We are thinking of selling our house would it be wise to use the collateral from our house to renovate it?

Lorenza
My Husband and I are going to sell our house we are refinancing our mortgage, would it be wise to put the colatteral from your house to renovate it we wil have about $120, 000 left.Where can we find some one to help us do this waiting for your reply soon.

Adele
In this market, since there are so many houses on the market, chances are, you would not see a good return on your investment to renovate. New paint, carpet and perhaps appliances. A good scrubbing and PRAY for an offer!

Altha
No, sell the house and make as much as you can. Spending your collateral in this market is one stupid move.

Carmina
As I understand this, you are asking if you should re finance your house to renovate it in order to sell it? In general, most experts advise only doing major remodeling if you plan to live in the house for about 5 years or so. Why? Because you will not recoup the costs of the remodeling in the sale, and many new buyers wish to do their own remodeling to their own tastes. Most improvements only return 0 to 75% of their expense in a sale.That said, you have two options to sell: an "As Is" sale (where what the buyer sees, he gets). In this housing market this could be a tricky sale.The second option is to do repairs that need to be done and then do some more pleasing cosmetic renovations but nothing major. This would involve repairing cracks, leaky plumbing, badly worn flooring etc. Then cosmetics would involve painting and painting (never underestimate the sale value of fresh paint); neatening the garden, planting flowers, trimming trees etc; replace any outdated items such as 60's chandeliers, get rid of wall paper & any "cute" touches, new faucets if current ones are rusty, etc. Update linoleum (you can get a fresh neutral for very inexpensive).The more you pour in, the less you have after the sale--which is what you want? correct--more $ after!I would seriously talk to a financial planner if refinancing makes financial sense if you are planning on selling so soon as you will have closing costs & points & fees to pay.Having a good realtor walk through your home can point out any areas that would need attention to ensure a sale. Also, consider a home inspection to uncover safety issues & repairs that must be done prior to sale.