[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.
[W]hether you are just starting out on your own or just starting over, one of the most important things you can do is learn how to budget. Many people think they know how to budget, but they fail to stick with it. So, the goal is to not just create a budget, but to create […]
[I]f you’ve been learning about credit, one of the first things you’ll hear is you can’t get credit if you don’t have credit. It often seems to be a Catch-22; no one will give you credit so you can’t get established with a credit history so you can get new credit. With diligent effort, you […]
[S]ometimes when you are filling out a rental or job application, you’ll come to a page that asks you to sign and authorize a credit check. Most people will sign it, hoping for the best if they have less than perfect credit. Even when you do sign it, you may wonder if that was the […]
[I]f you’ve applied for a job, you may have been asked to provide authorization for the potential employer to look at your credit report. While you signed it just to be considered for the job, you may wonder why they need to know about your credit history. What are employers looking at when they review […]
[Y]ou hear all about the minimum credit score needed to get a credit card or loan. It seems like this one magic number seals your fate. You wonder if creditors or lenders even look at the information in your credit report or if they just use that number to get a decision for your application. […]
[T]here’s a lot of information on a credit report. If you’ve ever requested a free copy of your credit report, you may have been overwhelmed at all of the stuff on there. It makes you wonder what creditors and lenders really look at. Do they read every line or do they skim? If they skim, […]
[A]fter the recession of 2008, more people have become conscious of debt. Some of them have decided to give up using credit cards or other forms of credit in favor of a cash-only approach. While this is a good idea for people with bad spending habits or those who have a tendency to live beyond […]