Should You Invest in Your Home? How?
Written By: Ben on November 25, 2020

home warranty coverage arizona

Arizona Home Warranty Company Tips for Investing in Your Home

As much as you may love your home, there may come a time when you will outgrow it. Either it will become too small for your growing family, or it will need repairs and additions to keep it from feeling dated. While you can always sell your home as-is when this time comes, you can also reinvest in what you already have. This can increase the value of your home if you decide that you want to sell it, or it can breathe some new life into your house and allow your family to live in it comfortably for another several years.

Choosing whether to sell or invest in your home is not an easy decision. You need to weigh several factors before you decide what you want to do, and we’re going to discuss what some of those factors are.

The Housing Market

First of all, you need to consider the housing market in your area. Look at homes that are for sale in your region and see what they cost and how long they’ve been on the market. Try to stick to homes that are comparable to your own home to get the best idea. If you decide that you would rather sell your home, you might be in luck since it has gotten easier to sell a home in recent years. It now takes an average of two months to sell a home, so you might not have to wait too long before you can find a buyer for your own property.

The Cost of Repairs

If you decide that you would rather make improvements and repairs on a home, you will need to determine how much it will cost and how much you will be willing to spend. The cost of labor and building materials have gone up in recent years, so you might be faced with a seriously high price tag if you decide to renovate your home. Home warranty insurance in Arizona can sometimes cover the costs of repairs if you haven’t lived in your home for very long, but you can’t always count on this to pay for everything. Then again, repairs and renovations could be worth it if they greatly increase the value of your home or make it a more comfortable place for your family.

How to Invest in Your Home

Even if you do decide you want to sell your home, you may need to make some repairs to make it more attractive to prospective buyers. Things like structural damage and bad wiring or plumbing will definitely need to be repaired regardless of what you decide to do, so you should set aside money on your budget for this. Again, home warranty coverage in Arizona may cover some of these repairs, but it’s always best to have some extra money set aside in case you need it. Other renovations and additions are optional, but they may be worth it if they increase your home’s curb appeal or make it more attractive to larger families. Keep in mind that you will still need to be able to sell your home, so you’ll want to be careful about putting it too far outside of the price range of homes in your neighborhood. Otherwise, you might end up putting money into something that will sit on the market for months.

Find the Best Home Warranty Arizona Homeowners Can Get

For more advice on how you should invest in your home or if you wish to purchase a home warranty in Arizona, contact HomeGuard HomeWarranty today. We will be happy to answer any questions you might have.