Today, more and more people are looking to fix up their current home rather than spending the money buying a new, upgraded home. A small investment to redo a garage, enclosed patio or basement with Epoxy Floor Coating, for example, will not only make homeowners feel good about staying in their home, but improve the odds of selling the home quickly if/when they choose to put it on the market. Purchasing a home most likely means entering into a large mortgage loan and of course, before buying a new home, individuals need to sell their existing home first. During hard economic times, this can prove to be a very difficult task. The truth is that there are numerous advantages associated with fixing up a current home.
First of all, rates for home equity loans tend to be very low. Although purchasing a new home can be good when the home mortgage rates are low, rates for home equity loans are much lower. If an individual takes out an equity loan to fix their home up, it can be done at a rate of 4.5 percent or much lower. Home equity loans are extremely tempting and often times a less expensive alternative.
Keep in mind that purchasing a new home involves a lot of additional expenses. These expenses not only include all realtor fees, but title fees, and loan origination fees. If an individual opts to instead remodel their current home, it is a lot less expensive. Getting a brand new home loan may cost several thousand dollars not including the realtor fees, such as selling off the existing home. As well, do not forget fees to pay for a moving company, moving boxes and other moving-related expenses. However, imagine what can be done with a few thousand dollars and the kitchen, bathroom or adding on a brand new room? In the kitchen, it would be easy to put in new cabinets, new floor tiling, new light and sink fixtures, and brand new appliances. It is not expensive to add Epoxy Floor Coating in any room. In a majority of cases a lot can be done to fix up a home and in the end, individuals can get the kind of kitchen, for example, they were looking for in a new home without having to actually go out and purchase a new home.
Qualifying for a home mortgage loan can be very tiring and daunting. This holds especially true in tough economic times because home loan companies tend to be much more wary when it comes to loaning people money. Therefore, they have increased restrictions and any one small thing could prevent an individual from getting a home loan. Home equity loans are a lot easier to get because even in tough economic conditions, the lenders are not as wary.
A huge benefit is that when it comes to fixing up a home, individuals can prioritize the projects and do them one at a time when there is the budget to do so. So if for some reason, for example, the homeowner loses their job, they are not stuck with a high monthly mortgage payment. Repairs and remodeling jobs can be put off until there is income available (if the person does not want to take out a home equity loan). As well, a lot of remodeling tools, such as Epoxy Floor Coating, are not very expensive. Even though this may not be as satisfying as purchasing a new home, often times it is less burdensome and stressful.
