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5 Tips for Using Home Equity to Go Green at Home

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Go Green At Home

If your home costs around $500,000 and you borrowed $300,000 to facilitate building it, then your home’s equity is $200,000, and that is what you own.

With that, it means that you will lose $300,000 worth of the property if you cannot pay the loan. As real estate value continues to increase, you need to take advantage of your home equity to go green.

People who choose this route, the going green one, increase the value of their home by a significant amount, which you could use as leverage when you want to attract buyers.

Therefore, what are some of the things you could do to your home equity to ensure that you go green? Here are tips that could help you accomplish your goals.

  1. Install Solar Panels

Trust me; local authorities love it when you use these panels to generate extra electricity for yourself. Remember that every government is in the struggle of conserving the environment, and one way to do that is by installing these solar panels.

According to real estate agents, the value of a home goes up by a significant 30 per cent when you have these devices on your roof. Once you decide to sell it, you are sure that different buyers will compete for it, because they know that they will not have to worry about paying high amounts of electricity bills monthly.

rooftop-solar

  1. Purchase energy efficient devices

Your primary goal is to reduce the amount you spend at the end of the month. Thus, it would be perfect if you buy sufficient energy products. For instance, install adequate energy bulbs all around the property. It could also help if you switch them off when you are not using them.

On the other hand, proper devices have ENERGY STAR labels on them. Most consumers go for these products because the Environmental Protection Agency regulates them. Additionally, it is wise if you only purchase appliances that you require most.

  1. Decide to renovate the home

Once old homes start to deteriorate, the value goes down as well, which gives you a reason to begin repairing the entire property. An excellent way to start is by restoring any part of the house that has cracks as soon as you notice them. That way you will be able to reduce the expense that comes if leave them to increase in size.

When borrowing a loan, ensure that you acquire what is enough. Do not borrow that money for other purposes like going for a holiday. You will be wasting resources since you will have to pay it back. Altrua Financial helps investors and proprietors with home equity loans at low interest rates.

  1. Conserve water

Consider repairing broken sinks. Leakages on broken sinks can increase the water bills by a considerable margin. Therefore, call in the plumber and ask them to locate any leaks. Leaks could also destroy paint on the wall, which would cause you to repaint it.

Install water drainages to preserve rainwater. Other ways to conserve water is to use a clothing line to dry the clothes, wash clothes with warm water, ensuring that you do not leave any water running on taps and sinks, and not pre-rinsing utensils before placing it in the dishwasher.

  1. Recycling and reusing

Our instinct is to throw away stuff that we do not need. Well, that would be a good idea, but you will not be conserving the environment. If you notice that that product is reusable, then do so. For example, instead of throwing away old towels, use them as rags.

Recycle plastic bags instead of throwing them away, which means that you will have to carry it when you are going to shop the next time. When building your house, be sure to use durable materials. You do not have to keep replacing them occasionally.

Wrapping it up

Once you go green, you are sure that the value of that home goes high and it reduces the cost of running and repairing it. The money that you save could get other uses like taking your family for a vacation, starting a business, or paying up your mortgage loans.

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