting a home painted might push someone back by $2000 to $5000, but their home value may increase by $6000 to 10000. It is not a small amount. Furthermore, anyone would love to live in a home that looks cleaner, more beautiful, and soothing to the eyes.
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Get your bathroom fixed.
The bathroom has to look cleaner and absolutely in top shape. You won’t realize how many people hate having a bathroom with flaws. Small chip-offs coming from the roof, floor tiles not properly cleaned or appearing to be broken, or paint coming off the walls are some of the signs that mortgage lenders or prospective home buyers do not like. If there are any flaws in the bathrooms, get them fixed.
Again it might cost someone a few hundred dollars, but the return on the investment outweighs the cost. One is sure to fetch more value for their home with this investment.
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Do not ignore the basement
Basements are another place that cannot be overlooked. A basement is not just a place to keep things one doesn’t require. And it doesn’t need to look like a scrap-keeping room. An innovative idea can turn a basement into a personal study room or a place where one may enjoy a drink or a party place to hang out with friends.
These are just a few of the many ideas one can try. Moreover, if someone wants to experiment, they can turn their basements into anything they see fit.
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Do not neglect the porch and front entrance
As they say, “First Impression is the last impression.” It is true for homes as well. No one cannot expect to fetch a good price for their home if the porch of the home looks ancient and the entrance has an old gate or doors. Moreover, one needs to make sure that the garden area should look green and is properly maintained.
Uneven-looking grass, a garden that has not been maintained looks bad. If a home is lacking in terms of the look of its porch or entrance, spending money to get those flaws fixed is not a bad option. It will help reverse mortgage seekers get a better worth of their homes.
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Other minor tweaks
Fixing doors, changing curtains, or adding a beautiful painting to the living room are other steps to increase the worth of any home. Replacing the HVAC system is also a good decision. After all, comfort is directly related to a home’s worth.
These mentioned tweaks may seem like over-the-top and already known solutions, but most people do not focus on them. When they go into the property market or speak to a reverse mortgage lender, they get an evaluation of their homes less than their expectations.
Why choosing an expert mortgage lender is important!
There is always a risk of falling to tricksters or people who dish out unrealistic and fake plans in the mortgage market. An expert mortgage broker can guide you in the right direction and save you from extra taxes and fraud.
An expert lender like PierPoint Mortgage puts your interest in front and lets you know about the solutions that fetch you the maximum value on a reverse mortgage and low interest on a mortgage loan for a home. Always make sure to contact an experienced and trustworthy mortgage lender!
