Planning Spring Home Improvements? Know the Score First

by | Jan 18, 2009 | 17, 18, 19, 2, 3, 4, 5, 8, Articles

<h2 style="margin: 10pt 0in 0pt"><font size="3" color="#990000">Planning Spring Home Improvements? Know the Score First</font></h2><p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt">(ARA) – Spring is a popular time to begin home improvement projects, especially if they’ll upgrade outdoor living spaces. With the economy keeping more homeowners in place, rather than moving up to bigger, grander digs, improving your home can elevate both your enjoyment and its eventual resale value.</span></p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt"><p style="margin: 0in 0in 0pt" class="MsoNormal">A great home improvement can enhance your enjoyment of your home and its eventual resale value. Even if you choose just the right improvement — one that makes you love your home even more and will woo potential buyers come selling time — you may still be frustrated wondering how you’ll pay for your project. </p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Before you dive into your spring home improvement, keep a few points in mind:</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal"><strong>Your Finances</strong></p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">First, get your free credit score and report. Any significant home improvement, such as building an addition or turning your backyard into an oasis, is probably going to require you to find financing. Before you make a single phone call to a potential lender, it pays to know your credit score and what is on your credit report. Generally, the higher your credit score, the more leverage you will have to negotiate a good financing deal, including a lower interest rate.</p><p style="margin: 0in 0in 0pt" class="MsoNormal"> </p><div style="text-align: center"><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="282"><param name="movie" value="../images/banners/1b.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="../images/banners/1b.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="282"></embed></object></div>   <p style="margin: 0in 0in 0pt" class="MsoNormal">Enrollment in membership based products like FreeCreditReport.com give you access to your free credit report and score, which potential lenders will almost certainly use to determine if you’re a good credit risk. You’ll be able to see what finance companies see when you look at your credit report, including your payment history and whether there are any errors or other blemishes on your report. </p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Once you’re confident of your credit score, you can evaluate your financing options, whether it’s a second mortgage, a personal line of credit or a home equity line of credit. </p>  <p style="margin: 0in 0in 0pt" class="MsoNormal"><strong>Smart Choices</strong></p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Some financed home improvement projects pay off more than others in terms of enhancing your home’s value and your enjoyment of your house. If you’re opting for improvements to your outdoor living spaces, consider ones that will deliver the greatest return for your investment, such as patios, decks or screened porches. In fact, the National Association of Realtors’ 2008 Remodeling Cost vs. Value found that outdoor improvements, such as wood decks, continue to recoup 80 percent or more in value upon resale.</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Landscaping, it seems, is also popular with potential buyers – a University of Michigan study found that potential buyers scored a well-landscaped home 11.3 percent higher than the same home without good landscaping. The trend for more Americans to stay home and invest in their surroundings, rather than spend on pricey vacations, has spurred interest in grand backyards that evoke the look and experience of a resort. From in-ground pools with water slides to lavishly tiered patios that feature built-in hot tubs, a growing number of homeowners are focusing on outdoor improvements that improve resale value and their current enjoyment of their homes.</p><p style="margin: 0in 0in 0pt" class="MsoNormal"> </p><div style="text-align: center"><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="282"><param name="movie" value="../images/banners/18a.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="../images/banners/18a.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="282"></embed></object></div>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Before you make your summer remodeling plans, check your free credit report at www.FreeCreditReport.com. If you plan to sell your home within five years, it might pay to check with your realtor as well to see if he or she can give you an idea of how much your investment might affect the eventual sale price of your home. </p>  <p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt">Courtesy of ARAcontent</span></p></span>