5 Valuable Basement Maintenance Tips

Many homes in the Chattanooga area have basements, and maintaining them can be trickier than most people think. Today I have five tips to help you maintain your basement, whether it's finished or not.

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Today I wanted to share some simple and smart basement repairs, because maintaining your basement can be tricky.

1. Make sure gutters are extended beyond the house. Gutter extensions are very inexpensive and will divert any water from your roof away from your foundation. Water intrusion in a basement is the number one problem we see with basements in home inspections.
2. Make your yard slope away from the foundation/basement. You might even create a berm around your house to make water flow away from the home to prevent intrusion.
3. Plug all visible gaps. If you have pipes that stick out from your basement, for example, make sure they're caulked or plugged to keep the critters out. This is a good chance to identify and fix any leaky pipes, as well.
4. Add insulation near the basement if it's unfinished. You should insulate even if you don't plan on finishing your basement. Insulation will help keep that space more conditioned and make the home more energy efficient.
5. Put up drywall to finish the space. Of course, this will upgrade the space. Finishing a basement offers one of the best returns for your money because you add square footage for very little money.

If you'd like any more information about how to maintain your basement, we'd be happy to send you our exhaustive list. Just give me a call or send me an email and we'll send it right to you.

What Are the Best Uses for Home Equity?

Today we're talking about smart uses for home equity. If you pull equity out of your home, be sure to spend it on something that appreciates or provides a return.

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Today, I wanted to talk about the importance of home equity and what you should and shouldn't do with it.

I recently read an article about what millennials are using home equity for; they're refinancing for a line of credit and using it to pay for things like a vacation or a wedding. I get all that, but I would advise against taking money out of your most important appreciating asset and spending it on something with no return.

Years ago, I met a man who used an equity line of credit to buy a new truck in cash so he wouldn't have a car payment, and he was so proud. However, remember that as soon as you drive a truck out of the showroom, you're losing money on it. Why take money out of an appreciating house and spend it on an instantly depreciating truck? It's not a good idea.

So is there a good time to use your home equity? I would say yes, for several options.

If you're upgrading your house—particularly to keep it in line with your area—that's a good use of your money. Just be careful not to overdo it. Putting a $100,000 kitchen in a $100,000 house isn't smart. Paying off high-rate credit cards is also a good use of equity.

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The best way to use home equity is to purchase investment property.

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I think the best way to use home equity is to purchase investment property. Becoming a real estate investor is a perfect way to reinvest a home equity line of credit into something that will make you more money.

If you have any questions about smart uses for home equity or you're interested in learning more about property investing, give me a call or send me an email. I'd be happy to help you out.