Unlike before, getting approval for a mortgage does not come in easy anymore. For example, jumbo loans have increased their requirements. You need to have a high credit score and a low debt-to-income ratio to qualify for texas jumbo loans.
Moreover, lenders require proof of liquid assets and ownership of non-liquid assets like house, cars, and jewelry. But wait, proof does not mean you are already qualified. Your liquid and non-liquid assets should be of high value that is within the lender’s value standards.
Now, the question is how do you increase your home value? One of the best home improvements with a high ROI is creating outdoor spaces. Here are some tips on how to create a beautiful outdoor area that can increase your home value.
Build An Outdoor Deck
Building an outdoor deck can be expensive. But, it is one of the most effective means to double your home value. According to mortgage experts, it can give you as much as a 70% ROI rate for concrete, while more than 80% if wood.
The standard size for a deck is 10 by 16 feet. You can emphasize it by raising it above your floor level by about 4 to 6 inches. If you have the appropriate materials and tools, you can try doing a basic do-it-yourself deck for approximately $1500. However, the best results cannot be guaranteed. To do so, hire professionals to get the job done right. Estimate cost of a standard-sized deck with wood materials is $3500, but it varies depending on the type of wood and design you want.
Put Up a Pergola
A pergola is an archway that is placed above a deck or patio. Wooden slatted pergolas are popular as they provide shade to the users. It also allows for natural lighting. You can try to install curtains around it for additional protection against bugs. Or for a more appealing look, adding string lights, vines, or hanging plants does the trick.
Improve Your Landscape
A landscaped home is one of the factors to increase its value, which boosts your chance to qualify for texas jumbo loans. To make sure it does, you have to be at your toes with its maintenance. Choose local plants that can thrive easily, is low-maintenance, and comes at cheap prices.
This way, if the need arises, plant replacement will be easy for you. Also consider putting the trees near your windows to provide additional shade and cool, especially during summer days, which can drastically lower your electric bills.
Recommended read: Guide to Picking Landscaping Plants
Add An Outdoor Fire Pit
Adding a fire pit is optional. While it is not a must for outdoor spaces, it is one of the most sought after features that families look into. Why? Because who does not like barbeque nights with family and friends? Moreover, you can have a simple fire pit for as low as $100. But if you want a more extravagant look, you can ask professionals to install a fireplace for more or less $1500, depending on the materials and design.
Other than increasing your home value, an outdoor space is a great addition for more family time. You can either try to build it on your own or hire a professional. Choose materials that are locally available as outdoor spaces are highly prone to wear-and-tear due to weather exposure.