You want a bigger and better home. However, with the current housing market the way that it is, you might not be able to sell your house for what you want. There are homeowners that have spent billions of dollars renovating their homes during the better times. Many home investors see their renovations as necessary steps to increased home prices and a higher possibility of faster sales.
Why not take that concept and apply that to your home now? Rather than see home improvements as a way to appeal to your future seller, why not use home improvements to make you more happy right now! With home sales down almost 18% in just the past year, you probably will not make the right decision by putting your home on the market. However, you can make your existing home more sensational now to make your daily living enjoyable. With more and more home prices stagnating, homeowners are making their current homes the places they want to live rather than trade up to another place.
Give your home the features that it needs to improve value. You can have an upgraded bathroom or higher end kitchen installed in your home now to help with future house sale and daily living now. However, to enjoy the most from your home improvements, do not focus on the financial future growth, but instead concentrate on how much you are enjoying the changes.
What are the biggest complaints by current homeowners? You can address these common concerns to help your existing home situation. Of course, the first solution is to create a home extension on your home to make bigger rooms, kitchen, etc. Of course, this upgrade can be financially difficult. Many homeowners say they want at least a 30% increase in home value square footage size with their new home. If this is not possible, you can at least create the illusion of more space. Take off unneeded doors or install glass French doors in their place. Light the walls with brighter color paints or knock down a half wall. If your wall is not load bearing, it is decorative and able to disappear.
Removing a wall can vary in cost. You can pay as much as $4,500 and as little as $1,500. Load bearing walls will be the most difficult to move and will cost the most for your home. However, the end result could be the most dramatic and potentially convince you to stay in your home for longer than initially predicted.
Do you have wasted space or rooms that are infrequently used? Look at them in a new light and see if you can add them more efficiently into your current floor plan. Finish a basement or turn a sunroom into part of the living room. In addition, you can expect to recoup 75% of your costs and will add to your home value.
If the current value of your house is less than what you owe on your current mortgage, you may qualify for a legal, lender approved solution known as a Short Sale. A Short Sale can be accomplished by bargaining with your bank to agree to a sale of your home to a third party homebuyer for less than what you presently owe on your mortgage balance.
The short sale of real estate is not a questionable practice in today's softening real estate market, it may be a requirement. The short sale transaction is a legal and much more valuable alternative to foreclosure or even bankruptcy. Banks are motivated to accept short sale offers for a number of good reasons.
The short sale of your home can end in a win-win-win situation for everyone involved:
WIN #1: You win by getting out of a financial predicament. Your home is saved from foreclosure, thus helping you to save your credit rating. Letting your home to go into foreclosure may unfavorably affect your credit for up to 7 years.
WIN #2: The bank wins by preventing timely and expensive foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate by the bank.
WIN #3: The buyer of your home wins by getting a solid home at a good market value.
Both Shaun Greer & S. A. Johnson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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