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Making improvements to your home -- to move -- or to stay


If you're improving your home to sell in the near future, keep the potential buyer in mind.

If you intend to stay, avoid over-improving. Remodeling projects that you are likely to find valuable are:

                    Improving the Kitchen
                    Adding a new room, sunroom, or recreation room
                    Updating the bath or adding a new bath
                    Landscaping and Curb Appeal


If you are improving your home to sell in the near future, you need to evaluate your plans carefully. It doesn't pay to cut corners, a professional well-done job will have beneficial results. Potential buyers may not want to pay for the extras you want to include, so don't go overboard. Keep in mind that others may not share your tastes in remodeling, colors, or choices of materials and therefore may not appreciate the time and effort you put into your home improvement project. For example, you will find buyers who either expect or want a finished basement, and others who would prefer to finish it themselves. Some are happy with carpeted floors, others want hardwoods. Your REALTOR© can help you make smart choices when getting ready to sell your home. In the Rockford area of Winnebago, Boone, and Ogle counties phone 815-381-6850 for real estate help in today's very competitive market.

If you are remodeling with the intent of staying in your home for at least another year, you may want to do it for your own enjoyment, but you still need to avoid over-improving. Even if your house is the best on the block, it may be difficult to convince buyers to pay extra for the things you found so important.

Proper maintenance is a big factor in the value and ability to sell your home. Go over every part of your home at least once a year. Look at it as a visitor would, and when you see a problem, fix it. Check out the roof, plumbing, electrical wiring, interior and exterior paint, etc. Paying attention to repairs will help you to avoid emergencies and bigger expenses later on.

While many remodeling improvements may pay back all or a substantial part of their costs when owners sell, the project should look professional and fit with the overall look of the home. Try to keep the entire house at the same style and improvement level.

Here are 5 kitchen and bath features buyers have shown they want most:
36% Separate shower enclosure in the master bath
31% Eat-in kitchen
24% High-end appliances--preferably stainless steel for today's buyer
23% Granite countertops
21% Kitchen island--preferably one that incorporates lots of storage
(Source: National Association of Realtors 2007 Profile of Buyers' Home Feature Preferences)

Take a look at your home from the street. Take a picture of it. Curb appeal in today's market is vitally important to MLS and Web appeal as well as the all-important first impression a potential buyer gets when visiting your home. Make sure the entrance to your home is fresh and appealing, replace worn or non-working exterior lighting, paint the front door and make sure the steps and walk are in good repair, trim dead or overgrown shrubs and trees.

Remember that your improvements don't have to be expensive. A coat of paint; clean cabinets and appliances, working faucets; clean carpet; uncluttered rooms and a well-kept home exterior and yard can do wonders. Looking fresh and new with minimal expense can also be achieved by painting dark wood cabinets a lighter color, changing cabinet hardware, adding new countertops, replacing chipped sinks, organizing closets so there appears to be plenty of storage space, removing badly worn carpet or covering worn hardwood floors with decorative rugs and dressing up windows with curtain rods and pleasing fabrics. It should not be your intention to "hide" defects, but to make the home "show well" and leave a good impression on a potential buyer. Homes that show well usually sell faster.
 

FOR MORE HOME BUYING AND SELLING INFORMATION GO TO:

[ YOUR CONNECTION TO ALL THE CURRENT REAL ESTATE LISTINGS ]
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[ Foreclosure and Short Sale Listings ]
[ EASY SEARCH UPDATES–Get The Most Current Information on Homes For Sale ]
[ Rockford Area Lenders and Mortgage Interest Rates ]
[ Mortgage and Finance Information ]
[ Monthly Mortgage Payment Calculator ]
[ Apply for a Mortgage and Financing Pre-Approval ]
[ 9 Ways to Kill Your Mortgage Funding ]
[ First Time Homebuyer Tax Credit Before July 2009 ]
[ Facts about Foreclosures and Short Sales ]
[ Home Inspection Guide ]     
[ Get Relocation Information Mailed to You ]
[ Relocating Guide to the Rockford area ]
[ Rockford Community and School Links ]
[ Winnebago County "SCHOOLS REPORT CARDS" ]
[ Relocating Guide the Ogle County area ]
[ Ogle County Community and School Links
[ Ogle County-land-homes-business-TODAY'S LATEST LISTINGS ]
[ How To Sell Your Home ]     
[ Seven Ways To A Smoother, Faster Home Sale...and More Selling Tips ]     
[ Reminders, Tax Tips and Information for Homeowners ]
[ Home Buying, Home Selling, Real Estate Investing Questions and Answers ]
[ Senior Retirement Planning -- Comparison of Nursing Home Facilities ]

 [ Fixing-up and improving your home -- how-to tips
 
[ NEW CONSTRUCTION HOMES -- Floor Plans, Custom Build Designs ]
[ What's The Value of My Home -- FREE HOME MARKET appraisal ]

[ Contact Bill Marek for Buying or Selling Real Estate in the Rockford Illinois area ]

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This site contains links to other real estate related internet sites. These links are selected on the basis of ease-of-use and helpful content for owning, buying, or selling a home, and no information, product, or service has been endorsed or approved by us. Rockford home source information is provided as a service to help you better understand issues related to the process of buying or selling real estate, especially in the Rockford Illinois area. The accuracy of content is not guaranteed, nor is it intended to replace the advice of an attorney, financial advisor, lender, home inspection service, building contractor or other real estate professional. Privacy Statement: We are dedicated to protecting your privacy and handling your information in a secure and confidential manner. We know that having trust and confidence in the people you work with is important to you and we value the trust you place in us to protect your information. We do not permit list brokers, mail-order businesses, telemarketers, or other marketing companies to contact you to promote their products or services, and we do not sell, lend, or give out your information for this purpose. We use your information only to help us provide the real estate services you request. Bill Marek is a residential real estate agent with Dickerson & Nieman Realtors in the Rockford area of Northern Illinois, and, as a REALTOR©, is a member of the National Association of Realtors©, Illinois Association of Realtors©, and Rockford Area Association of Realtors©.

 

 $   Financing your project

Compare interest rates, repayment options and penalties from lending institutions before deciding on a loan option.

Second Mortgage
This is a loan using the equity in your home. Think of it as an additional mortgage. Typically, you can borrow up to 80 percent of the appraised value of your home, minus the remaining balance on your original mortgage. For example, if your home is appraised at $100,000 and your mortgage balance is $70,000, you may be able to borrow $10,000 as a second mortgage. You may have to pay the fees normally associated with a mortgage such as closing costs, title insurance and processing fees. Talk to your tax advisor to find out if the interest on your second mortgage would be  tax-deductible.

Home Equity Line of Credit
Depending on the lender, a home equity loan also lets you get a loan up to about 80 percent of the appraised value of your home, minus your current mortgage balance, and usually at a variable interest rate. Since this type of loan is set up as a line of credit, you are not charged interest until you make a withdrawal, but you still pay closing costs. You can make withdrawals gradually as you make purchases and pay contractors. Make sure you understand the terms of the loan. For example, if your loan stipulates that you need to pay interest only for the life of the loan, you will have to pay back the full amount borrowed at the end of the loan period (known as a balloon loan). The interest on home equity loans may be deductible; talk to your tax advisor.

Refinancing
To refinance you will generally need to have equity in your home, a solid credit rating, and a steady income. Refinancing involves paying off your old loan and taking out a new one. You will have all the closing costs that go along with getting a new mortgage. Generally, if you are unable to get an interest rate at least two points less than you are currently  paying, and you are not planning an extensive remodeling project, this type of loan may not be for you.
 

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"Helping you to make the right decision when buying or selling a home"

Bill Marek
Dickerson & Nieman Realtors
6277 E. Riverside Blvd.
Rockford, IL 61114

815-381-6850

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