5 Creative Ways to Add Equity to Your First Home

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Home Improvements to Increase Your Property Value

The way to think about equity in terms of owning real estate is simple. It is the total value of the asset munis the amount of debt currently owed on it.

Now, it’s important to note that if real estate prices drop, so could your equity. Your first home is a valuable investment and a major achievement in your life. As such, the actual value of your home should reflect that.

For many people, their first home will be one that they own for multiple years. That gives you plenty of time before selling your property to add even more value to it. If done correctly, this will increase the equity you have in your home.

You can take advantage of forcing equity by eventually selling your home. Additionally, time is on your side. If you own a property for multiple decades, there is a very high chance that you will naturally gain equity that way too. Keep this in mind when house hunting.

With time as a bonus, what are things that you can do today to create value? Here are five creative ways to add equity to your first home.

Ways to Add Equity to Your Home

1. Update Your Kitchen

A kitchen is the heart of most homes. Especially for a place that you are calling your first home, the kitchen is where you create great meals and even greater memories with friends and family.

This room is also one that house buyers look at instantly when deciding if they will want to make an offer of a property. What does that mean? If your kitchen is outdated, you can expect low offers when you go to sell.

By updating your kitchen, you instantly add value to your home. You can keep things simple if you are hesitant to jump into a full renovation. For example, you can swap out cabinets and add stainless steel appliances. This will give your kitchen a beautiful new glow.

More challenging, but worthwhile, kitchen renovations include items like replacing the floors or changing the entire layout.

Adding new hardwood floors can give your kitchen a completely new feel. Not to mention, floors are one of the most noticeable parts of a room. By adding high-quality material to your kitchen, the equity in your home will increase.

If you decide to change the entire layout of your kitchen, it is recommended to consult with an interior design expert to help with the plans. Regardless of the size of your renovation, updating a kitchen can add value to your first home.

2. Uplift your Outdoor Scenery

When it comes to your home’s exterior, making it attractive should be a priority. The outside appearance of a property makes the first visual impression that a person sees. The first element to your outdoors is the front exterior, also known as the curb appeal.

If you live in a home that allows you to make changes to the exterior landscape, do it. Aesthetic or repairs landscaping and keeping your curb clean can add value to your home by 28%l, according to several housing reports.

Consider adding a garden to your front or backyard. You can not only enjoy it while you live there, but you can also see it attract additional home buyers to your property when you are considering selling.

The current real estate market considers gardens as valuable parts of a home. Incorporating a garden is a thoughtful idea that’ll need you to create space and research plants to nurture. 

Another way to add equity to your first home is by adding a deck or patio. With the majority of people working from home, garden offices and conservatories have become a trend.

Both can add equity to your home and offer a unique feature. Always remember having a garden means tending to the plants and caring for them.

3. Add Energy-Efficient Features

Making your house more energy-efficient can save you money, and help save the environment.

Do you expect your utility bill to be extremely high this summer? Consider adding items like a Nest Thermostat to regulate your air conditioning use.

Energy efficiency goes hand-in-hand with upgrading your home to incorporate the use of smart technology. Innovative technological additions to your security or in-home living take your home to the next level.

When moving to your first home, consider buying energy-efficient appliances. For example, there are washing machines that use a smaller percentage of water while still cleaning your clothes thoroughly.

If you decide to sell your property down the road, you can leave the appliances and add that to the bottom line price you are asking for.

Even if you do not add a smart thermostat to your home, you can still upgrade your heating and air conditioning systems to ensure efficient functionality.

Your central cooling and heating system caters to indoor temperature, while filtration systems provide high air quality. Not only are these sustainable ways to live, but they add comfortability. With comfort comes additional value added to your home. 

4. Extend Your Current Layout

One of the best ways to increase the value of your house is through its layout. You can either remodel or extend how things are currently set up. However, when you switch the layout of a property, you must make sure that everything still flows.

Adding or enhancing space to your kitchen, dining, and living areas adds value to your home.

A house extension may require you to break down certain walls. Before taking a sledgehammer to the drywall, consider the existing layout. What actually makes sense to switch, extend, or build on?

It’s recommended to work with a professional builder for larger projects like this. They can check on safety issues before making any extensions.

In addition, buildings can also clue you in on the cost of larger projects like this. That is much better than going in blind! Knowledge is power when it comes to renovations.

There are numerous home improvement loans to choose from when making significant improvements such as this. They are well worth researching.

Do your best to make changes that will recoup your costs and add value to the house. Remodeling your kitchen and bathroom to the latest trends are safer ways to do so. 

5. Add Another Bedroom

Whether your plan on living alone or with others, adding a bedroom is essential for your home.

The number of bedrooms dictates the sale bracket of your home. It’s also one of the popular ideas to add value to your home. Adding a bedroom to your home may involve the conversion of another room or extending the existing layout. 

Converting your loft to a bedroom is aesthetically pleasing and creates space. You might as well convert unused space into something if you have the time and budget to do it.

Of course, make sure to double-check the current structure of your attic or loft before beginning this project. Homeowners should make sure that it is safe before shifting beams around.

If you rarely use your garage or basement, consider converting them into smaller auxiliary rooms.  

The five changes above are major points to consider when trying to add value to your first home. Other minor changes or upgrades you can make include:

  • Painting your home
  • Buying new windows
  • Chaing lighting fixtures
  • Adding a storage room

These are all great projects that will add value. Your first home is one of your most important investments. It means so much more than just ‘a house’.

If you plan to do renovations to your property, consider the 5 projects above. You might as well add value to your home along the way as you renovate things. You can recoup the costs later on when you go to sell your home.

Maintaining your home regularly helps you keep track of its value and saves you accumulative renovation costs.

How UAV Aerial Surveys Save Governments and Taxpayers Money

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What to Know About UAV Aerial Surveys

Aerial surveys are conducted more frequently than many realize, both by public and private entities. Government organizations will conduct aerial surveys for highway development, environmental reporting, civil engineering, general land surveys, and other major construction projects.

In the private sector, aerial surveys are increasingly being performed by Unmanned Aerial Vehicles (UAVs). The benefits of UAV aerial surveys — including cost, speed, and safety — can easily be translated to public entities.

The Applications of Government UAV Aerial Surveys

Traditionally, aerial surveys were conducted by helicopter or by plane. These surveys can be expensive and always carry some risk, as all flights do. UAV surveys can be conducted with greater levels of safety and precision.

Fixed-wing UAVs perform very similarly to planes and can survey large swathes of land at a time.

Multi-rotor UAVs can hover similarly to helicopters. Their maneuverability allows them to access locations that would’ve been inaccessible to helicopters — such as the underside of bridges or the interior of caverns.

In addition to vastly improving construction and civil engineering, UAV aerial surveys can be used for:

  • Environmental studies and environmental change assessments.
  • Civil security and public safety.
  • Detection and mitigation of damage following major weather events.
  • Tracking of urgent events such as fire and flooding.
  • Routine coastal surveying.

According to Rostock University, UAV aerial surveys can save money in both the forestry industry and the agriculture industry.

Low-cost UAV aerial surveys have been studied for everything from studying dynamic tropical volcanic landforms to the assessment of damage following hurricanes. But the most common government use for UAV surveys would be in construction.

UAV Arial Surveys

The Cost Savings Associated with UAV Aerial Surveys

The more cost-efficient a government is, the better for the taxpayer. Government projects cost less, but money can be reallocated into other quality of life improvements.

Better UAV surveys can encourage better, more efficient, and cost-effective civil engineering programs, public transportation, and environmental waste management.

There are a few major ways that UAV aerial surveys can save the government money when it comes to construction projects.

Increased Accuracy and Precision During Surveying

UAVs fly lower to the ground than traditional, manned aircraft, creating higher resolution scans and, therefore, more detailed.

The more accurate the survey, the less risk there are of issues being uncovered over the project.

Most government projects are multi-million-dollar affairs, which can cost the taxpayer much more if they run over their deadlines or require additional (and unexpected) materials and labor.

In the past, surveys were often limited to being at a certain height. For both photogrammetric (photographic) and LiDAR (laser) surveying, this meant that there wasn’t always the necessary amount of detail.

Depending on the type of construction being done, a highly accurate, highly detailed model may be necessary.

Reduced Safety Risks, Insurance, and Permits

As UAV surveys are safer, they are inherently less expensive; a UAV survey doesn’t require the same level of permitting and insurance a manned aerial vehicle would.

With a UAV, a crash is a minor event that shouldn’t delay the project significantly. With a manned aerial vehicle, a single incident could drastically delay the project.

Every manned aerial flight needs to be taken more seriously than a UAV flight does. Consequently, UAV flights can also be deployed with far greater frequency — and at far greater utility — than human-crewed aerial flights.

At the same time, the enhanced monitoring provided by UAV surveying can also reduce risks throughout a construction project. Sites that have continual safety monitoring will naturally be more likely to following safety standards and regulations.

Consistent Monitoring for Development, Repairs, and Maintenance

UAV surveys provide a fast, affordable way to monitor the entirety of a construction zone. Any issues that arise will be noticed quickly, safety guidelines and regulations will be more strictly followed, and supervisors can be certain that the project is continuing as planned.

Even after the construction project has been completed, UAV surveys can be performed periodically for general maintenance purposes.

As UAV surveys are increasingly paired with sensors linked to the IoT, aerial surveys for maintenance are becoming more important.

Consider large-scale construction projects such as wind farms — in the past, technicians had to physically climb turbines to check their status. As UAVs enter common use, the entirety of a wind farm can be regularly surveyed without the need for technicians on the ground.

Detailed Modeling and Simulations

Following UAV aerial surveys, detailed 3D models and simulations can be completed to assess the project.

Not only can materials be costed out more effectively, but the consequences of the project on the surrounding terrain can also be explored.

UAV aerial surveys can be used to identify potential issues with light pollution or water run-off or to explore ways in which a construction project can be made to be more energy efficient.

In the future, these 3D models may even be used to restore existing construction projects in the wake of disasters.

By creating 3D models of new civil developments, the government can eventually make it easier to create disaster preparedness plans and other critical infrastructure items. Presently, 3D models are already being used to restore older, historic buildings, such as Notre Dame.

Once a construction project and its surrounding environment have been captured in 3D, the data is available and can be used forever.

Improved Environmental Assessment

Every government project needs to start with a comprehensive environmental impact study.

With UAVs, improved environmental assessments can be completed, even in areas that would normally be difficult to access.

UAVs can be used to thoroughly explore the areas around the construction project, simulate changes to the surrounding environment, and follow up on the environmental impact after the construction project has been completed.

When paired with advanced LiDAR technology, UAVs can even see through terrain that is covered in brush, consequently making it easier to assess any potential impact on the environment.

When it comes to installations such as pipelines, LiDAR technology and UAVs together can be used to identify issues such as the encroachment of surrounding plant and can mitigate any potential damage to the pipeline before leaks occur.

Faster Development (and More Reliable Milestones)

Apart from the other improvements, UAVs can save government entities money on construction projects by making the project itself faster and more reliable.

In the construction industry, some of the costliest issues arise from delays and re-works. The more accurate the survey is, the less likely the project is to have re-works. The faster the project is, the less likely it is to experience delays.

Altogether, this results in a project that operates far more smoothly and doesn’t have as many unanticipated overages. Not only does this save money, but it also saves on materials and waste.

In nearly every way, UAVs are preferable to manned aerial vehicles for aerial surveying. UAVs are also generally preferred to manned ground surveying, which can be both expensive and time-consuming.

As a new technology, UAVs are still being adopted within the government sector — but there’s no reason not to think that the majority of aerial surveying won’t be completed using drone technology in the future.

The UAV Industry Continues to Grow

The public and private sectors have invested $13 billion in drone technology, and it’s believed the drone industry will grow by 15.37% in the next five years.

Significant advances in drone technology have been made over the past few years — and both the private and public sectors are awakening to the benefits of UAV technology, especially in the case of aerial surveying.

As the technology improves, it will only become faster, more accurate, and more cost-effective. In the past, UAVs were held back by issues of range and battery power; these issues are being countered more significantly and substantially day by day.

By leveraging drone technology, government entities will be able to start construction projects faster, monitor them more thoroughly, and ultimately complete them both under deadline and under budget.

UAV surveys are, as a rule, faster, safer, and more accurate. And these are cost savings that will ultimately be passed down to the taxpayer. Hopefully, you now have a much better understanding of how they work.

What Not To Do When House Hunting

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Don’t Do These Things When Buying a House

Are you planning to make your first home purchase? When you decide to buy a home, it is easy to get swept away by emotion. The idea of having your own place, where you can choose what to do whenever you want, is empowering.

However, don’t let the emotion take control and allow you to make a decision that you may regret.

Here is a list of the top things NOT to do when house hunting to help you avoid major pitfalls.

Follow the advice along with asking smart home buying questions, and you should find yourself in a much better position when all is said and done.

What to Avoid When House Hunting

Make Sure to Know What you DO NOT WANT as Well as What You Need

People often fall into the trap of buying a home based on one or two things, such as just the price or maybe the location, without considering the house in context.

It is important to avoid homes that have the things you know for sure you do not want.

For example, if you hate yard work and your outdoor tool arsenal consists of a wide-brimmed hat and sunglasses, buying a home with a large yard and numerous shrubs would likely be a bad idea for you.

Along those same lines, if you are married with two young children and another child on the way, buying a 2-bedroom house or even a 3-bedroom house may not be the best option for you. Your family is growing and will need a lot of space in the coming years.

Before looking at homes, decide on what you must have in a place. These should be non-negotiable things. Then make a list of things you would like to have but could live without.

These 2 lists of features should help you narrow down your selections.

Do Not Look Too Quickly at a Home

Whether it is viewing an Open House or making an appointment with an agent to look at a home, you should take your time.

Walk through the home to identify the major sections. Take time to review the master bedroom, the bathroom, and the closets. These areas can cause quite a bit of stress if they are not large enough or have a bad design.

Stand in the living room and picture your belongings and your day-to-day activities in that space. Walk to the kitchen and take notes as to the size of the area as well as how things are laid out.

Step outside and explore the yard, both front and back. Can you see yourself happily living in this spot? Are there any major problems that would make you miserable if you had this view or regularly heard these noises?

This will be your home for at least a few years. Make sure you are happy now with the place before you ever hang the first picture.

Don’t Get Opinions from Too Many People

It is always a good idea to get input from people that have purchased a home. Whether it is a friend or relative or a co-worker, learning from other people’s home buying mistakes is always a wise move.

However, nobody is going to be exactly like you. Each person you speak to will have their likes, dislikes, and opinions.

If you are married with a small child, the opinions of a permanent bachelor may not line up with your house goals. Ask for input but take the advice with a grain of salt as well.

It is Highly Unlikely You Will Find a Perfect Home

If you are not building the home of your dreams with a contractor, every home you view will likely have at least one or two things you wish to change.

It could be something small, like wanting a double vanity in the master bedroom. Or it could be something vital, like that extra bedroom you need for your family’s size.

As mentioned before, using your list of crucial things for your needs will help you decide on the right house.

Don’t Overlook the Neighborhood

You cannot pick your family, but you can pick your new neighborhood.

You must spend a bit of time getting familiar with the place that you will sleep every night.

Researching the neighborhood is a crucial part of the home buying process.

Are most of the homes tidy and well kept, or do you see many messy properties?

Do you see homes owned by people in a similar life stage as you, or does there appear to be a big age gap?

How loud is the closest neighbor? Can you hear their tv, or worse, can you hear them arguing?

All of this information is something you will have to gather on your own. No smartphone app or website shows the best neighborhoods based on a few specific requirements.

Trying to Find a Home Without a Real Estate Agent

A real estate agent can be your most valuable asset when looking for a home.

First of all, they can review your list of needs and weed out homes that simply won’t match what you expect in your new place. They can also locate all the homes that will match your needs within a certain area not to waste time looking at homes in the wrong location.

Mort importantly, they are connected to new listings. When a home becomes available for sale, the agent can notify you and give you a chance to see the home while the sellers are anxious to move the property.

Going House Shopping Before Talking to a Mortgage Lender

We saved the most important step for last in hopes that it will stick with you.

The biggest mistake you will make in shopping for a house is reviewing homes without first talking to your mortgage lender.

You need to know how much home you can afford, plain and simple. Your lender can review your finances, explain your mortgage program options, and provide you with a pre-approval letter.

The pre-approval lets real estate agents know that you are serious about purchasing a house and that your offer can be taken seriously.

It also provides more info for the real estate agent when researching which homes are right for your needs.

Final Thoughts On Things To Avoid When House Hunting

Using these tips should help get you in the right frame of mind when looking at homes. It should also prepare you for the upcoming process and help you to avoid some issues.

Once you’re done with your purchase you can focus on making some nice improvements to bump up the value.

Hopefully, you now have a much better understanding of what not to do when house hunting.