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Breathe New Life Into Your Home's Older Spaces
Are you thinking about remodeling or refurbishing an older home instead
of buying a newer model? A cash-out refinancing or equity-backed loan could help finance your plans, while the following tips could help save time and money: Check the infrastructure. This includes the home's foundation, walls and roof. How old is the wiring and plumbing? Do you need to redo the insulation? Consider existing finishes and fixtures. Old finishes and items such as doorknobs, sinks and bathtubs may give an older home its ambience. You might want to consider having them refurbished, rather than replaced. But you also want fixtures to work properly. Replacement may be your only alternative if these items are too old or worn. Evaluate the floor plan. While many older homes are classy on the outside, the interior floor plan may be "limited." In today's market of open designs, with two-floor foyers and half-walls, you may want to consider what you are willing to live with. While you can make small additions and changes, if you have to do too much, you might as well purchase a new home. Get professional help. Before you dive in, consider hiring an architect. A few thousand dollars invested now could save you tens of thousands later. Think budget. To refurbish an older home, you may have to spend a hefty amount of money, but budget wisely and stick to it. Plan for overruns--unanticipated changes are sure to happen. Tip: Refinance for more cash than you need. You can always pay back the excess. Set up a schedule. One of the most frustrating parts of remodeling and refurbishing (especially for the do-it-yourselfer) is not knowing exactly how long the project will take. You don't want to start as a young couple and end up as grandparents by the time you're done. Be realistic. You can find more articles like this by subscribing to my newsletter or by visiting www.RealEstate-IQ.com. P.S. Thinking about doing a home improvement? Mention this article and receive a Home Depot Gift Card valued at $500.00 with your next refinance or home improvement loan. Regards, Scott Miller National Commercial and Residential Lender Carteret Mortgage 1.877.716.6495, ext. 5 www.RealEstate-IQ.com www.EZMortgageLoanz.com |
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