A home remodel can dramatically enhance its worth as well as improve your quality of life. Here are some ways to fund the project.
A home remodel can dramatically enhance its worth as well as improve your quality of life. Here are some ways to fund the project.
View Home Remodeling Guide RSS feedA home remodel can dramatically enhance its worth as well as improve your quality of life. Here are some ways to fund the project.
A home remodel has the potential to be a great way to increase your home's equity while simultaneously increasing your living standards. Many remodel projects end up almost paying for themselves. Here are some numbers, according to Remodeling Magazine (www.remodeling.hw.net):
Even though you have nightly dreams of a remodel, you might not be able to afford it using your wages. Here are some other ways to pay for the overhaul.
A home equity line of credit is a revolving credit line based on using your home as collateral. The big difference between this line of credit and that provided by a credit card is the interest rate. According to rate provider www.bankrate.com, a home equity line of credit (HELOC) often has a lower interest rate than does a credit card, and most of the time the interest expense is tax deductible. One drawback with a HELOC: it is a variable rate loan, and this means it will get more expensive over time.
A home equity loan works just like a mortgage or a personal loan. It is one big lump sum that is paid off over time. Taking out an equity loan will require less paperwork than would refinancing your first mortgage, but the interest rate will probably be a little higher.
A cash-out refinance might be a good choice if you have a significant remodel job to get done. As home prices have risen over the last few years, owners have built up substantial amounts of equity. This equity can be withdrawn to pay for home projects. A refinance isn't something that should be done on a whim, though, as the process is complicated and time consuming. A consumer should take care to study the numbers before signing a contract. Interest rates and fees need to be studied closely.
The housing crisis is a big issue for many voters. Not surprisingly, John McCain and Barack Obama offer vastly different plans to solve it. Let's see where they stand.
Falling prices are eroding the value of U.S. homes. According to a new Fed report, the equity that Americans have in their homes has dropped to the lowest level on record.
A survey commissioned by a national federation of state and local apartment associations shows that most renters will not be jumping into the U.S. housing market anytime soon. Has renting become the smart decision?
Some politicians are in favor of providing assistance to the millions of homeowners who are facing default as a result of poor decision-making and falling home prices. Others are dead set against it. Let's see where the American people stand.
Small banks and big ones alike are on the verge of bankruptcy, due to all of the bad loans that have been approved over the past few years. Although people tend to assume that their money will be safe even if their banks fail, history has shown that this isn't always the case. Find out if your hard-earned cash is at risk.
When it comes to home prices, location matters. Consider this: a $210,000 home in Atlanta, GA would be worth $1.4 million in Beverly Hills. The same home would be worth $509,000 in Washington D.C. and $207,000 in Phoenix. Find out how much homes might be worth in different cities in this home price comparison.
An open letter to all of the lawmakers and taxpayers who think a mortgage bailout is what we need to solve the housing crisis.
A national survey found that Stamford, Connecticut has most expensive rents among other U.S. cities. Residents need a household wage of $31.58 to afford fair market rent on a two-bedroom rental unit. Find out which other metro areas and states have high housing costs.
To get borrowers to leave a house--and leave it in good condition--mortgage lenders around the nation have begun offering cash for keys. Some lenders are paying out upwards of $3,000.