17. December 2007 by Teri Deane.

Many homeowners who are thinking of listing their homes for sale ask whether or not they should upgrade before selling.   Your agent can advise you best, but here are some ideas based on what buyers are looking for when home shopping.

Some easy, low-cost ways to enhance your home:

– remove extra furniture and clutter (rent a storage space if need be).  Don’t forget to clear out your closets. . .nothing says “not enough storage space” like stuffed closets! 

– give your house a thorough cleaning (hire someone if need be) and include cleaning the windows.  I’ve been in some beautiful homes that look drab because of dirty windows.  

Other things that you should consider:

– put a fresh coat of paint on the walls.  This really isn’t too expensive (and something you might do yourself) and it can really perk up your home.  If you have walls with strong colors, definitely repaint — using neutral colors.  Why turn-off potential buyers who don’t care for your color choices?

– remove old, torn, or peeling wallpaper — don’t paint over it! 

– recaulk around sinks, counters and bathtubs — if you’re handy, do this yourself.  Otherwise, hire someone to do it. . .sloppy caulk never looks pretty.

– lay new carpet.  Unless yours is only a few years old and not worn anywhere (in which case you could probably just shampoo it) you really should spring for carpeting.

Major upgrades:

Your Realtor can advise you best on this. . .depending on the age of your home as well as your particular circumstances, upgrades to the kitchen and bath may be worth your while.  Give this some thought particularly if you have dated appliances.  Buyers will skip your home for the one down the street that boasts a new stove and fridge.  Don’t expect dollar-for-dollar return on your costs — most likely, you will recover around 83% of the cost of a kitchen upgrade, for example.  However, a home that is upgraded will sell before one that is not.  Buyers have a lot of inventory to choose from right now, so they can shop around for a home that doesn’t come with a lot of homework!

When you list your house for sale and it is clean, clutter-free, has fresh paint and carpet, it will sell as fast as the current market allows, and that alone will be worth every penny you’ve spent on fix-ups.

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9. December 2007 by Teri Deane.

Many homeowners are facing life changes and or mortgage interest rate changes that may be causing a serious crunch on the budget.  Even in tough times, it is very important to keep making your mortgage payment (as well as staying up to date with your other bills).  Is this a problem for you right now?  Might this become a problem for you in the coming months?  If so. . .read on.  If you know someone who is in this situation, please pass along the following information.

Last week, President Bush, initiated Hope Now in an effort to assist homeowners who are in danger of losing their homes when their ARM mortgage adjusts to a higher rate.  If you took out a sub-prime, adjustable rate mortgage between January 1, 2005 and July 31, 2007, and your rates are going to jump before July 31, 2010, you may be elegible for an interest rate freeze for 5 years.  To qualify, you must be current with your mortgage payments and be able to prove that you cannot afford the rate increase.  Call the Hope Now hotline 24 hours/day, toll-free at 1-888-995-HOPE to speak with a counselor. 

What do you do if you don’t have a sub-prime loan or are already late on some of your mortgage payments?  It is very important that you reach out for help, now.   Consumer Credit Counseling/Money Management International is a non-profit organization there to help you.  Call them toll-free at 1-866-889-9347 and be sure to ask if you are eligible for the PHASES (Preserving Homeownership and Savings Education Strategy program) that comes from a grant given by HSBC North America.  This program has no income restrictions and is not tied to a particular lender.  It is available to borrowers who seek credit counseling from Consumer Credit Counseling Services or Money Management International.  Through PHASES, grants of up to $5,000 are available to consumers who are facing temporary financial problems due to divorce, medical expenses or unemployment.  This program is available in Maryland, Virginia, Arizona, California, Connecticut, Florida, Illinois, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania and Texas.

There is help out there for anyone who is facing foreclosure.  Along with the above resources, it is always a good idea to contact your lender or loan servicer to notify them of your situation.  Many times they are more than willing to help you out — it’s less costly for them to work out a solution with you than it is to foreclose on your home.

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