Your Secret Value Builder: Home Improvement

With real estate experts predicting that housing prices may continue to drop this year, it is crucial that owners do whatever they can to increase their home’s value before putting it on the market.

The good news?
You don’t have to break the bank to do it. You just have to be smart.

Some remodeling projects can increase home values by 80 to 90 cents per dollar spent, but others may not. So, if you are planning to stay put for a while, an expensive remodeling project might pay off. But, if you are looking to sell right away, you may want to keep improvements simple. And keep in mind that high-end improvements, such as in-ground pools, saunas, or paved driveways that pay off in certain markets, may not pay off in others.

Keeping It Simple
Remember the phrase "curb appeal," and put your biggest effort into what creates a first impression. That means keeping the yard in top condition. Break out the lawnmower and weed whacker. Plant flowers along the front entrance and spread mulch to brighten up the flowerbeds. If you don’t have time for landscaping, hire a professional to keep your property well maintained.

Wash Walls and Windows
It sounds obvious, but dirty walls and dingy windows send a message of neglect. Pressure wash your home’s exterior to remove dirt and mildew, and let the sun shine in through clean windows.

New Coat of Paint
Nothing brightens up a home’s interiors like a new coat of paint. Keep the colors neutral to make rooms appear larger, and to allow potential buyers to imagine making their own personal touches.

Refinish Kitchen Cabinets
Can’t afford a full kitchen remodel? Refinish worn and outdated cabinets for a cheap and easy fix. A light, contemporary finish will make a small, dark kitchen appear larger and brighter.

Consider Green Options
While an environmentally friendly remodel may be out of reach, there are small steps you can take to make your home more attractive to green-minded buyers. Caulk small cracks around windows and doors to keep heat from escaping. Install energy-efficient windows to minimize heating and cooling costs. Consider using formaldehyde-free insulation or installing a high-efficiency air conditioner. If you plan to purchase new appliances or toilets, make them energy and water efficient. Change standard lighting to florescent compact lighting. These days, eco-friendly features are usually comparable in price with more traditional items, and can be found at most construction suppliers. For more home improvement tips, be sure to read our Backyard Living & Staycationing article.

Many states offer an array of tax deductions for adding solar energy and other green power sources to your home. If you upgraded your home's insulation, windows, doors, metal roof, water heater, or heating or cooling system last year, you may get a credit of up to $500 off your taxes. Check your state’s government website or consult your tax advisor for information on green power tax breaks.

Wachovia Can Help
If you’re looking to refinance to cover some of those home improvement costs, Wachovia Mortgage can help you calculate potential payments, and assist you in finding a mortgage product to suit your needs. Plus, you can apply for your loan online and we’ll automatically take 25% off your origination fee at closing—a savings of up to $500 or even more.* To learn more, visit wachovia.com/mortgage or call us at (888) 567-1506 to speak with a Mortgage Specialist about how Wachovia can help you.