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Home Appraisal Tips & Advice
Home Renters Beware: The Foreclosure Crisis Affects You as WellAugust 11, 2008
Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure? The vicious circle of declining home values and rising foreclosures.
July 11, 2008
Home values drop when foreclosures rise creating a vicious circle. Is there help in sight or a way to take advantage of a declining market? Home Selling Success: What You Need to Know
July 11, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? Planning Home Improvement Projects Can Add to Home Worth
By Karen LawsonHome Worth Columnist
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Using home equity for home improvements is generally considered a safe bet, but there are some things to consider. The type of project, its scope, and degree of difficulty, and the potential for complications can turn your plans for a dream home into a nightmare of delays and cost over-runs. Here are some things to help keep your home improvement on track and your home worth intact.
The Role of Home Equity in Home Improvement
You can get an idea of how much your home is currently worth by using an online home value calculator. Subtract the balance of any mortgage loans against your home, and you'll have an idea of how much home equity you have. You may want to consider keeping some of your equity as protection against fluctuating real estate markets. Once you've established how much you want to borrow against home equity, you can start planning your projects. It can be tempting to cut corners and go with the lowest estimate, but it is important to hire licensed contractors and to check references before starting your project. The consequences of hiring unqualified or unethical contractors can be potentially devastating to your budget and home value. It's also a good idea to have a "safety net" of funds available for cost over-runs or unexpected expenses. If you've watched TV shows featuring actual home improvement projects, you know that problems can arise when you least expect them.
One Homeowner's Ceiling May Be Another's Floor
Think carefully before tapping your home equity to install a heart-shaped swimming pool or knocking part of the roof out to install a personal observatory. If you sell your home, would potential buyers find your home improvements useful and attractive? Talking with local real estate professionals can provide ideas for projects that increase home value.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.