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Many homeownersrecognize that improvingand maintaining a propertymakes a home more livablefor its inhabitants and moreattractive to prospectivebuyers when the timecomes to erect a “For Sale”sign in the front yard.

But a well-maintainedhome also providesadditional benefits.According to the UnitedStates Department ofHousing and UrbanDevelopment, homeimprovements not onlyraise the values ofindividual homes, but theytend to raise neighborhoodstandards as well. Homeimprovements can createjobs and help localcommunities flourisheconomically.

Maintaining a home canbe a costly undertaking.Home improvementprojects can be expensivewhether homeowners hireprofessionals or tacklerenovation projects on theirown. The following are ahandful of optionshomeowners can consideras they look for ways tofinance renovation projects.

• Paying outright:Paying for the renovationsupfront and in full isperhaps the simplest way tofinance a project.Homeowners who havethe cash to pay forrenovations outright won’thave to worry aboutinterest rates or balloonpayments.

• Mortgage refinancing:Some homeowners tap intotheir home equity to coverhome remodeling projects.Refinancing a mortgagemeans paying off the debtowed and starting overwith a completely newloan. Refinancing comeswith various fees and cancost between 3 and 6percent of the loan’sprincipal.

• Home equity loansand lines of credit: Both ofthese options are

commonly referred to assecond mortgages. Whenhomeowners apply forhome equity loans or linesof credit, they areborrowing against theequity value in theirhomes. A home equity loanis a term, or closed-end,loan. It is a one-time sumthat will be paid off over aset amount of time with afixed interest rate and thesame payment eachmonth. This is a one-timeloan from which a personcannot borrow further. Ahome equity line of credit,or HELOC, is like having acredit card. It’s possible toborrow a certain amountfor the life of the loan,which is a set time specifiedby the lender. During thistime, homeowners canwithdraw money as it isneeded up to the value ofthe line of credit. HELOCstypically have a variableinterest rate that fluctuatesand payments can varydepending on the amountof money borrowed andthe current interest rates.

• Title I property loan:Residents of the UnitedStates with limited equityin their homes may qualifyfor an FHA Title I loan.Banks and other lendersare qualified to make theseloans from their own funds,and the FHA will insure the

lender against a possibleloss. Title I loans can beused for any improvementsthat will make a homemore useful and livable.They cannot be used forrenovations deemed luxuryexpenses.

• Borrow againstretirement funds: Somepeople opt to borrowagainst a 401(k) plan, IRAor another retirement fund.If the retirement planallows a loan withoutpenalty, it can be anotherway to secure funds.Because it is thehomeowner’s money, therewill be no credit checkrequired and less delay ingetting the funds.Borrowers should keep inmind that taking a loanagainst a retirementaccount will usually resultin a lower retirementbalance than it would have

been had they notborrowed money from theaccount — even after thefunds have been repaid.

• Credit cards: Creditcards are an option whenimprovements are notexpensive. Individualswith excellent credit ratingsmay qualify for cards with ano-interest introductoryperiods of several monthsor more. These cards can bea good way to pay offmoderate improvements ina short amount of time.

Many home renovationprojects requirehomeowners to develop ahome improvementbudget. Homeowners areurged to explore all optionsand find the least costlyloan method and the onethat will present the bestpossibility for avoiding debt.

(StatePoint) Youshouldn’t judge a bookby its cover, but youcan judge a home by itsexterior. Making yourhome the envy of theneighborhood startswith boosting its curbappeal.

From generalmaintenance to homeupgrades, here are threeideas to refresh yourhome’s look:

Update WindowsReplacing your

windows withbeautifully designedproducts will give yourhome a great firstimpression, not tomention reduce yourenergy bills andincrease your home’svalue.

After a windowreplacement, takingcare of your newwindow is just asimportant. Washwindows every fewmonths so they alwayslook as good as the daythey were installed.

Avoid scratching thesurface of the glass, orframe, by utilizing non-abrasive agents. Waterand a soft cloth isusually all you need toclean windowsthoroughly, but a mildcleaner may also behelpful.

Choose Sleek SidingIf you are looking to

boost your home’senergy efficiency andattain a new look foryour exterior, replacingyour siding is a greatinvestment that canachieve both of thesegoals. Just be sure youget a superior productto avoid maintenancedown the line. Forexample, vinyl siding isan ideal productbecause of its lowmaintenance andlongevity. No matterwhat color siding youopt for, you can makeyour entire home’sexterior pop bychoosing a distinct trimcolor.

Use a complimentaryonline design center,like the one on theWindow World website,to help visualize coloroptions for windows,siding and doors.

While there, checkout their full-line ofENERGY STAR qualifiedreplacement windowsbacked by the GoodHousekeeping Seal. Inaddition to offeringstylish siding, WindowWorld alsoprofessionally installsthe Prodigy InsulatedSiding System, which isboth moisture andimpact-resistant. TheProdigy system has thethickest EPS foaminsulation on themarket, helping youincrease comfort whiledecreasing energyconsumption.

A Grand EntryIt is said that the

front door is the focalpoint of your home’scurb appeal. Whencreating your entryway,customize a new frontdoor with smaller sidewindow panels or glasspanels within the dooritself. Look for anexterior remodeler thatcan custom design andinstall entry doors tomatch your exteriordécor. If it’s not time fora door replacement,consider adding a splashof color to your exteriorby painting or stainingyour existing door.

More informationregarding windows,siding and doors isavailable atwww.WindowWorld.com.

To love your home,you must give it somelove. Making thenecessary homeupgrades andmaintaining yourhome’s exterior is asurefire way to turnheads.

PAGE 16 PRESS & DAKOTAN ■ TUESDAY, MARCH 10, 2015

* See a Mortgage Loan Officer for complete details. You must be pre-qualifed for a new mortgage loan by April 30, 2015, and close on your mortgage by July 31, 2015, to receive the additional $100 closing cost discount. Some restrictions may apply.

© 2014 Forbes Media LLC. Used with permission.

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