If you are thinking about taking out a home equity loan, you need to prepare yourself and your home. Sure, you want to work on sprucing up your credit report, but there is so much more than that that needs to be done. Take a moment to review the following tips for getting your home ready. This way, when you do apply for the home equity loan, you will have a better shot at receiving an approval.
Improve the Curb Appeal
Part of the value of the home comes from its curb appeal. After all, it is hard to convince a bank that your home is worth the money you want if it does not look all that fantastic from the outside. Some of the things that you can do to efficiently improve the curb appeal would be to plant flowers, add landscape mulch, give the siding a fresh coat of paint, and paint all of the trim work and doors.
Update All Fixtures
Whether you have outdated sink faucets or old light fixtures—you will want to replace them with something more modern. This will need done throughout the entire home, as these updates are affordable yet help increase the value of your home. The more your home is worth, the easier it will be to qualify for the home equity loan. If you are having a hard time coming up with money, you can always find used modern fixtures that will work just fine. If they are still in great shape, it will not matter if they are used. You can find these online, at flea markets, or at home improvement stores that carry strictly used or discontinued items.
Clean Up the Clutter
Sure, the value of your home is supposed to be determined strictly according to the structural integrity and efficiency of the home. However, it may be hard for an appraiser to see all of the beautiful woodwork or updated electrical outlets if your home is packed full of stuff. Therefore, this is the perfect time to do a little deep cleaning. Think about how you would want the home to look if a real estate agent was bringing strangers through your home. If you simply cannot part with certain things but you know that they need to be out of the way, you can always put them in a garage or rented storage unit until your home appraisal is complete.
With the previously mentioned tips in mind, you should have a much easier time getting your home ready for the home loan application process.
Share
