EXPERTS LANE n HOME INVESTMENT
For 2019, Make a Resolution to
Protect and Enhance Your Home
T
he new year brings new hope and
renewed commitments to making
things better. We go on diets, we
vow to hit the gym, we even rein in
spending following the holiday gift-giving
season. Sadly, many of those resolutions
don’t last past the first few months of the
year, and we promise to make them again
… “next January.”
But let’s move the focus off our waistlines
and look at an effective use of that new
year excitement. What if your enthusiasm
was aimed at protecting what is most likely
your biggest lifetime investment—your
home?
There’s no doubt that Central Florida—
and especially Orange County—is in a real
estate boom. Property values are soaring
with 2018 values exceeding 2017 by
almost 10%. In simple terms, consider this:
if you own an average home in Orange
County worth $250,000, that means your
family’s net worth may have increased by
about $25,000.
You shouldn’t rely solely on the market
determining your home’s value. As
a homeowner, you have plenty of
options—some expensive and some more
reasonable—available to you to protect
and increase your home’s value.
So as we toast the arrival of 2019, here are
some ways you can resolve to protect and
improve your home:
•
6
J o i n a n d be ac t i v e i n y o ur
neighborhood association, or Home
Owners Association (HOA). And
if there is no required HOA in your
IBA Success Magazine
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VOL 5, Issue 1
neighborhood, think about forming
a voluntary HOA. These groups are
far more than collectors of fees. Well-
run groups make key decisions
about your neighborhood’s appea-
rance and safety, and can create a
sense of camaraderie among diverse
homeowners. Active neighborhood
associations organize clean-up
events, host speakers on important
topics, plan celebrations around
holidays, and encourage pride of
ownership. Neighborhood associa-
tions can also impact issues of local
government through strong relation-
ships with elected officials.
•
Curb appeal is the ubiquitous term
for your home’s exterior appearance.
Sure, you want to impress your neigh-
bors, but it is a wonderful feeling to
drive home to your beautiful resi-
dence on a daily basis. These kinds of
improvements don’t have to be
costly at all. A quart of paint can add
a pop of color to the front door. A
tray of annuals and a few bags of
mulch will definitely brighten up a
tired flower bed. A well-maintained
lawn and trimmed trees add to your
home’s aesthetics, and reflect the
care you take as a homeowner.
Consider renting a pressure washer
and sprucing up the driveway,
gutters, and eaves. Usually, curb
appeal is the area in which minimal
investment of time and money can
still yield eye-popping results.
• If you have some money to invest in
a more major upgrade, you will want
to do your research on the likely return
on investment if you are also consid-
ering selling. Some upgrades—like
the addition of an in-ground pool—
are made so you and your family will
enjoy them now. But if you are
thinking about investing in a major
upgrade to drive up a future asking
price, look around and see what’s
selling in your neighborhood. Trad-
tionally, kitchen and bathroom up-
grades yield the best return, but
adding living space or opening up
choppy floor plans are also desirable
renovations.
•
Homeownership signals an end to the
ability to call the maintenance
manager when something in your
apartment or rental home breaks.
But you can lessen the financial
impact of a major repair if you are
diligent about home maintenance.
Start outside and take a walk around
the house. Check the gutters: are
they filled with leaves and sagging?
Clean them out and you won’t have
to replace them. Look at the
roof: do you see damaged or missing
shingles? A quick fix to the shingles
can prevent a costly leak resulting
in interior damage. Call in a pro for
an annual HVAC inspection, and
make sure your major appliances
are clean and in good working order.
Remember: regular and routine up-
keep can help you avoid costly repairs.
•
Of course, hurricane preparation
takes maintenance of Florida homes
to a new level of importance. New
construction must adhere to local
STOCK
By Rick Singh, CFA
Orange County Property Appraiser