Home Improvement Tips-So You Want To Buy A House
Improving your home takes time and can increase the value or livability of your home. There are some important steps you need to take to get the most out of your home improvement. Below are some of the steps you’ll need to take before you can start figuring out how to fund your project.
- Make sure the improvements will add value to your home
Things like changing carpets, or hardwoods, or updating kitchens and bathrooms are great ideas. Changing the entire layout of the home generally isn’t a good idea.
- Get a couple of quotes and know the costs
This needs to happen before you go to get outside financing and to develop a hard budget for the projects.
- Figure out the best time for you to get these improvements completed
Your life is busy and many remodels can cause chaos to the typical flow of family life. Contractors can’t complete a project as big as a kitchen remodel overnight. Figure out when you can have your life disrupted.
Once you’ve established the funding requirements of your home improvement project you’ll need to establish how or where you’ll need to go to fund that project. There are 3 basic ways to finance these types of projects:
If you’ve done a great job of building your savings this can be the most cost-effective way to fund your project. It can also be the most dangerous way if you find yourself short for the project or run into other financial emergencies that need those funds.
- Home Equity Line Of Credit (HELOC)
Homes in the Tri-Cities have increased quite a bit over the last couple of years. This is giving people who bought recently equity that they can use to fund the project. This won’t impact your mortgage payments each month, but it will mean a new payment that you’ll need to contend with on top of your regular mortgage payments.
- Refinancing the home using equity
This is a good alternative to the HELOC option stated above because it wraps the repayment for the project into your home loan. This means that you’re just making your new mortgage payment instead of having two different payments. With all the equity homes in the Tri-Cities have been gaining this is a good option for many homeowners, including those who purchased within the last three or four years.
There are many reasons to start a home improvement project. You can do it in preparation for selling, or just to make it more your style. No matter your reasons there are ways that I can help you capitalize on the equity of your home and help you achieve your American Dream.