Posts with tag 'Home value'

If you're like most folks with a mortgage, you'll be getting a tax form soon from your mortgage lender after the first of the year indicating several things, including how much interest you paid in 2019 and the current balance on your mortgage. 

So it's a good time to talk about equity. Remember, equity is the difference between the fair market value of your home and what you still owe on the mortgage. If you sell, equity is what you receive after any liens against the property or other required costs are paid. It represents the part of the property you really own. 

Two things have happened that could have had a positive impact on your equity: 

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You might be surprised to learn that renovating your Roanoke-area or Smith Mountain Lake home doesn't automatically add value. The value is connected to what the changes are and whether they'll make the home more appealing to a buyer. 

In fact, what may seem like a worthwhile improvement to you could make your home more difficult to sell. That doesn't mean you shouldn't do it, especially if you plan to be in your home for a long time. But, before setting out on any renovation project, it pays to consider the unintended consequences. 

1) Removing walls 

Knocking down an internal wall to enlarge a room is a double-edged sword. While it may, for example, make a master bedroom more spacious and appealing, it's...

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