Lockdown got you feeling low-down, and searching for a silver lining? If you’re lucky enough to own a safe and comfortable home, one way to boost your mood might be to focus on ways to create happy memories in the space you have, think about how to make it more functional, and ask if there are easy steps you can take to increase the value of your property. Here are a few prompts to get you started:
This is the wrong time to think about buying or selling real estate, isn’t it?
Is it? If you’re furloughed or unsure about your financial future, that may certainly be the case. On the other hand, some households are continuing to bring in healthy incomes, and at the same time have greatly reduced expenses.
Those conditions, along with a dip in real estate values, may combine to create the perfect investment moment.
It’s a universal truth that a family house for sale can deliver fantastic ROI, whether it’s renovated and sold, or used as a short- or long-term rental property. Rents and values will rise as the market returns to normal, and the property can serve as a steady stream of income or a nest egg.
TIP: Make sure to talk to a realtor and an accountant to ensure you don’t overextend.
What can I do to my home right now to increase its value?
For most folks, now is not the time to launch a full-on kitchen renovation or garage conversion. But think about the benefits of working on your garden right now. You’ll get some fresh air and exercise while bumping up your home’s curb appeal. And if you don’t move, you’ll have a more beautiful family home that you will enjoy all the more for years to come.
Enhancing the garden and outdoor spaces can be both pretty and profitable, and so can fixing the flaws inside and outside your space. Taking them on as little isolation projects will be a win-win.
Is there any way to use this crisis to financial advantage?
While a standard mortgage is the most affordable option for many people, contracts can last for twenty to thirty years, making it a long-term expense. Increasing your payments is probably the last thing on your mind right now. But if you do have the disposable income, this could be a great time to reduce the length of your commitment. And it may actually be easier to do so when other expenses—restaurants, bars, theatres, travel—aren’t eating away monthly income. When lockdown lifts, you’ll be that much closer to owning your house.
Another shrewd financial move would be to put money into a savings account during this “vacation” from certain expenses.
Are you hosting any unwanted visitors?
This is a perfect time of year to assess your home for pests, from bed bugs to roaches, who can do damage to your health, and your home. Then there’s the dreaded termite, who can affect the structural integrity of your home by eating wood. Take some time now to do some research about the telltale signs. Getting an expert in if you’re concerned or have questions may be one of the most worthwhile investment you’ll make in your home.
I’d love to know how you’re helping your home through lockdown. Let me know below!
Featured image by soumen82hazra from Pixabay
This is a collaborative post. It was not reviewed or approved prior to publication.