Today’s housing market has left many homeowners with few, if any, options available to sell their property. They are suffering from the glut of inventory in their local community caused by foreclosures or they may have purchased their existing home at the height of the market which has now caused their home to be worth much less than they paid for it. As a result, their ability to sell their home at a competitive price is an unobtainable goal. Even for those who have equity in their homes, the price declines of the last few years have taken away a good piece of their equity to upgrade and move to the next home. In these cases, most are required to live in their homes longer and make better use of the space they currently have. The answer for many----home improvement projects. Home improvement projects may range from as small as small saving closet organizers to the addition of a bedroom and bathroom, but their benefits are equally important. Many prospective home buyers are always looking for curb appeal and many big ticket items such as the roof, HVAC, kitchen and bathroom repairs. Many items can be done cost effectively, may be financeable through a home loan or contractor financing, and will help pay for themselves when the home gets on the market, and best of all…..you get to enjoy living with the improvements.
Home projects can vary widely per contractor and region of the country. Some of the most common ones such as roof and windows vary greatly in price. These items unfortunately may be expensive and usually require a contractor. While many are fortunate enough to be capable of completing home improvements projects, but most are not. For those who are in need of qualified plumbers, electricians, or just general contractors, there are many online companies that will set you up with skilled, prescreened, licensed contractors. For those whose large projects are not affordable, there are many low cost projects such as adding a new coat of paint or getting rid of clutter will markedly improve the ability to sell your home….and still enjoy the improvements while you live in the house! Now, when improving the homes appearance, first impressions are obviously vital. Therefore no better way they improving the curb appeal. Large scale projects such as patios, walk ways, and high end trees and shrubberies will always be the first thing most people think of. Fortunately, there are a lot of simpler items such as flowers, wreathes, trimming of overgrown plants, and patching missing grass spots on your lawn that is much more affordable to make the front yard special.
How do I pay for this all? There are many ways to finance such projects when warranted and the value from the improvement makes such steps worthwhile. When doing home improvement projects, taking out equity from ones home is the most common step and today’s low rates usually make this option the most attractive. This can be done by refinancing the existing home balance and the costs of improvements into one loan or by taking out a new loan against the home’s value. When this isn’t possible, the home improvements stores or outside contractors often offer low or zero-percent financing options.
Home improvements truly can be a favorable option to sprucing up a home’s appearance. Whether it is simple staging to make a home look more appealing or a full out remodel, all projects will add value to your home. Confused on what to do first? Realtors generally will provide the best insight on which projects provided the best bang for your budget. It’s always important to make sure to go into any project knowing it is the right one for your own unique situation.
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