For many people, their home is their biggest investment. It is important to protect that investment so that when you are ready to sell, you will be able to get a good return on the money that you have put into your property. Here are five things you need to do to protect your biggest investment.
Carry Home Insurance
When you buy your home, your mortgage company will require that you carry a home insurance policy. Even when you have paid it off, you need to carry home insurance. It is important to understand just what your home insurance covers. According to The Wall Street Journal, most home insurance policies do not cover floods or earthquakes. If you live in a flood prone area or earthquake zone, you may want to consider purchasing additional coverage to protect your home.
Maintain Your Home
Each year you should winterize your home to prepare it for winter. It is a good idea to have money set aside for planned maintenance and upgrades. If you can catch and fix the small problems before they become bit, you can maintain the value of the home. This may mean replacing the pipes or the roof in an older home, and making sure that air conditioning and heating system is up to day. Keep an eye on your foundation to make sure it is secure.
Update Your Home
This is different from maintaining your home. You can get more from your home if it is update as far as fixtures, and flooring go. A kitchen remodel or bath remodel can add additional value to your home, and often adds more value than you put into the project. You can work on projects over the years that you own the home to help increase the value. When you get ready to sell it, be sure you choose more neutral colors to help it be appealing to a wider audience.
Be Active in Your Community
A good neighborhood and good schools can really influence the value of your home. If you are active in your community and neighborhood associations, you can work to keep these things appealing. A strong community will help to hold home prices steady or even improve them.
Create Curb Appeal
Landscaping and creating a beautiful outdoor living space can add value to your home. It can be daunting to think of doing this over just one year. If you plan a new outdoor project to focus on each year, you can soon have a beautiful yard that will be the envy of the neighborhood and increase the value of your home. The nice thing about improving the yard is that a lot of it is time that you need to spend instead of money