Improving your home is a matter of measuring cost against gain. If you eventually want
to sell your property, you need to make it as attractive to potential buyers as possible.
While it may seem overwhelming to take out a loan worth 75%-85% of your propertys
worth, think of the return. Santa Barbara homes are an investment that can provide a substantial
return. For example, Santa Barbara homes purchased 25 years ago have quadrupled in value.
The value of many Santa Barbara homes can be increased exponentially by strategically planning a
series of home repairs. Santa Barbara homes increase in value directly in proportion to the
resources invested in them. Return on investment depends on the value of the house
itself, the value of similar homes in the immediate area, and the rate at which property
values are changing in the surrounding neighborhoods.
It is also interesting to note some improvements in Santa Barbara homes will add to the value of
property more than others. For example, bathroom and kitchen repairs consistently
increase the value of Santa Barbara homes. Adding a new heating or cooling system to a home will
also produce a consistent return. However, refinishing a basement or hiring a landscaper
is apt to provide the lowest increase in the worth of Santa Barbara homes.
Unfortunately, the types of repairs that add the most values to Santa Barbara homes usually cost the
most, so it makes sense to explore several financing options to underwrite expenses.
Several financing options are available for renovating your Santa Barbara home. If you have the
equity to match your total project cost, a traditional home equity loan might be your best
bet. If your improvements include making energy-efficient upgrades, you might also
qualify for energy-saving loans through local utilities or related businesses.
Think of Santa Barbara homes as a considerable investment in your future. The equity and value
that your home can provide to your net worth is inestimable. Exploring improvement and
finance options for your home is time well spent, but dont forget to include the
intangible benefits of home improvement in your calculations. Adding a family room, for
example, can immeasurably improve the quality of life for a growing family with young
children. And when the Santa Barbara homes are finally sold, the equity is tax free. There are few
other investments available that can make the same claim.
Lenny Gerthoffer has been helping people buy, sell, and finance real estate for over 16 years. Based in the heart of downtown Santa Barbara, Blue Star Real Estate is a full service company that also offers full service... ( read more )
Search the Santa Barbara MLS Listing
Find
Your Dream Home
Get
a Loan Pre-Approval
Your
Santa Barbara Home's Value
Santa Barbara Buyer's Agent Program
Santa Barbara Schools
Santa Barbara Weather
Santa Barbara Hotels
Santa Barbara Blog
Sitemap