If you intend to list your residence in the near future, you may want to complete various property renovations. In fact, there are many reasons to perform home renovations before you add your house to the real estate market, and these reasons include:
1. You can revamp the look and feel of your home.
If your home has a drab interior or exterior, now may be the perfect time to update your residence. That way, you can reinvent your house and make it an attractive choice for homebuyers.
As you look for ways to renovate your house, it may be beneficial to conduct a home inspection too. A house inspection typically is requested by a homebuyer after a seller accepts an offer to purchase. However, performing an inspection before you list your residence may help you establish home renovation priorities.
During a home inspection, a property expert will assess a residence both inside and out. A homeowner then will receive an inspection report that provides insights into a house's strengths and weaknesses. And with this report in hand, a homeowner can allocate time and resources to prioritize home renovations and find ways to upgrade his or her residence before listing it.
2. You can increase the likelihood of a quick house sale.
A house that boasts outstanding curb appeal is likely to make a positive first impression on buyers. Thus, this home may be more likely than others to stir up lots of interest among buyers, which may lead to a quick house sale.
If you want to speed up the house selling process, you should perform home renovations. Because the sooner you update your residence, the sooner you may be able to accept a competitive offer to purchase your home.
3. You can boost your house's value.
Home renovations may help you bolster the value of your home. These renovations also can help you differentiate your residence from other available houses – something that is exceedingly important in a fierce real estate market.
When it comes to renovating your home, it may be helpful to work with a real estate agent. If you have a real estate agent at your side, you may be better equipped than ever before to plan ahead for home renovation projects.
A real estate agent may be able to put you in touch with the best home renovation experts in your city or town. For example, if you want to improve your home's interior, a real estate agent can offer interior decorator recommendations. Or, if you need to perform roof repairs, a real estate agent can help you find the top local roofing companies.
Before you list your home, complete home renovations – you'll be glad you did. If you perform myriad house renovations, you could help your residence stand out in a crowded real estate market. Best of all, home renovations could make it easy for you to enjoy a fast, profitable home selling experience.
- A step stool and a ladder You'll use both of these quite often, especially when you're moving. In my house there are a few top kitchen cabinets that are just out of reach, so I'm constantly pulling out the step stool. However, they're also useful around the house like in closets or reaching high spots while cleaning and painting. Equally important is a ladder. You won't want to mess around climbing on unsteady chairs for changing lightbulbs or smoke detector batteries. Plus you'll need one for access to the roof of your shed or house.
- A whole-house fan or air conditioner When you move into a house, especially in the summer months, you're going to want to stay cool while setting up and cleaning your new home. A great way to bring lots of fresh air into the house is to use a whole house fan which draws air into the attic and therefore causing air from outside to flow into your open windows. Window fans are a suitable substitute, so long as they have an exchange mode to bring air in and out.
- A bucket and a wheel barrow Both of these items are easily overlooked but will be invaluable when it comes to cleaning your house and maintaining your yard. Reddit user shuggins points out some of the myriad uses for a bucket: mopping the floor, pulling weeds, watering plants, washing the car, washing the dog, and even turn it upside down for a stool when you need a break from all those chores. And in the unfortunate event that someone is sick and queasy, a bucket can be a lifesaver.
- Drain stops and screens It won't take long for your drain pipes to get clogged up with food in the kitchen and hair in the bathroom without drain screens. Plus, having a drain stop for your sink will turn it into--you guessed it--a bucket! Buckets are the best.
- New locks Who knows who has copies of the keys in and around your home. It's important to change all the locks, including padlocks to your shed. There are many horror stories of new homeowners getting all settled in only to be burgled soon after.
- Batteries all sizes Reddit user typhoidmarry accurately describes the necessity for extra batteries when they write, "Your smoke detectors battery WILL die at 2am. It will." Play it safe and get extra batteries for your all of your electronics to avoid frustration and rage when you can't watch Netflix because your remote battery died.
If you're in the market to buy your first home, you're probably experiencing a variety of emotions, ranging from excitement to trepidation. Owning your first home is a major accomplishment and lifestyle change, but it also brings with it a lot of responsibility. Not only will you have to make mortgage payments every month and pay property taxes on time, but you can no longer turn to your landlord when the furnace quits or your refrigerator dies. As former U.S. president Harry Truman once said, "The buck stops here."
Understanding Your Credit Rating
One thing you might want to become acquainted with before diving into a full-fledged house search is your credit report. Your credit score, as determined by the three major credit reporting companies, is a reflection of your ability and willingness to pay your bills on time. Banks and mortgage companies factor in this information when deciding whether to approve you for a loan. Your credit score also has an impact on the interest rate you're offered. Also called a "FICO" score, this scale ranges from a low of 300 points to a high of 800. The higher your score, the more desirable you're viewed as a potential loan customer.
If you'd like to find out where your credit score stands, you can get that information for free (once a year) from Equifax, Experian, and TransUnion. Unlike lenders, they don't take into account factors like income and length of employment. The main things they look at are payment history, amounts owed, and length of credit history. If your credit cards are maxed out or you've been late with payments, then that will lower your credit score and make it more difficult to obtain the most favorable interest rates and loan terms. Fortunately, there are a number of commonsense measures you can take to improve your credit score. Side note: Errors may occasionally crop up in your credit report, so it pays to review them on an annual basis and dispute erroneous or outdated information.
Steering Clear of Other Pitfalls
While buying your first home can seem like an intimidating process, an experienced real estate agent can guide you and make the journey a lot easier. A licensed agent can help you get the process rolling, keep you on track, and resolve problems. There are plenty of situations in life where going it alone is a viable strategy, but buying your first home is not necessarily one of them. By working with a real estate agent, you'll avoid unnecessary frustration, stress, and costly mistakes. You'll also stand a greater chance of finding just the right home for your needs, desired lifestyle, and budget.
If you’re trying to decide whether it’s best to move from your current home or to make the necessary improvements on the home, it’s not an easy decision. One thing you may have to consider is how to get the capital in order to have those home improvements done.
There’s a variety of options available to you in order to secure a loan to renovate your home. Whether you need to renovate the kitchen, build out from your current property, or replace the heating system, there’s ways that you can get the money to complete these necessary updates.
One thing to consider about any of the options discussed is that you don’t want to be paying for home improvement loans until you need to update everything once again. If you’re preparing to sell your home, making improvements is a wise choice, as it can increase the return that you’ll get on your home.
Don’t Run Out Of Cash
If you cannot complete the improvements that you started, you may not be able to get another loan to complete them. You can typically borrow between 80 and 90% of your home equity. The downside to refinancing your home or taking out home equity lines of credit is that you’ll need to pay closing costs once the loan is approved. In other words, you’ll need to put out some cash in order to get some cash.
Use Your Own Cash
If you have some cash saved up, it’s wise to just do one project at a time. This can take some time, but can be more economical in the long run. If you don’t need to complete your repairs in a hurry, then using your own savings is a good idea.
Refinance Your Home
If you would benefit from a lower interest rate, refinancing your home can be a great option. As long as the cost of repairs doesn’t exceed the number of years that the updates will last, refinancing makes sense.
Home Equity Credit Line
If your mortgage is locked in and working for you, home equity lines of credit are always a good option. You can draw money out as you need it and pay it back as you go. You won’t need to pay interest until you use the money and the loan is good for 10 years. The downside is that if you don’t make the payments, you could lose your home.
Home Equity Loans
This type of loan allows you to borrow a fixed amount and then pay back the loan with a fixed monthly installment. A 15 year term is typical of this type of loan.
A construction loan can be used to build a house or to make large-scale renovations. These loans are short-term and not always easy to find access to. Not to mention that they are heavily managed and perhaps the least popular option presented here.
FHA 203K Loans
This type of loan is generally used to purchase a home that is in need of much repair. The downside is that you’ll need mortgage insurance for the entire life of the loan. Less complicated repairs often offer a more streamlined FHA loan of up to $35,000.
FHA Title 1 Loans
These loans provide up to $25,000 for home improvements. The money is insured by the federal government and can be obtained from approved lenders. Homeowners don’t need access to equity in order to get one of these loans and they are available in 20 year terms.
These are just some of the options that are available to you as a homeowner seeking ways to get cash to make improvements to your home. You can tap into other types of personal loans including credit cards. Really, you need to do what’s best for your finances. It’s good to know that there’s options available to you to improve your home.
If you want to move to a new address as quickly as possible, there is no need to wait to add your current residence to the real estate market.
However, listing a house sometimes can be difficult, particularly if you're getting ready to compete against dozens of home selling rivals in a crowded housing sector.
So what does it take to list a house and get the best results quickly? Here are three tips to help home sellers generate interest in their residences as soon as these properties become available.
1. Analyze the Current State of the Real Estate Market
Examine the prices of available homes that are similar to your own. This housing market data will help you understand how your house ranks against the competition.
Also, take a look at the prices of recently sold residences in your city or town. With this housing market data at your disposal, you can determine a price range for your residence.
Don't forget to complete home interior and exterior improvements as needed, either. By doing so, you may be able to help your house stand out from the competition and increase the likelihood of a quick home sale.
2. Conduct a Home Appraisal
A home appraisal may require just a few hours to complete, but its benefits can last a lifetime.
Ultimately, a home appraisal enables a property inspector to evaluate your residence both inside and out. After the appraisal is complete, a property inspector will provide you with a comprehensive report that describes your house's strengths and weaknesses.
When it comes to selling a house, performing a home appraisal is vital. This appraisal will help you identify what makes your great – and problem areas with your house – so you can map out your home selling journey accordingly.
3. Collaborate with a Real Estate Agent
If you're in a hurry to sell your house, you'll definitely want to hire a real estate agent.
A real estate agent understands what it takes to list a house, set up home showings and open houses and promote a residence to the right groups of homebuyers consistently. In addition, this housing market professional can negotiate with homebuyers on your behalf, ensuring you can boost your chances of getting the best price for your home.
Perhaps best of all, a real estate agent is happy to provide unbiased home selling recommendations. This housing market professional is unafraid to share honest feedback about your home so you can do whatever it takes to streamline the home selling process.
Lastly, a real estate agent is available to respond to any of your home selling concerns and questions. This means you can get the expert support you need to make informed decisions as you navigate the home selling journey.
Even though you may be in a rush to sell your house, but there is no need to settle for subpar results as you prepare to list your residence. Instead, take advantage of the aforementioned tips, and you can should have no trouble accelerating the home selling process.