Many people are planning to stay put in their own homes until the loan market steadyies. Perhaps that will happen when the new proposals that will tighten up the mortgage market go through.
This waiting period seems a good opportunity to improve the value of the existing home by decorating and renovating. There are still safe lenders out there who will lend you a little cash based on the equity that has mounted up in your home. Your original lender is the best place to start. They have proved reliable, and they will have to be involved in any other loan, as they probably hold the deeds of your property. Some home improvements are ‘worth more’ on the housing market than others, one of the first questions you must ask is if you are actually trying to improve the property for yourself, or for the re-sale value.
It seems that renovating has been popular this year. The Remodelers Chairman of the National Association of Home Builder’s (NAHB), Mike Nagel, views the amount of renovations happening as a positive sign for realty. “Though down a bit from the previous quarter, the remodeling market is not experiencing the dip in production and sales being seen by the new home building sector of the industry.”
Also, according to the Joint Center for Housing Studies at Harvard University, spending on residential remodeling and home repairs has climbed steadily, setting a new record this year. If you are undecided about which improvements to actually splash … Read More