House Talk

Paying for Remodeling


So youíd like to start some remodeling projects, but you donít

know where to get the funds.† There are several options to choose from.† Two of the most popular ways are to borrow from company profit sharing plans, or to borrow against the cash value of your whole life insurance policy.


The advantages to these options are lower than normal interest rates and no loan origination costs.


If these are not options, then consider a second mortgage, or a home equity loan.† You can generally borrow up to 80% of your homeís value, minus the unpaid principal of the mortgage.† With these loans you generally have to pay closing costs, and often the loan is an adjustable rate mortgage, that varies monthly depending on the fluctuation of the index† itís tied to.


Keep in mind that credit unions usually offer lower interest rates than banks, so shop around when looking for a loan.† You will need to have a good credit rating to qualify for a home equity loan, so check into clearing up anything that may hinder your loan being accepted before applying.


Best Home Improvements to Ensure a Quick Sale


Here are a few ideas on areas that can be fixed up to allow a quick sale of your home:


Make a good first impression by working on the curb appeal of your home.† Consider painting the exterior, keeping the lawn tidy and mowed.† Donít forget to clear away any clutter that can be seen from the front.


Once inside, consider the carpeting and paint.† Is it fairly neutral in color?† You want the colors to appeal to the majority, so donít go with unusual colors or styles.


Is your home well lit?† Letting as much natural sunlight illuminate your home will give it life.† There is nothing as unappealing as a home that is dark and gloomy.† If you canít get a lot of sunshine into the home, then make sure you turn on the lights to make it seem more open and bright.


Make any necessary repairs, unless youíd prefer to reduce the asking price to make up for the extra work that the buyers will have to do.


Do your spring cleaning now!† Clean the appliances, floors, carpets, and especially the bathrooms and kitchen.


Unclutter the rooms.† If you can get storage space, remove unnecessary furniture to make the rooms seem bigger.† Also, get rid of personal items that are not needed, so your home will appear clean and tidy.


Consider painting the front door.† Again, the first impression is very important.


Spend time making the kitchen and bathrooms looking as nice as possible.† Clean the tub and sinks.† Replace the shower curtain.† These rooms are very important to potential buyers so make them shine.


When all is said and done, take a good long look at your home, and ask yourself, ď Would I be impressed if I were seeing this home for the first time?Ē† If the answer is no then go back to work.† If the answer is yes, youíre ready to market.