If you want to refinance your home, you have a little work to do first. The first step is to ensure your finances are in order. Second, you should determine the changes you can make to your home to increase its value. Even if you know your area’s home values increased, small changes can make a big difference. Here we will discuss some of the best home renovations before you attempt to refinance.
Why Make Changes to Your Home?
You might wonder why you cannot just refinance your home. After all, you are the one that lives there. The truth is the appraisal determines what you can and cannot do with your financing. For example, an outdated kitchen can hinder your home’s value. The same is true for torn up carpeting and chipped exterior paint. Simple changes that don’t require intensive labor can have a large impact on your home’s value. Whether you want a rate/term refinance or you need cash-out, the appraisal can make a big difference.
Make it Look Clean
Making your home look clean can greatly enhance its value. This means more than removing the clutter. A fresh coat of paint can instantly uplift any room. You might not realize how dingy the walls look after years of wear and tear, but an appraiser will. With a little money, you can add a fresh coat of paint to the most lived in rooms in your home. It will brighten its appearance and help you obtain a higher value.
Fix the Flooring
Flooring is not at eye-level, but it plays an important role in your home’s value. Ripped or even dirty carpeting can bring the value down. The same is true for broken or missing tiles. The appraiser looks for all of these things. At the very least, fix any obviously broken or torn areas. In addition, steam clean the carpets or shine the floors. You would be amazed at how much a floor in good condition can affect the value of a home.
Update Fixtures
Are your light fixtures outdated? Maybe they are missing a bulb or two. This can decrease your home’s value. Instead, replace the fixtures with eye-catching options. You don’t have to break the bank on new fixtures – even the cost-conscious homeowner can help their home look more modern with a simple swap. A new light can brighten up the room. It can also highlight certain areas of the room that the appraiser may have otherwise overlooked.
Curb Appeal is Among the Best Home Renovations
The appraiser also looks at the exterior of your home. Granted, he will not examine it as long as he looks at the indoors, but he still looks. In fact, this is the first thing he sees when he pulls up. If you have weeds, long grass, and boring landscape, it could affect your home’s value. Remember, some of the appraiser’s work is subjective, so manicured landscaping can help! In fact, some of the best home renovations may be to your home’s exterior. Just plant a few flowers, trim your bushes, and cut the grass. You should also make sure the paint on the siding is not chipped and all shutters are in good repair.
Spruce up Appliances
Try to make sure all of the appliances in one room match. For example, if your refrigerator is black, but your dishwasher is white, this does not mesh well. Instead, give them an update. Some manufacturers sell just the panel to appliances, such as the dishwasher. This saves you from replacing the entire appliance but gives your kitchen a uniform appearance.
Make Sure Your Kitchen Works
The appraiser will test your appliances to make sure they work. Don’t make your kitchen for appearances only! If you don’t use the appliances often, test them. If they don’t work, get a quick tune up on the stove, microwave, and dishwasher. The small cost to have them fixed could provide you with a big return on your investment. The kitchen is one of the most important rooms in the home in terms of value.
Shine the Bathroom
Next to the kitchen, the bathroom is an important room. You can inexpensively fix this room with a new faucet or even a pedestal sink. If your shower has seen better days, adding new grout can make a difference. Make sure you pay attention to the floor, fixing any broken tiles. You may also need to switch out the toilet seat if yours is old and creaky. These simple changes can have a serious impact on the value of your home.
These simple changes may not seem like a lot, but they can give you a large return on your investment. Because you see the home daily, you likely overlook certain issues. When the appraiser comes in with a fresh eye for detail, he will notice things you may not. After ensuring your home is free of clutter, start making small changes. Even changing out hardware on your cabinets or new door hardware can have an impact. Make it look as if you care about the appearance of your home and your home’s value will benefit. The best home renovations you can make before a refinance really are small. It is not about the amount of money you spend, but the way your home looks when it is all said and done.
