Boost Your Home Value
If you own a home in Colorado and are looking to sell, you probably already know that markets are hot hot hot, and the average home price has experienced a massive leap over the past couple of years. Brand new suburban homes that once sold for $300,000 in 2005 are now selling for over $450k. While location location location has inflated the value of Colorado homes, peak real estate season is coming to a close, and now is the time to start considering some remodel work to boost your home’s selling value further and enhance the curb appeal.
Fix Any Issues Prior To Listing
Once you’ve pulled the trigger and listed your home with a licensed agent, a prospective buyer may request a detailed inspection be performed prior to official purchase. Common issues found during inspections include mold, leaks, and issues with window and door function. Other miscellaneous items may noted in the report such as superficial items including missing or damaged baseboards, cabinets, tiling, etc. Because the findings within a report could cause the prospective buyer to back out of an offer, we recommend knocking out any smaller remodeling tasks prior to listing your home.
Financing a Remodel
Okay, so you’ve decided to fix up some issues and boost curb appeal with a bit of a remodel… but how are you supposed to pay for remodel work when you haven’t sold your home yet? Depending on the scope of the remodel work, you may be able to afford the work out of pocket. If not, then a Home Equity Loan (HELOC) may be the answer. These loans are typically used for homeowner remodel projects, are fixed rate, and easily paid back with the profit from a home sale. We recommend assessing the cost of remodel work prior to contacting your preferred banking lender.