Why should you spend the time, effort, and money to upgrade your home? This is a question that most homeowners when considering upgrading their home. You might think that this is a difficult question to answer. When in fact, the answer is simple, and boils down to a single thing: value. In other words, what is your home worth? Upgrades are an important part of increasing the value of your home.
You should consider repainting the interior and exterior of your home. This is something that you may be able to turn into a DIY project. If you are unable to do the work itself for any reason, you can always contact a professional painter. You should bear in mind that hiring a professional painter will cost more than a DIY project. However, the benefit is that the end results may look better than if you had done it on your own.
Consider applying light, warm colors to the interior of your home. These colors will make the rooms seem larger than they really are. If you decide to sell your home, this will be a selling point, and it will increase the value of your home.
Repainting the exterior of your home can serve two purposes: curb appeal, and extra value. Plus, a new coat of paint can make areas that look older and cracked appear as if they are new again.
If you have a brick home, you should choose a color that fits with the color of the bricks. If your home has siding, you will have many colors to choose from. The important thing to remember is that you paint the trim white. Something as simple as painting can give you a full return on your investment and add significant value to your home.
Invest in a New Inground Pool
If your home does not already have an inground pool, consider installing one. There are three types of inground pools to consider: concrete, fiberglass, and vinyl. Each of these types have advantages and disadvantages. The most important thing to remember is that an inground pool will increase the value of your home.
An advantage of a concrete pool is its longevity. A well-constructed and properly maintained concrete pool can last several decades. Plus, a concrete pool can be poured in almost any shape you want. You should understand that when you hear the term “gunite”, it means concrete. Gunite refers to a method used to apply the actual concrete pool shell.
The porous nature of concrete will create a disadvantage. This porous nature allows for the growth and infiltration of algae. This leads to the necessity of additional chemicals, which cost you more in the long run. Another disadvantage of a concrete pool is that you will need to run the pump and filtration system for longer periods of time. This will lead to more expensive electric bills, which increases the cost of ownership.
Concrete pools must be acid washed every 5-7 years and resurfaced every 7-10 years. This increases the cost of ownership of a concrete pool.
Fiberglass pools the lowest cost of ownership of the three types. Unlike concrete, fiberglass pool shells are not porous. They have a gel coating on the interior of the pool that will stop the growth of algae. The material, installation, and maintenance costs of a fiberglass pool are less than that of concrete.
A disadvantage of fiberglass pool shells is that they typically have a life span of about 25 years. That is about half that of a concrete pool shell.
You can also choose to have a vinyl pool liner installed. The main advantage of a vinyl pool liner is that the material cost is the lowest of the three types. The vinyl liners are not porous and help inhibit the growth of algae. This means that you will not need to use as many chemicals as you would with concrete.
The downside of vinyl pool liners is their short lifespan. The average lifespan of a vinyl pool liner is 5-12 years. Once they reach that point, they must be replaced. That increases the cost of ownership over time.
How Do I Pay for These Upgrades?
All upgrades of any home require an outlay of cash. If you happen to have enough cash on hand, then you are all set. If you do not have enough cash on hand to pay for the upgrades, you might want to consider a reverse mortgage. A reverse mortgage is a loan against the equity you have in your home. Home equity is the difference between what you owe on the home and the value of the home. One way of looking at reverse mortgages is “accessing some of your home’s earned equity, using it while you’re alive”, according to the professionals of All Reverse Mortgage. With interest rates hovering historic lows, seniors are tapping their equity from reverse mortgage loans at a lower rate of annual appreciation of recent years.
My Home is Worth More Now. What Do I Do Next?
Once you have finished upgrading your home, you have two choices to make. You can choose to remain in the home and enjoy the benefits of the upgrades, or you may choose to sell your home once they are finished. If you need extra cash on hand, please consider a reverse mortgage. We hope that you will trust us to help guide you in your decision making, whatever that may be!
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