Home | Finance | Mortgage
Most homeowners at some point borrow money to upgrade their houses. They usually do it by refinancing their current mortgage. We'll help you get the right loan for your needs, but we also want to help you make sure you aren't wasting your efforts and your money. Although improvements are wonderful for the current owners, they usually are also looking toward future resale value. That means you don't want to make decorative or practicality mistakes, or you might as well just burn your hard-earned cash. Many of us are artistic and want to make a strong statement in each room. That's fine when we plan to stay in the house, but when you're planning on selling, you need to play it a bit more conservative. As much as you love them, avoid bold colors in designs in places that aren't easy to change. In other words, it's okay to paint because walls and doors can be painted over fairly easily. If you put in fancy floor tiles and countertops, you may just lose a potential sale down the road. These areas are more expensive to redo and buyers will have subtler homes to choose from. You can have beautiful amenities, just keep them in more neutral tones. Another thing to do when you refinance for home improvements is to take the style of your house into consideration. If you have a large spacious home, trying to make it look like a cottage will just come off as silly. Frilly window treatments and folksy wall-paper probably won't appeal to someone looking at your house. Most large homes are airy and sophisticated. Cottage décor looks much better in a smaller cottage-like home. In other words, keep the upgrades consistent with the basic style or they may turn into downgrades. Bathrooms are another area where the right remodel will pay off for you. It's all about spas these days, so if you can, make at least the master bath large with a soaking or whirlpool tub, double sinks, and a walk-in shower, and a closed toilet area. You don't have to borrow a fortune to make these changes. Statistics show that spending about $10,000 is more profitable than going above that. Shop your favorite home stores carefully and you'll hit the right balance. Another tip regarding a home-improvement loan is to tour some really upscale houses. Take advantage of home shows and open houses. This doesn't mean that you have to borrow a fortune, but you'll get a good look at future trends. Upscale homes tend to have more futuristic themes. We'll give you the advantage of our expertise and experience when you discuss borrowing for upgrades with us. We don't want to see you waste money on frivolity when it isn't necessary. We do want you to use your loan in ways that will ultimately prove profitable for you.
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