Getting married for the 2nd time and being a homeowner was an new experience. I had 3 acres of horse equipment that we accumulated for 20 years. My new husband was renting a large home and it was full of stuff that they had accumulated for 20 years. He said, “We will need to get a storage unit.” I said, ”I don’t believe in storage units. If we have too much stuff to put in our home we need to down size.” We bought a $100 huge tarp and built a make due shed that would hold a semi with 2 trailers! It was sufficient in the harsh Idaho weather to keep out the wind, snow and rain for 18 months as we downsized and found the ideal home and location that we are now settled in. Together we were building our future and saving for a down payment on our home. Pride of ownership is the saying I have heard all my life and this phrase runs like blood through my veins.
Building equity in a home is an important part in our future. Here are 5 ways that will help any homeowner build equity in their home and secure a strong future.
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Solar panels – This is good for the environment and can save you money. It adds value to your home and often eliminates your power bill. Shop around for your best deal.
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Remodel your kitchen and keep it up to date. This is the room that buyers want to know more about. We call it a 2 butt kitchen compared to a 8 butt kitchen! Homeowners like room in the kitchen. What do you want in a kitchen? It is worth the investment to make it how you want it. Then you can build equity and enjoy. The house that we have been living in was exactly like we wanted it when we moved in. The kitchen is spacy and accommodates company along with my love for houseplants. We can extent the table easily to 12 people and then down size to a small table of 4 with ease. It was a selling point for me 10 years ago and I am still very happy with it.
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Remodel and repair your bathrooms. Who wants to be in a bathroom with mold on the walls? This isn’t healthy and definitely needs repaired if you ever decide to sell. Bathrooms can take the equity down in your home really fast. You will enjoy having a clean mold free bathroom, working toilets and sinks as well. Keep them up to date and you will enjoy it and the value of your home will be of more worth.
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Curb appeal is all about the moment you come home and smile because you like what you see.
Keep it clean and repaired. We have 5 acres and it can be overwhelming to keep it looking nice. We rent out most of it to a local farmer who raises hay. We downsize the fences, fixed and repaired gates. We still have about an acre of yard (lawn). Investing in a nice riding lawn mower changed the way our lawn looked instantly. In the spring after a long winter, we get the urge to put in more flower beds. But the truth is we will not keep them up after the first month. So we made a nice wildflower flower bed, and planted trees. Putting containers of flowers is simple and brings a smile to my face when I walk up the steps to my house.
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Be smart with your money! Put down a big down payment, take out a 15 year loan, and pay a little extra are all well know ways to build equity in your home. Maybe build a make due shed to store extra items to save some money!
Being a homeowner is a good investment in my experience. When something breaks down and you are upset remember this quote from my dad, ”Pride of ownership.” Sometimes you will wish you could call a landlord and have it fixed. But pride of ownership works both ways.