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Home equity indicates the value of your home that you—the homeowner—control compared to the value that the lender of the mortgage loan on your home controls. Is this too difficult to understand? Then let me simplify this. Imagine you owe $200,000 on your mortgage loan. And let’s say your home is worth $290,000. Then you’ll have $90,000 of equity in your home. Your home equity can go up in two ways. Number one, you build equity as you make monthly payments on your mortgage. Number two, since home price changes directly affect home equity, your home equity will increase if your home value increases
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Talk to any real estate agent about what makes a property sellable, and they’ll undoubtedly agree that a new roof can be a deciding, or at the very least, contributing, factor. A property with a new roof gives buyers the peace of mind that major repairs or a replacement shouldn’t be required for at least 20 years, and while they may not necessarily pay more for a home with a new roof, they will often view it more favorably than a similar property with an old roof.
Though this list of items will help you but apart from this list, take an inventory to your home to identify the items that you should sell now. It does not make sense to pay for items that need an upgrade, even these can degrade the value of your new home. It is always a great idea to swap these items with the new and saving money that you need to pay movers for the transportation of these items.
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