How can I increase my Homes Value? Top 5 ways to Get more Cash!

by *n3wjack’s world in pixels

How can I increase my Homes Value? Top 5 ways to Get more Cash!

Article by Keith D. Harris

How can I Increase my Home Value? As an Illinois licensed broker, specializing in such a broad and diverse region as the Greater Chicago land area, I get this question asked several times a week at least. Sellers, buyers and consumers in general are looking to get educated on the things they can do to make the most of their investments in these times of economic uncertainty. Just yesterday reports were released confirming foreclosures surging 3% to an all time record high of 95,364 for the month of August 2010 according to realtytrac. However, on a positive note, foreclosure activity in the 10 largest Metropolitan areas dropped on a year over year basis for the second month in a row.

That being said, the question remains “How can I increase my homes value? Raising the value of your home is the key to building equity and getting the most out of your investment. Here are the Top 5 ways to get more cash!

1. Curb appeal. So often overlooked but so vital to the sale, curb appeal is the first impression a potential buyer has of your home. If you are lacking here, chances are the buyer will not even consider what the rest of the property has to offer unless your buyer happens to be an investor in which case the chances of you getting top dollar is not likely anyways.

You can increase curb appeal by keeping your lawn manicured and keeping the hedges trimmed. Make sure the exterior, or any trim, including doors has fresh paint. Get your home power washed if needed. Replace or clean any broken or cracked windows. Make sure the concrete along your walkways and sidewalks are repaired if needed. Replace or add light fixtures to exterior for security (buyers love motion detected security lights).

2. Kitchens and bathrooms. Assuming you’ve taken care of your exterior and have massive curb appeal, you have somehow managed to keep the buyer interested enough to see the interior. If you have prepared properly, your kitchen should definitely impress. If you have not, this will probably be the end of the showing. Studies show that buyers place the most emphasis on kitchens and bathrooms. Neglecting either will only result in having your home on the market for months, if not longer or taking a very hefty hit on all if any offers you may receive.

First off, remove clutter. Second, remove clutter. Hide your appliances or put them away during showings. Organize your cabinets, drawers and pantry. Buyers will open and examine these spaces to determine if their belongings will fit adequately. Lighting fixtures should be modern and appealing or recently replaced. If you are including appliances in the price of your home, make sure to clean them thoroughly and discard any old or outdated food items. If you are adding fresh paint look at neutral colors that are subtle but warm and maybe add a contrasting color to the trim or borders. Repair or replace any cracked tiles or flooring issues you may have in the kitchen. Oh yea, if you have carpet in your bathroom, please remove it and replace with tile, enough said.

3.Systems and roofing. When was the last time you had the roof checked out? Does it have any repairs that are needed? If so, get it repaired or replaced asap. The last thing a buyer wants is to have a bad roof over their heads. How is the heating and cooling system working? Make sure to have an inspection done to prevent any surprise problems from appearing. Make sure you replace or repair any lighting fixtures or electrical outlets that are faulty. Check the sump pump and hot water heater. It’s always a good idea to have a backup battery for sump pumps in case of power failure. Make sure the garage door opener works properly. A thorough walk through of your homes systems is crucial to avoid any unwanted surprises. Once you are confident, offer a home warranty to ease the mind of potential buyers.

4. De-personalize. If you have bright pink paint as a focal color in your home, chances are it’s not going to appeal to a vast majority of buyers. Remove books and photos from shelves and walls. That collection of Elvis Presleys greatest hits in your spare bedroom should be packed away or stored elsewhere. When a buyer enters your home, they are trying to imagine what their items and belongings will look like in the house, not yours. So the more you remove clutter the easier this becomes for them. Try not to view this as your home, but as a house or an investment. This simple shift in mindset can pay off big dividends in the end. increasing your homes value is the goal here so keep your eye on the prize. Buyers buy homes, sellers sell houses.

5. Get rid of smells. Although you may not notice them, potential buyers will. If you have a cat or dog or any pet for that matter, or if you tend to cook foods that are spicy or pungent in nature, these odors become infused in your homes carpet, furniture and anything else that can hold an odor. If you are a smoker you may want to consider smoking outside during the marketing of your house. Many deals have been killed because of cigarette smoke and could have been easily avoided or rectified. Painting can help with odors, but you may want to consider replacing carpet and or draperies. A can of air freshener can go a long way as well.

Lastly, whether you are interested in a sprawling luxury estate or an open spaced lofts in Chicago, for more information contact me and I will be happy to assist.

I hope you’ve enjoyed the article and good luck in all your real estate endeavors!

Citigroup Loan Modification Programs

by james.gordon6108

Citigroup Loan Modification Programs

If you are in a financial situation and are seeking a loan modification from a Citigroup you have several different options to choose from. Many borrowers are in the difficult situation of owing more on their home than the home is actually worth; this all began at the start of the housing crisis. The fact that most people owe more for their home than it is actually worth makes the home almost impossible to sell (to make a profit or even break even). Now, Citigroup has decided to help the public out. They have agreed to let the courts order reductions in principal balances. What this will do is let the homeowners negotiate with their lender to reduce their monthly payment to something that reflects the new value of their home.

Up until now, Citigroup has not offered any type of loan reduction to help struggling homeowners out. Many different lenders have claimed that they will offer principal reductions as an option for a loan modification, but the reality is that no lender wants to take that loss to help out the struggling homeowner.

Most loan modifications are based on lowering the borrowers’ monthly payments, but at the same time extending the amount of time that the payments will be made. This is a problem because most homeowners run into one of two problems: they either cannot afford the new payment plan or they end up paying way more than their home is worth, setting them up for a big loss.

A question that you might be asking yourself is: Who qualifies for a principal reduction? Citigroup has stated that it will be in concordance with Bankruptcy courts who issue reduced loan balances as long as it applied to mortgages that have been in affect before the passage of the act.

The first main step in being qualified for this service is that the borrower would have to contact the bank to file for a loan modification before they file for bankruptcy. It is not a guarantee, but other lenders are expected to follow this trend and begin offering this service to their borrowers.

How do you start the application process?
To get started with your Citigroup Loan Application, you must first contact your lender and submit an application. This application will be the determining factor to see if you qualify or not. Now is the right time to get involved with this process because Citigroup is offering more services to help out troubles homeowners. They have realized that other loan modification processes have not made much of an impact and decided that they would offer something else to their borrowers. Another huge reason behind this change that the banks have received a large grant of money from the government and may now be more willing to let go of some money to help troubled borrowers. Seeing as how this funding is paid for by you, a tax paying citizen, it is necessary that you do not hesitate and get started as soon as possible.

How to Apply