If you are lucky enough to be homeowner in Santa Barbara (mortgage and all!!) your home is more than just a home. It’s also a financial investment.
As you saw in last month’s Santa Barbara Real Estate Report, the investment in your home has been growing in value and may be the biggest financial asset that you have. Maintaining your home is essential to keeping the value high. It can also mean more money in your pocket if you should you ever decide to sell.
If you notice that a small repair is needed in your home, don’t let it sit. Tackle it right away. Small problems that get ignored eventually become bigger problems, and there several reasons why this can impact the value of what might be your biggest asset.
It’s Worth More
The fact is, a well-maintained home is worth more when it is time to sell (or refinance). A home that is well-cared for and in great condition will be more attractive to potential buyers. Remember, buyers shopping for their next home see a lot of properties. Homes in tip-top shape stand out, get more offers, and command a higher price. Give routine maintenance a high priority and you will see the value continue to increase in the years ahead.
It’s More Expensive To Fix
A small gap in the caulking at the window may seem like an insignificant issue, but if unattended you may be inviting a much more complicated and expensive problem like mold or rot. Almost all repairs start out small, and that makes them tempting to delay or put off. But if you act right away, you’ll be keeping your investment in the best possible condition, continue build value, and save repair dollars in the long run.
There are many repairs that can easily be repaired by you with minimal cost and effort. Be smart about the bigger jobs and hire licensed professional contractors for complex or major repairs. Keep your receipts and records for the bigger ticket items because your home will be considered more valuable if the big jobs are performed by qualified licensed pros!
Routine maintenance like fixing window caulking isn’t nearly as exciting as redesigning a kitchen or master bath, but it’s a major driver of your home’s value – and with home values topping $1M in Santa Barbara, it’s too important to ignore.
There are factors in the housing market and economy that we have no control over, but you can control the condition of your home. Make routine maintenance as much of a priority as any other type of home improvement project, and continue to grow one of your most important financial assets.
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- Summary of comparable listings near you
- Complete property details including photos and pricing for homes selling in your neighborhood
- Comparison of home list price vs. actual selling price for recently sold homes
- Trends showing if prices are rising
- How long it takes to sell in your area
- Information to suggest a good time to buy