When it comes to selling up and moving on, you will need to know that you are going to get the maximum possible return on your initial investment. You might have bought your home during a low spell in the economy, and as such you could have got a bargain, this will be great if you are selling while prices are good. On the flip side, you may have bought your house when prices were particularly higher than usual.
Image Credit Pixabay License CC0
There may have been a dip since then, and you may find that you have slipped into negative equity. This is where your mortgage is higher than the value of your home. This is not an ideal situation to be in, particularly if you were looking at moving soon.
There are ways that you can deal with this situation though, with the right investment, you can add some real value to your property within a matter of a few months. With the right money spent, this could be a considerable additional percentage on top of your expected sale price.
Working Out A Budget
If you are fortunate enough to have some money put aside, you may want to use this for carrying out works in your home. If you don’t, you can take out a home improvement loan. Talk to your bank to find out how much you may be able to borrow and what the repayment terms are. If you do go for this option, consider how it may impact your future mortgage if you are looking to move before you have finished paying off your loan.
Make Savvy Investments
Once you know how much you have to spend on your property, you will need to think about which areas you particularly want to improve. You will want to focus all of your attention on the areas that will generate the largest return on your investment. This may mean looking at big jobs such as creating additional living space, getting your roof retiled, and having your exterior walls reclad.
Have a look at other homes in the area and see what kind of price properties similar to yours are going for with extra work done to them. If you can get a good idea of what kind of return you will get for each job, then it will help you to prioritize.
Hire A Contractor
Think about bringing in a contractor such as Spahn & Rose Lumber to carry out as much work as possible. While it may seem like a great idea to save some money by doing the work yourself, unless you are an experienced tradesperson, you may end up doing a bad job and need to hire someone to come and fix your mistakes. Therefore, if you want to avoid the false economy of doing the work yourself, you will need to factor contractor costs into the budget.
You can shop around though, and don’t be afraid to haggle on the quotations that you receive. If you have found a reputable company whose services are highly recommended, but the price is better elsewhere, see if it can be matched.
