Your home’s worth is determined by multiple factors, such as the local market, neighborhood 'comps' and its geographical location. Circumstances like that can be out of your control. However, there are other elements, which you can have a hand in that may increase your home’s value.

1. First Impressions Are Everything

An unkempt exterior can be more than just an eyesore to the neighbors. It can also affect the home owner’s equity and resale value. The exterior is the first thing a potential buyer sees on site, so it’s important to make it look appealing.

To start, step back and really take a good look at the house. Does it need a fresh coat of paint? Maybe just the shutters, or how about the front door? How’s the lawn? Does it need more than just a good mow? Possibly some grass enhancing nutrients and water. Add some flowers for pops of welcoming color. And lastly, how is the drive or walkway? Is it time to replace or maintain?

2. Make It Comfortable and Move-In Ready

Some people enjoy the idea of 'flipping' a house. But the majority of home buyers are looking for a place which is livable right away.

To entice the latter group of buyers, it’s important to take the time to fix things like the roof, basement, garage, plumbing, etc. where needed.

If a buyer feels like they can move in without needing to repair or update right away, it is generally a much easier sell. Not only will this help the sell-ability of your home, if you’re not moving and just want to increase the value, these are good options.

3. Update for Energy Efficiency

Energy efficient home products can have a big impact on your utility bills and a buyer’s decision. Energy efficient appliances, light bulbs, windows and doors not only help to save money but also make your home more comfortable to live in.

To help with these specific upgrades, First Source offers Home Energy Loans, with a low, fixed interest rate.

4. More Space, Can Mean More Value

If you’re looking to add value to your home, sometimes adding square footage can help.

Creating extra space with an addition can be just what you need to give your house that extra lift. Think new rooms, a shed, patio or perhaps an added floor. There are other ways to add living space that do not require creating brand new additions. Finishing an attic or garage can create new rooms and additional space without erecting new walls and roofs.

5. Consider a Smart Home

Smart Homes allow the homeowner the opportunity to have multiple needs connected in one place, usually controlled from one device like your phone. Lights, water, security alarms, door openers, locks, central air, entertainment systems, appliances, windows and even heated floor tiles can all be connected and controlled as long as there is internet/WiFi connection.

Improve Smarter

Whether you’re getting ready to sell or just looking to increase the value of your current home, we're here to help with Home Equity Loan Options. If you have any questions, call 315-735-8571 to discuss your options. If you are ready to get started click below.

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Forming New Spending and Saving Habits

COVID-19 has caused shifts in many of the things we do that make up our daily lives. One major shift has been with money management. 

What have you noticed about your spending habits in the past few months? With stores, restaurants, venues, attractions and so many other places closed during lockdown and beyond, the options to spend money outside of our home, other than online shopping, or for essentials, were few and far between. In that time at home, away from our usual daily stops, we were given the opportunity to reflect upon our past spending habits.

We’ve been able to look at that daily cup of coffee we used to get on the way to work, the places we’d go to on our lunch breaks, and meeting friends out on the weekends with a different view. All of a sudden that money wasn’t being spent. It was being, more or less, saved. People are now spending less, saving more, and planning ahead. 

Statistics show that over the past 5 months, including both during quarantine and post quarantine, entertainment, social activities, traveling (even gasoline) and impulse buying are all down. That’s just the tip of the iceberg. According to CUNA Mutual Group’s Trends Report, indicating COVID-19 impacts, personal spending fell 13.6% while savings balances in credit unions rose 4.7% in April. Consumers, it seems, have been sticking to purchasing essentials only- and only when needed.

This shift in spending, along with stimulus checks and relief loans, have helped to ease the financial burden of furlough and layoffs, enabling many of us to get by. Even for those that may have been fortunate enough to continue working in an essential industry, we still see those consumers driving less, eating out less, traveling less, shopping less, etc. This has helped increase the balance of their savings. 

If you have been able to create some pockets of extra funds, now is the perfect time to consider looking at your budget and deciding more strategically on what it is you really need. It is a time to scrutinize your own past habits and channel those funds to what is really important. Use our Budget Calculator to find out your net monthly and yearly income.

Paying owed bills is certainly a great start. Paying off loans is yet another. Once loan payments are more manageable, or possibly gone quicker than you were expecting, you can take the money you were using to make those payments and use it for something else- like building up your savings again. 

If this experience has taught us anything about our spending habits, it’s to consider planning ahead with serious, realistic goals of saving. 

To help you get going on starting a new savings strategy, try a Term Share Certificate or Money Market Account. These are great places to save that can earn higher dividends.

Can you refinance and consolidate your debt? Rates are very low right now on car loans, mortgages, home equities and more.

Use this helpful Savings Goal Calculator to find out how long it will take you to reach your savings goal.

If you have questions, we are here to help. 

Finding the solution that works for you

Both a Home Equity Loan and Home Equity Line of Credit (HELOC) involve borrowing money against the equity you’ve built up in your home. Each has its own benefits, depending on how, and when, you plan to spend the money, as well as how you’ll pay it down. While often this type of loan is used for major home improvements and renovations, you can actually use it for many different purposes: college expenses, traveling, paying for a wedding, paying down debt, and more.

What is Home Equity?

Home equity is the difference between your home’s fair market value and the outstanding (remaining) balance of all liens on your home. As you make payments on your mortgage, or if your home’s value increases, your equity grows. We can help you determine your home’s equity. Since these two home equity solutions mean borrowing against the value of your home, they’re considered secure loans, with your home as the collateral. Each option is essentially a second mortgage. 

What Are The Benefits of a Home Equity Loan?

A home equity loan has a fixed amount, with a specific payment schedule, so repayment is predictable. It can often be combined with your original mortgage to simplify monthly payments at a fixed interest rate. If you’re approved, you receive the entire amount up front. This can make a Home Equity Loan preferable for a large purchase like a new pool, or to pay off a one-time expense like a wedding. The interest can also offer potential tax benefits (consult your tax advisor).

What Is A Home Equity Line of Credit (HELOC)?

A HELOC is a revolving line of credit, with a maximum amount from which you can pull from up to a certain number of years, with a variable interest rate, similar to how a credit card works. It also provides for draw period extensions, meaning you can continue to borrow from the line.

What Are The Benefits of a Home Equity Line of Credit?

If you receive approval for a HELOC, you can decide when to use the available funds. As you need money over a longer period of time, you can draw as you need it. After you withdraw funds, you’ll have a minimum repayment due, though you can usually pay off more. While a Home Equity Loan provides immediate funds for a one-time larger purchase, a HELOC is generally recommended for purchases made in smaller amounts, such as home renovations spread out over weeks or months. The interest on a HELOC may also offer you tax benefits (consult your tax advisor), depending on what you use it for.

Not Sure What’s Right For You?

A number of factors go into deciding which home equity solution will work for your needs, budget, and lifestyle. Make an appointment to see us, and we can help you Live Smarter by together deciding which is best for you.