7 Essential Tips to Maintain and Increase Your Home's Value

Purchasing a home is a significant investment, so it's crucial to maintain or even increase its value over time. Various factors can detract from a home's worth, but following these seven tips can help protect and enhance your investment:

1. Roof Replacement

Investing in a new roof is essential to maintain home value and prevent issues like leaks. Roof longevity varies by material, with asphalt shingles lasting about 15 years, while metal and tile can exceed 50 years with proper maintenance. Regularly check for loose shingles and clogged gutters to avoid damage.

2. Enhance Curb Appeal

First impressions matter. Ensure your front door and yard are attractive and low-maintenance. A tidy, graveled area can improve your home's appearance without requiring extensive gardening.

3. Regular Repainting

A fresh coat of paint can significantly improve your home's look. Interior walls generally need repainting every five years, while exteriors last about ten years. Also, consider repainting ceilings for a quick room refresh.

4. Update Appliances

Replace outdated appliances and systems as needed, but don't always opt for the most expensive models. Energy-efficient appliances reduce monthly bills and appeal to future buyers.

5. Routine Cleaning

Regular cleaning prevents the accumulation of dirt and grime, making maintenance easier and preserving home value over time. Avoid saving deep cleaning for only inspections or open houses.

6. Termite Prevention

Proactively treat your home for termites with the help of a pest professional. Preventing infestations maintains structural integrity and home value.

7. Plumbing Inspections

Regularly check faucets, toilets, showers, and pipes for leaks to avoid potential floods and costly repairs. Have a plumber inspect your home's plumbing to identify and fix issues early.

By consistently addressing these aspects, you can ensure your home remains a valuable and well-maintained asset. Consider your timeline, budget, and specific needs to determine the best approach for maintaining your home.

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George Carver Playground Undergoes Major Renovation to Revitalize Community Space

The large field at George Carver Playground, once bustling with sports and recreation, had become dominated by dogs, deterring children from playing there. Long-time resident Reginald Tyler noted the shift, reminiscing about its vibrant past with his sister Gwen

In an effort to restore the park, the city launched phase one of a $1.7 million renovation, unveiling new playground equipment and ADA-accessible concession updates. Funded by state and city dollars, the project aims to reintroduce sports and outdoor activities.

Phase two will add a turf field, lighting, covered bleachers, and dugouts with a $1 million budget. Mayor LaToya Cantrell emphasized the importance of parks for public safety and health, while community members celebrated the park's historical significance. Construction for the second phase is expected to begin in the fall, with a six-month completion timeline.

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Navigating the Challenges of Buying a Home in Today's Market

With 30-year mortgage interest rates surpassing 7%, buying a home has become more financially challenging. However, it may still be a good time to buy if it aligns with your long-term goals.

While renting might be cheaper now, here are key considerations for prospective homebuyers:

Staying Long-Term: If you plan to stay put for at least 5-10 years, buying can be a solid investment, as homes generally appreciate over time.

Financial Security: Ensure you have at least 8 months of living expenses saved, preferably a year, to secure the best mortgage deal and manage potential financial hurdles.

Down Payment: Aim for at least a 10% down payment, though 20% is preferable to qualify for better mortgage rates.

Insurance Costs: Be prepared for potential increases in homeowner's insurance premiums due to rising costs from severe weather events.

Financial Strategy:

Live Below Your Means: Purchase the least expensive home that meets your needs to maintain financial flexibility.

Consider an Adjustable-Rate Mortgage (ARM): If suitable, a 5/1 ARM offers a lower initial rate for five years, but ensure you can handle potential rate increases if refinancing isn't an option.

Ultimately, whether to buy or rent depends on your financial readiness and long-term plans. Evaluate your options carefully to make the best decision for your situation.

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Building vs. Buying a Home: Which Is Right for You?

Building a home allows for customization to your needs but can be more complex and costly than buying an existing home. Costs for building include labor, materials, permits, architectural plans, and inspections. Financing typically involves a home construction loan, which converts to a traditional mortgage upon completion.

Construction Costs Breakdown:

• Buying land: $3,000–$150,000
• Prepping land: $1,500–$5,600
• Framing: $20,000–$50,000
• Plumbing: $7,500–$15,000
• Electrical wiring: $10,000
• HVAC: $7,500
• Foundation: $5,100–$19,400
• Roofing: $11,728–$23,931
• Windows: $575–$1,475 per window
• Exterior painting: $1,810–$4,509
• Interior finishing: $50,000–$175,000

Financing a New-Construction Home

You'd need a home construction loan, a short-term, higher-interest loan providing upfront capital. Borrowers pay interest-only during construction, and the loan converts to a traditional mortgage once complete.

Pros and Cons of Building a Home

Pros:

• Customization to exact specifications.
• No competition from other buyers.
• New construction means fewer immediate repairs.
• Newer homes may have wider market appeal when selling.

Cons:

• Longer build timelines, around 11 months.
• Numerous decisions and potential for project delays.
• Risk of cost overruns.

Costs of Buying a Home

Typical costs include down payment, closing costs, mortgage insurance, homeowners insurance, property taxes, and HOA fees.

Financing an Existing Home Purchase

Shopping for competitive mortgage rates, negotiating fees, and applying for assistance can help lower costs.

Pros and Cons of Buying an Existing Home

Pros:

• Faster move-in.
• Potential for negotiating lower prices.
• More location options.
• Ability to renovate over time.

Cons:

• Possible competition from other buyers.
• Older systems and appliances may need repairs.
• Compromises on features may be necessary.
• No builder warranty.

Should You Build or Buy?

Both building and buying have unique costs and challenges. Consider your timeline, budget, and specific needs to determine which option is best for you. Whether building your dream home or finding an existing property, the goal is to create a space that meets your needs and feels like home. Connect with a trusted real estate agent to explore your options.

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