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The Costs (and Financial Benefits) of Home Ownership in NC

dnarealtywebsite

Updated: Aug 26, 2024

Header image for Raleigh Durham real estate agents blog post about FHA loan changes, backyard landscaping, and energy upgrades in the Triangle of North Carolina

Purchasing a home is a significant financial commitment, but it also offers numerous benefits that can greatly enhance your financial well-being over time. An experienced buyer’s agent can be instrumental in navigating this complex process, ensuring you make the most of your investment.  They can also connect you with the professionals in Wake County, Durham, and Raleigh, who can help you reduce the costs and maximize the financial benefits of home ownership.  Let’s look at a few of those now.


Home Equity Loans, HELOC Loan, Home Equity Loans in Raleigh Durham Wake County

Understanding Home Equity Loans: Utilizing Home Ownership in NC

Home equity loans provide homeowners with a means to leverage the value of their property for significant financial benefits. Emily Bennett, Senior Mortgage Banker at Atlantic Bay Mortgage Group, explains, "There are two main types of home equity loans: a standard home equity loan and a home equity line of credit (HELOC). Both use your home as collateral, often offering better interest rates compared to credit cards or personal loans."


Homeowners in Durham and Wake Forest can determine if a home equity loan is right for them by calculating their home equity and considering future financial needs. Bennett advises, "It’s better to secure a HELOC early, as it provides financial flexibility for emergencies, education, or home improvements."


Impact of Credit Score, Credit Score, How to Improve Credit Score, Mortgage Approval in NC

The Impact of Credit Score on Mortgage Approval: How to Improve Yours

A good credit score is crucial for securing favorable mortgage terms. Bennett emphasizes the importance of early preparation: "We encourage potential buyers to check their credit scores early to identify and correct any errors. Timely payments and strategic debt reduction can also improve scores significantly."


For those looking to buy real estate in North Carolina, working with an experienced buyer's agent can make a substantial difference. They can connect you with reliable mortgage brokers and help you improve your credit profile, ultimately making the home buying process smoother and more cost-effective.


Bathroom Upgrades, Costs and Benefits of Home Ownership in NC, Household Upgrades, Increase Home Value in NC

Home Maintenance and Upgrades: Bathroom Remodeling Tips to Improve Home Value

Home maintenance and upgrades are essential for preserving and enhancing the value of your property. Stephanie Lackford, Design Estimator with The Bath Shop, highlights that bathroom remodeling is one of the most impactful upgrades. "Current trends in Wake Forest real estate include bold color choices and gold fixtures. However, for resale value, it’s best to stick with neutral, soft color palettes," says Lackford.


In smaller bathrooms, Lackford suggests using large tiles and light colors to create an illusion of space and incorporating sufficient storage solutions. For those aiming for a spa-like feel, she recommends light blues, mint greens, and gold fixtures for a bright and relaxing atmosphere.


Hiring an experienced buyer’s agent is crucial in maximizing the financial benefits of home ownership. They can provide insights into the local market, connect you with trustworthy professionals, and help you avoid costly mistakes. By understanding and utilizing tools like home equity loans, maintaining a good credit score, and making strategic home upgrades, homeowners in Durham, Raleigh, and Wake Forest can enjoy substantial financial advantages.

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633 Opposition Way, Wake Forest, NC 27587


 

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