If you’re wanting to save yourself some money on your monthly mortgage payment, one option you might want to consider is refinancing your home loan. But before you go through the process of securing a new home loan, you’ll want to make sure that you’ve done everything possible to give yourself the best chance of getting a favorable new home loan offer by raising the value of your home as high as you can get it.
To help you see how this can be done with your own piece of property, here are three changes you may want to make before you refinance your home loan.
Basic Cleaning and Maintenance
At the very least, Jeff Brown, a contributor to TheStreet.com, advises that you give your home some basic cleaning and do any obvious maintenance work that should have been taken care of. For some properties, this might include touching up some paint, cleaning up your landscaping, and fixing any holes or cracks that you might be able to see around your property.
Typically, this type of cleaning and maintenance won’t cost you much at all. So if you can get the value of your home to increase by just putting in a little time and elbow grease, it should be well worth it to you as a way to prepare for a refinance.
Improve Your Home’s Safety
If you’re wanting to see a slightly larger improvement in what your home could be appraised at before you seek out a home loan refinance, Sathi Roy, a contributor to Better.com, recommends that you consider making some changes that will improve the safety of your home.
If you’ve been putting off installing a carbon monoxide detector or have let the batteries run out on some of your smoke alarms, you’ll want to get these things taken care of prior to your home appraisal. Additionally, if there are any other safety regulations or recommendations that you may have overlooked in the past, ensuring the you’re adherent to these rules will help ensure that you’re not devaluing your home for a very silly reason.
Make Bigger Home Improvements
To see some really big increases in the value of your home, you may want to invest some time and money into making bigger improvements to your property. According to Scott Sheldon, a contributor to BusinessInsider.com, things like putting in an additional bedroom or bathroom, building out your garage, or finding another way to make more or better use of your home could all prove to make your home much more valuable than it was before.
If you’re wanting to increase the value of your home before you get it appraised as part of a refinance, consider using the tips mentioned above to help you with this.