Friday, January 8, 2010

Borrow Some Money: Sell Your Home

By Tom Miller

The recent housing slump means that a lot of home sellers are having a tough time trying to sell their home right now. It's a buyer's market when it comes to house sales right now, which means home prices are below average and there are lots of houses that are currently being sold. Today's below average prices means that a lot of house sellers aren't getting as much profit as they'd like out of the sale of their existing home and it means they don't have as much to spend on a new dwelling.

As a house seller you are basically competing against the other home sellers in your area for the attention from a limited pool of home buyers. One way to make your home more attractive is to spruce it up with some modern home upgrades. In order to sell your home you're going to have to get inventive and try to set your house apart from the others that are being sold near your own home.

Of course, if you're trying to sell your home you may not have a lot of disposable income to put towards various home improvements. The easiest way to bring a lot of potential buyers into your home is to borrow some money for some minor home improvements knowing that you will most likely make your money back when you actually sell your house. If you're relatively handy you might want to use some borrowed money and learn how to do your own home improvements. House improvement loans can range from a couple hundred dollars to thousands of dollars, and different loan amounts will give you the ability to commit to different kinds of projects. Here are a few home improvement ideas in different price ranges:

$3,000 - $6,000: Smaller home improvement projects in this range can sometimes be financed with home improvement store credit cards or unsecured loans. Home projects in this range include fixing up interior rooms with new paint, installing new crown molding and maybe even replacing some interior doors. Projects in this low price range should be aimed at freshening up a structurally sound home that doesn't need much work.

For $9,000 - $11,000: Committing to home upgrades in this range will definitely get the attention of potential home buyers, especially if the other homes in your neighborhood don't include some of these updates. If you're going to take out a loan for home improvement projects in this range you may want to look at a HELOC. Larger house renovation projects like this could include putting in some new flooring, having a front yard professional landscaped or installing new windows.

Certain home improvements like the ones mentioned above will definitely help sell your house quickly. It's imperative to adjust your house's selling price to reflect the recent upgrades. Your selling price should be moved higher but should probably not be designed to cover the full cost of your house improvement loan. Most house improvements do not actually pay for themselves when you sell your house. - 29904

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