6 Home Improvement Schemes that Can Pull You Out of Bankruptcy

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6 Home Improvement Schemes that Can help avoid Bankruptcy

By Mary Joyce Del Rosario

When caught in the situation where you’re just months away from declaring bankruptcy, stop liquidating small properties and target the one that could give you a big score — your house. Sure it will be difficult to let go of something that means a lot to you, but, you have to realize that selling your car or your grandma’s vintage pearl earrings can only get you off for just 3 weeks or so. After that, you’d be on the verge of selling one item after another again just to survive for the next coming days. The best solution is to put up you’re house in the market and live with your mother temporarily until the situation is stable.

Truth be told, letting go of your house is as difficult as selling it most especially if it isn’t brand new. But with careful planning and thorough prepping, you’re house will be sold to the right buyer in no time.

1. Granite Counter Tops vs. Leaky Roof and Pipes

If you would be given a $10,000 budget to reinvent your home, what would be your top 5 priorities? Will it be the leaking roof that costs approximately $200 – $500 in repair or are you going to invest half of your 10 grand to elegant granite countertops?

Buyers might be wowed by sophisticated kitchen counter tops, but they would rather live in a place where they won’t be worried if their house will be flooded from the inside due to damaged roof or faulty pipes. The best way to attract buyers is buy presenting them a house that is simple yet no traces of wears and tears can be found.

2. Wall Papers vs. Painting Jobs

The age of a house can be reflected on the walls. And the best way to make it seem like it’s a newly constructed property is by updating the appearance of the walls. Many people prefer wallpapers that you can apply by yourself so there’d be no need to hire a professional painter. But, wall papers cost $35 dollars per roll (which can most likely cover 1 room) and it decreases the value of your house, compared to paints where you just have to spend around $300 for the materials and the labor. Another suggestion, choose paints that are low in VOC (toxic volatile compounds).They are eco-friendly, and in case you didn’t know, they are also less expensive compared to conventional paints.

3. Bathroom Renovation vs. Bedroom Renovation

All of us want an inviting bedroom to relax and rejuvenate, but we certainly don’t want to soak our bodies into a bathtub clogged with hair and brush our teeth in filthy rotting sinks.

If your house has only one bathroom, it would be quite difficult to sell it. So make a room for an extra even at least 18 square feet for half bath and at least 35 square feet for a full one. Don’t worry since you can recoup more than 80% of whatever you’re going to spend in adding a bathroom.

When it comes to bedroom, it’s not necessary to spend more than $1000 just to update it. A de-cluttered and well maintained bedroom is already enough for it to sell itself. Remember to change the sheets, vacuum the carpets, and arrange the side tables whenever you’re inviting your buyers to see it.

4. Lavish Landscapes vs. Remodeled Kitchen

Having a front yard that looks like a tropical haven is pleasant to look at, but, it might scare your buyers to even ask the price that you would offer. A simple, well trimmed garden is enough to impress prospective buyers.

In terms of your kitchen, it’s not necessary to replace all your appliances with high tech models just to give the impression that you live in a modern culinary world. What you should do is maintain the cleanliness of countertops, alphabetize the spices, arrange the cabinets, and keep unnecessary items away to make your kitchen look more neat and wide.

5. Insulating the Entire House vs. Checking the Air Conditioning System

A well insulated house might be a big plus when selling it, but it’s not ideal if you’re out of money and want to sell your property fast. If you have an existing heating or air conditioning system, just have it checked to make sure that it’s properly running. Remember, ventilation is one of the important aspects that buyers consider in a house.

6. Hiring a Professional Stager vs. Property Appraiser

A stager can turn your house into a prospective, but an appraiser can transform it into a profit. Sure your house will be attractive to potential buyers, but you can’t base your price tag on it. You have to support it with documents that will explain why your property is priced like that. Property appraisal, usually done by an individual in the real estate industry, will help you sell your house based on its worth.

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