Home is where the heart is, as a registered and insured Financial Advisor, you are therefore expected to have an understanding of your home’s value and its potential use- this can be achieved by talking to people who have properties at several different stages of development, as well as asking themselves these questions: Whether you want to sell or rent out your home, it is still best practice to have an accurate reading of what the market will bear towards future maintenance costs, this way you are in the right frame of mind when deciding whether or not to spend money on repairs and renovations and here are some tips on how to sell your home when you are still budgeting.

Estimate Your Value

 

One of the best ways to get your home at Pottery Landing is to estimate its value, there are many ways to do this, and estimating your home’s value can be difficult because every home is different- even within the same neighborhood, there will always be variations in the home’s value depending on several things, such as the state of the roads and train tracks, several bedrooms, garage size, and more and knowing your house’s value can help you plan out potential repairs, including home improvement costs, maintenance, and taxes.

Don’t Forget About Home Equity

It is a good idea to have an emergency money flow on hand, as well as a savings account or two to fall back on if needed, this plan is best for people who are dealing with a high mortgage loan or are in the midst of a massive house repair and it can also be a good idea to have some savings that you can use later, when you have more stability in your finances, to make a larger payment on one or several loan payments.

Manage Your Debt

 

It can be helpful to have an emergency fund that you can access after paying your bills and making sure you have decent retirement savings, this way, you have something to fall back on quickly if things get tough, and you don’t have any other debts to pay; if you do have a high balance on your balance sheet, it is a good idea to have some type of debt repayment plan in place- this way, you stay on top of your finances and know what is coming up next.

Estimate Your Recovery Cost Per Square Foot

 

When you estimate the value of your home, you should also estimate the costs involved, because the more expensive your home is, the more expensive it will be to repair it; if the costs are too high for you to justify buying the home, refinancing and paying less interest may be a better option- this way, you will be able to keep paying your loan debt and have more budget flexibility.

Estimate the Balance of Your Equity

 

One of the best ways to get a good read on how your equity is balanced is to have your lender appraise your home and this can be done by staging your home so that people can see the various rooms, floors, and fixtures inside; you can do this by using a staging system to create a visual representation of your home- this way, you will be able to see how your home changes during a day, what parts of it needs repair, and what is good enough to refinance.