Younger generations today are more wary of homeownership than ever before. Although owning a home is still part of the American Dream for millions of individuals and families, the appeal of short-term lease agreements often holds greater weight than the benefits of homeownership. Nonetheless, buying your first home is still a worthy goal to pursue, especially in King of Prussia, Pennsylvania.
Owning a home has numerous advantages over renting. First, you no longer have a landlord who limits what you can do with the living space. Second, your monthly payments build equity in the home rather than disappearing into the property owner’s hands. Third, you have a bit more privacy and probably more space to work with.
Buying a home is expensive, especially with how housing prices have climbed in recent years. However, if you can accomplish this goal, then it will become a critical investment. The key to making the most of homeownership is to maximize this investment. Here are a couple of strategies to do so.
Replace Filters Regularly
There are multiple appliances and systems in your home that use filters. In order to run efficiently, these filters should be changed regularly. The dirtier they are, the harder your machines have to work to operate normally, which means higher electrical costs each month. Replacing your filters according to their recommendations can ensure longevity for your equipment and lower utility costs, helping you save more dollars after the initial investment in the home.
Start a Vegetable Garden
Grocery bills can be expensive, especially for large families. Starting a produce garden or small orchard on your property is a great way to provide fruits and vegetables for your family and save money in the long run. Although there will be startup costs for soil, plants, seeds, mulch, and other supplies, you can reap the benefits each growing season. Plus, if you produce more than enough for your family in the garden or orchard, you can sell the extra produce at a farmer’s market to earn additional profits from your land.
Prioritize Efficiency
Efficiency is the name of the game for homeowners in King of Prussia and across the country. The more efficient your home, the more money you will save and the smaller your impact will be on the natural world. There are infinite ways to make your home more efficient. You can invest in stucco remediation to replace ageing siding materials and better protect the home from temperature changes and water damage. Solar panels or wind turbines can cut down on electricity costs, and many tax credits are available from the government for installing them. A newer HVAC system connected to a smart thermostat can cut down on heating and cooling costs going forward. Adapting changes that maximize efficiency will save your bank account and make the property more appealing to future buyers.
Home Improvement
Home improvement is one of the great joys of owning property. Since there is no other landlord to worry about, you are free to pay for upgrades to the house as long as you adhere to local building codes and/or homeowner’s association requirements. The best part about home improvement? It also increases the value of the property for future sales. If you have built up equity in the home, you can even fund your renovation project with cash from a refinance loan. Projects with great ROI include bathroom renovations, kitchen remodels, new decks, and landscaping projects.
Rent Out Part of Your Home
Those who own larger homes in King of Prussia may have enough space to turn part of the house into a studio apartment or separate living space. If you invest some money into the right upgrades, you could attract a tenant and receive consistent rental income that helps cover your mortgage payments. To finance these changes, a cash-out refinance or a home equity line of credit could work. Many families will do this with their homes for a young adult they know who is in need of a temporary living space or older children who are working but not set on moving out. Imagine being able to offset 50% or more of your mortgage payment simply by taking advantage of extra space in your home.
This Investment Requires Care
Perhaps the most effective way to maximize your investment in a King of Prussia home is to simply take care of it. Properties usually appreciate over time, which means their value will grow if they are kept in good condition. Keeping up with maintenance and investing in upgrades will ensure this process occurs organically, and any positive changes you make to the property will only boost the value further. If you are planning to become a homeowner soon, make sure you understand the level of responsibility that is required and how you can maximize this investment.
