Frustrations From A New Homeowner

As a new homeowner the news about surging foreclosure rates and low home prices has me worried. And I'm sure I'm not alone. Even people who aren't at risk for foreclosure have a lot to worry about. For instance I'm not worried about foreclosing myself, but instead I'm worried that other people in my area will foreclose. I'm also worried that selling my condo will be harder than originally thought.

I bought my place over the summer. I knew going in that most of the country was having foreclosure problems, but everything I read and was told was that Charlotte seemed to be immune. So I took the big plunge and bought. The good part about buying when I did was that it was still easy. I wasn't under a ton of scrutiny from the bank. Lately I've been hearing horror stories from people who are trying to buy right now. A lot of banks and mortgage companies are cracking down on who they let buy. Some people have told me they can't even get their mortgage companies to call them back.

Of course buying right now comes with some rewards. For instance next to nothing interest rates.

Either way, the economical problems aren't going away anytime soon, which will impact everyone. It may impact when I decide to sell, the amount of upgrades I do to my place, and the price I'll eventually get for my home.

Upgrades are good but there's a fine line between making your house more sell able and out pricing yourself. Right now I'm just trying to walk a fine line. For instance should I tile my kitchen and bathrooms? Should I redo my counter tops in my kitchen? Should I redo my closet? What kinds of things would be positive changes and what would be too much?

Anyone with any ideas feel free to comment.