How To Build Equity In Your Rent To Own Home

House-Made-of-Dollar1Did you know that when you purchase a rent to own home, if the home appraises for more than the agreed upon purchase price when it comes time to buy, you get to keep the additional equity? That’s the beauty of a rent to own agreement – your purchase price cannot go up if you buy the home before your lease runs out, so any appraisal over and above that purchase price is an automatic asset in your pocket. Now, you certainly can’t control the real estate market or home values in your neighborhood, but what you CAN do is make cosmetic improvements to your home in order to increase its value. In this article, you’ll learn a few quick ways you can easily renovate your home which will increase your chances of having built equity into the home’s value at closing time.

Think minor repairs over major restorations.

While it may be tempting to completely remodel the kitchen or bathroom in your new home, it would likely cost more than you want to put into a project before you can actually call the house your own. Fortunately, you don’t have to completely remodel a room to make cosmetic improvements. Refinishing counter tops and cabinetry, painting walls, and refinishing hardwood flooring can completely modernize the look (and increase the overall value) of a room.

How’s your storage?

Another simple way to add value to your home is to increase the amount of storage space available. Building a quality (and permanent) storage shed or garage, or finishing an unfinished basement can increase the value of your property. Not to mention you’ll be able to enjoy all the extra space!

Don’t forget the outside.

Last but not least, it’s important that you don’t forget what curb appeal can do for the value of your home. Updating your landscaping, painting the exterior of the home, patching cracks in driveways and walks, and even replacing a worn out garage door will improve the curb appeal of your home and increase its value.

As you can see, it doesn’t take much to improve the value of your home. A little elbow grease and planning can go a long way toward helping to increase the appraised value of your rent to own home, allowing you to have built-in equity at closing time.

Rent To Own Home Articles For Buyers And Sellers


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