Today, more and more people are looking to spruce up their current home instead of spending the money to buy a new and improved home. A small investment to redo a garage, enclosed patio, or basement with an epoxy floor coating, for example, will not only make homeowners feel good about staying in their home, but also improve the odds of selling the home quickly if they decide to put it in the market. Buying a home probably means getting into a large home loan, and of course, before buying a new home, people must first sell their existing home. During tough economic times, this can be a very difficult task. The truth is that there are numerous benefits associated with sprucing up an existing home.

First, the rates on home equity loans tend to be very low. Although buying a new home can be good when mortgage rates are low, home equity loan rates are much lower. If a person applies for a home equity loan to fix up her house, he can do it at a rate of 4.5 percent or much lower. Home equity loans are extremely tempting and often a less expensive alternative.

Keep in mind that buying a new home involves many additional expenses. These expenses include not only all real estate agent fees, but also title fees and loan origination fees. If a person chooses to remodel their current home, it is much less expensive. Obtaining a loan for a new home can cost several thousand dollars not including realtor fees, just like the sale of the existing home. Also, don’t forget the fees to pay a moving company, moving boxes, and other moving-related expenses. However, imagine what you can do with a few thousand dollars and a new kitchen, bathroom or room addition. In the kitchen, it would be easy to put in new cabinets, new tile on the floor, new light fixtures and sink, and new appliances. It is not expensive to add epoxy floor coating to any room. In most cases, a lot can be done to spruce up a home, and in the end, people are able to get the kind of kitchen they, for example, were looking for in a new home without having to go out and buy a new home. .

Qualifying for a home loan can be very exhausting and daunting. This is especially true in tough economic times because home loan companies tend to be much more cautious when it comes to lending people money. Therefore, restrictions have increased and any little thing could stop a person from getting a home loan. Home equity loans are much easier to obtain because even in difficult economic conditions, lenders are not as cautious.

One big benefit is that when it comes to fixing up a house, people can prioritize projects and do them one at a time when there is the budget to do it. So if for some reason, for example, the homeowner loses his job, he will not have to pay a high monthly mortgage. Repair and remodeling work can be postponed until income is available (if the person does not wish to obtain a home equity loan). Also, many remodeling tools, like epoxy floor coating, are not very expensive. Although this may not be as satisfying as buying a new home, it is often less burdensome and stressful.

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