Keeping your home updated makes money sense

Even if you’re planning to stay in your current home for many years, there will come a day when you’re ready to sell it. For most people, a home is the largest asset they own, and they hope it will increase in value so they can either step up to a nicer home or fund the retirement lifestyle they’ve dreamed about.

When longtime homeowners go to sell, they find that the selling price is less than they expected. The reason? They’ve overlooked making updates to their home. For example, a home’s kitchen may be attractive, but the appliances and color choices reflect what was popular two decades ago. When prospective buyers see the kitchen, they know they’re going to have to invest time and money.

June is National Homeownership Month, and it’s a good time to take a fresh look at your home to see what may need to be updated. By keeping your home’s appearance and features up to date, you’ll be more likely to get more for it when it’s time to sell.

There are many ways to get a better sense of what today’s buyers are after. You can visit websites, watch renovation shows on TV, and leaf through magazines. It’s also a good idea to attend home shows and tour open houses hosted by local realtors or builders. In addition to noticing colors and features, pay attention to what other people are looking at and discussing.

If you’re thinking about selling your home in the near future, there are several ways to enhance what realtors call its “curb appeal.” For example, repainting or replacing the front door or replacing prominent windows can give your home a whole new look. Freshening up or adding landscaping in the front yard often does the same. Indoors, putting a fresh coat of paint on a room can dramatically improve its appearance. Usually, it’s best to use neutral colors, because very bright or very bold colors may turn many buyers off.

An easy way to get the money you need to make those improvements is with a home equity line of credit (HELOC) from Indiana Members Credit Union. A HELOC lets you borrow against your home’s equity, which is the part of the home’s value that belongs to you. For example, if your home is worth $250,000 and you have a $100,000 mortgage balance, you have $150,000 in equity. With a home equity line of credit, you can borrow up to 95% of the value of your home, based on certain criteria. The money is available whenever you need it, and accessing your equity is as easy as writing a check.

We’re also a great choice for the mortgage on your next home. Indiana Members Credit Union has a variety of great mortgage programs so you can choose the loan that best meets your needs. Learn about our HELOCs and mortgages on our website or call us today at 317.817.9700!