More American homeowners than ever are filing for bankruptcy or seeking help with their debts. A large percentage of these people struggling with their finances attempt to sell their homes and to escape a mortgage they cannot afford.

The mortgage industry is in a terrible financial state. News stories of subprime lending disasters plaster the evening news and many web sites. Smaller subprime lending companies have filed for bankruptcy, and even some of the most respected mortgage lenders are on the verge of insolvency as well. The government has even stepped in to keep the industry above water.

Many homeowners caught up in the housing debacle are desperate to sell their homes. Thousands of homes across the nation are for sale due to foreclosures, which makes it a buyer's market. Buyers now have the luxury to be choosy due to the vast number of houses on the market.

You must offer the buyer the best product, which means home renovations are critical. If you invest time and money into renovating your home, then the payoff can be huge. You can sell your home and take advantage of the buyer's market.

Real estate experts, and many home improvement shows, advise sellers about areas of their homes most important to the buyer. Kelly Todd, a real estate expert, suggests these four areas of your home to renovate if you're hoping to sell quickly and for a profit:

Kitchen
The kitchen is traditionally a gathering place for families. It serves as a meeting area, even if you're not eating. A sleek, clean and organized kitchen adds value to your home.

Key elements:

• Floors ? If your floors are outdated, replace them with tile, wood, or a laminate alternative.
  
• Cabinets and countertops ? Get a price quote from a remodeling company for replacing both of these. Pick out new hardware for the cabinets and a sleek sink to match.


• Appliances - Only replace your appliances if they are out of date, look shabby or do not work.


• Paint ? Paint your walls a neutral color to complement the new floor, countertops and cabinets.


• Likely added value to the home: Up to $40,000 increase in sale price.

Bathrooms
Remodeling your bathrooms is a good alternative if you cannot afford to redo the kitchen.

Key elements:

• Floor and Walls ? These set the atmosphere for the space. Ceramic floor tile is your best bet in the bathroom.


• Shower and Tub ? Bleach the tub until it shines. Replace the tile surrounding it and consider installing glass door fixtures to replace a plastic or cloth shower curtain.


• Lighting and counters ? Replace old light and sink fixtures, and install granite countertops. All elements make for a very stylish room.


• Likely added value to your home: Up to $10,000 per bathroom increased sale price.

Landscape
Your front yard is the first impression potential buyers will have of your home. Having a good curb appeal sets the tone for the rest of the house.

Key elements:

• Yard ? Lay new sod to make sure the grass is full.


• Walkways ? Stone or tile walkways with lighting add a stylish effect.


• Plants ? Replace all dead/dying plants with new healthy ones and get rid of any weeds in the flower bed. Mix shrubs with flowers.


• Likely added value to your home: Up to $15,000 increased sale price.

Walls
Clean and well-kept walls give your home an organized cozy feel.

Key elements:

• Wallpaper ? take it down. Do not paint over it. Sand walls after removing wallpaper to prepare them for fresh paint.


• Paint ? Choose rich colors that appeal to many people. Stay away from boring white. Freshly painted walls give the impression that your home is well cared for and clean.


• Likely added value to your home: Up to $5,000 increased sale price.

Realtors, interior designers and home renovators laud these time-tested techniques for improving the value of your home. However, if you are suffering from extreme debt, it is unlikely that you will be able to attain a loan to make these home improvements.

Here are a few tips that won't cost much for 'staging' your home for a walk-through:

• Clean out the clutter. Put all clutter into organized bins and store them in your garage or basement. Leave mainly furniture, appliances and accent items.


• Paint. - A fresh coat of paint doesn't cost much, and it will give your home a much newer, cozier and cleaner feel to a potential buyer.


• New linens. - New linens on your beds improves the eye appeal of a bedroom. Also, consider rearranging the furniture. Potential buyers need to see the usability of the space.


• Candles and lighting. - Set the mood. A few candles and off-set lighting can give your home a pleasant feel that will enable potential buyers to see themselves enjoying the space.


• Mow the lawn. - This one is simple. Clean up the outside of your home. A mowed lawn and weeded flower bed increases your home's curb appeal.

Regardless of why you are selling your home, following these suggestions will help you sell faster and survive the crumbling housing market. If you are in debt, it may seem scary to spend money on making improvements to a home you are selling. However, small improvements dramatically increase the value of your home and your potential profit.

Author Bio: Allison Roberts is a graduate of the University of North Texas Department of Journalism. She has experience in agency and in freelance public relations. Allison currently writes for Credit Solutions and she is completing an unfinished work of her late grandfather. For more articles by Allison on bankruptcy and bad credit visit Credit Solutions.

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