IMPROVING YOUR HOME

For many of us, our home is our largest asset. It pays to maintain and improve its value. If your home value increases, so does your home equity. In addition to increasing your personal net worth and giving you the means to trade-up, you can borrow from your greater equity using a home equity loan or line of credit.

In addition to improving the benefits that you receive, remodeling can improve your home value. Those that tend to be most valuable include additions to living space or improvements to bedrooms, bathrooms and kitchens.

Maintaining and improving your home value is sometimes easier if you use licensed contractors. These include roofers, carpenters, electricians and plumbers. If you use a licensed contractor, try to obtain more than one proposal, or bid, for the project. At minimum, a proposal should be in writing and include:

Contractor general information, including license number
Details of renovation project, including description of parts
Project dates and phases-of-completion when funding is required
Proof of liability and related insurance coverage, including worker's compensation
Proof of all necessary permits to complete project
A written warranty of project completion, including a refund for unused materials
Promise to clean up work site at project's completion
Provision that allows you to approve any modifications to the original proposal
Payment schedule for funding each phase of the project

You can also protect your home value with a home warranty, which covers major home defects for up to 10 years. Many builders of new homes participate in the Home Owners Warranty program. If your home is not new, hire an inspector to help you get a policy that protects your home value

The above information is educational and should not be interpreted as financial advice. For advice that is specific to your circumstances, you should Contact us or Call us at (714) 657-7585 and our representative will help you fulfilling your real estate needs.