More and more people today want to renovate their current home rather than spend the money to buy a new, updated home. A small investment, for example to renovate a garage, enclosed patio or basement with an epoxy floor coating will not only make homeowners feel good about staying in their home, but also improve the chances of selling the home quickly, if/when they decide to do so in the market. Buying a home will most likely involve taking out a large mortgage loan, and of course before buying a new home, individuals must first sell their existing home. In tough economic times, this can prove to be a very difficult task. The truth is that there are numerous benefits that come with repairing an existing home.
First off, interest rates on home equity loans are usually very low. Although buying a new home can be good when mortgage rates are low, home equity interest rates are much lower. When a person takes out an equity loan to fix their home, it can be at an interest 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 comes with many additional costs. These expenses include not only all brokerage fees, but also title fees and lending fees. If a person instead chooses to remodel their current home, it will be much more affordable. Obtaining a brand new home loan can cost several thousand dollars without the brokerage fees such as B. the sale of the existing house. Also, don’t forget about moving company fees, moving boxes, and other moving-related expenses. However, imagine what can be done with a few thousand dollars and the kitchen, bathroom, or adding a brand new room? In the kitchen, it would be easy to add new cabinets, new floor tiles, new lighting and sink fixtures, and brand new appliances. It’s not expensive to add an epoxy floor finish to any room. In most cases, a lot can be done to repair a home and in the end, individuals can get, for example, the type of kitchen they were looking for in a new home without actually having to go out and buy a new home.
Qualifying for a mortgage loan can be very tiring and discouraging. This is especially true during tough economic times, as homebuilders tend to be much more cautious when it comes to lending people money. Hence, they have increased the restrictions and any little thing could prevent a person from getting a home loan. Home equity loans are a lot easier to get because lenders aren’t as cautious, even in tough economic conditions.
A major advantage is that when renovating a home, individuals can prioritize the projects and do them one at a time if the budget allows. So, for example, if the homeowner loses his job for whatever reason, he’s not stuck with a large monthly mortgage payment. Repairs and remodeling can be deferred until income is available (if the person does not wish to take out a home equity loan). In addition, many conversion tools, such as B. Epoxy floor coating, not very expensive. While not as satisfying as buying a new home, it is often less onerous and stressful.