Home Improvement

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Home Improvement – Projects That Add Value

The “To Do” list has reached an epidemic length: the tiles need repair, the faucet is dripping again , the garage door won't shut all the way, the paint is chipping along the front window sill, the roof lost another shingle… Why does it feel that when one project is completed, another is quickly added to the list? Home improvement projects can feel like an endless cycle. However, if approached smartly, the home's value can be greatly increased.

From The Owner's Perspective

Home improvement projects aren't always well received by the next owner. Everyone's sense of style varies slightly. By staying closely in tune with trends and how a home's value is determined, a homebuyer can add more than visual beauty to their homestead. Some projects are just not worth pursuing. Cosmetically, the project may improve the owner's level of happiness but not do a slight bit of difference to the home's worth. On the other hand, concentrating on structural flaws and the elements that add to the home's level of desirability are projects that are worth investing in. Seeking the advice of mortgage brokers and professional designers will save you from wasting time and money.

How Can You Afford These Improvements?

Home improvement projects are not inexpensive. In today's world, saving thousands of dollars is not an easy accomplishment either. Sometimes, the only alternative to robbing a bank is removing home equity responsibly. Through a home equity line of credit, a homeowner has the freedom to use a certain portion of his built up equity to use as he pleases. A special home improvement loan is sometimes offered at an even lesser interest rate than a common home equity line of credit. The loan is generally 5 to 7 years and considered a second mortgage. This second mortgage must be paid off before the home can be resold.

Projects Worth Pursuing

Not every “To do” project results in worthwhile improvements. A few nicks here and there aren't worth worrying over. However, energy efficient issues are worth addressing. FHA's “Energy Efficiency” loan is intended to entice homeowners to upgrade poor insulation, unsafe furnaces and leaky windows. Other reliable lenders and mortgage companies offer special home improvement loans at incredibly great rates and reasonable terms. Be wary of home improvement loans that are poorly explained; these often carry hidden unnecessary fees and points.