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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
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. 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.
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 most remodeling improvements may pay back all or a substantial part
of their costs when owners sell, the project should fit with the overall
look of the home. Try to keep the entire house at the same style and
improvement level.
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.
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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©.
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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. 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. The interest rate
is usually variable and may be balance. 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.
More >>
 "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
email
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