IMPROVING YOUR EXISTING HOME - COSMETIC CHANGES

Cosmetic changes can make a house more enjoyable and better-looking. These projects often involve painting, replacing carpeting or other flooring, or refinishing kitchen cabinets. Cosmetic changes are important when selling your house, as they can improve its marketability. It's generally believed that a $500 expense for paint and landscaping materials can boost the sales price of your home by $1,000 or more. These changes may also help your house sell more quickly.

When you go looking for a home to buy, take notice of the number of homes with new carpeting and new kitchen and bathroom flooring. A common term among real estate salespeople is a carpet color known as 'real estate beige'. One quick seller fix-up is to rush in and install cheap beige carpet into a neglected home to make it look better and sell faster! Some flooring contractors have special relationships with real estate firms, offering to install flooring and wait until the home sale closes to be paid for the installation costs. If you are a home seller and short on cash, perhaps this strategy will help you!

Some lenders will probably recommend that you pay for cosmetic enhancements without a home improvement loan. However, Fannie Mae urges you to talk with at least one of our approved lenders before making a firm decision. When undertaking a large home improvement project -- such as installing new plumbing, lighting, and flooring; expanding a kitchen; or overhauling a mechanical system, your Fannie Mae-approved lender can offer significant assistance. With certain loans, your lender can oversee loan payouts to the contractor, which helps ensure the work proceeds smoothly, and can act as a safeguard by inspecting a contractor's work.

Generally, the most popular remodeling projects involve redesigning or adding new kitchens, bathrooms, family rooms, home offices, and other room additions. As a general guideline, kitchen and bathroom remodeling projects often bring the highest percentage returns on investment. These projects are popular because they strike at the heart of what homeowners and buyers want -- comfortable, efficient space designed to reflect the way they live.

Home repairs are an integral part of homeownership. These projects often involve areas of the house that have become worn, damaged, or are safety hazards. Your Fannie Mae-approved lender is aware of the costs that go into home improvements and will work with you to make sure the necessary changes and enhancements are made.

When considering household repairs, think about your long-term goals for the house and how long you plan to live there. Also consider whether expanding a minor project will be more cost effective than doing a quick fix. For example, if your windows leak and past efforts to caulk and repair them have not helped, maybe it's time to think about replacing them.

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