[I]f you’re a homeowner, you may be swamped with a long to-do list for repairs and improvements on your home. You may not always be able to pay cash or hire the work done by professionals, but some projects are ideal for people who are at least minimally handy with basic tools.
Bring a Higher Selling Price
If you tackle a few items on your repair list or upgrade certain areas of your house, your property may bring more money when it comes time to sell. This is important if you want money to buy a new place.
Just make sure you know which projects will increase the price versus those that are just personal preferences. There are some projects, such as roof replacement that are necessary for a home to sell even if they don’t actually increase the price.
Have More Money for Home Equity Loan
When you increase the value of your home, you can get more funds if you are approved for a home equity loan. This type of loan takes the value of your home and subtracts what you still owe on a mortgage and gives you some or all of the difference in borrowed funds.
It’s not always advisable to take out a home loan because you are putting your property at risk, but some people get this kind of loan for college expenses, other home improvement projects or to pay off debt. You will need good credit to qualify, but your home will be collateral.
Improving your home is often a good investment for your money. Just make sure you choose your projects wisely, and put the additional value to good use. Whether you are selling or applying for a home equity loan, think about how each decision impacts the rest of your finances and your credit.
Know which projects to tackle on your own, and which ones are better left to the experts. You must be wise and frugal with your money in order to see it grow.
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