Is home remodeling worth the investment?

Is home remodeling worth the investment?

painting a homeMore Renovations are not Necessarily Better. Before you begin any major projects, it’s important to assess your home’s value and the neighborhood it’s in. Determine what it will be the approximate return on the investment (ROI) based on the current market value or how long you plan on staying in the house.

Be sure that your home renovations will add to the value of your home, but also aware that getting too extravagant may not bring the ROI you’re expecting.

The value of remodeling projects depends on several factors. First, take in consideration how old is the structure of the building, as well as, the general condition and the real need for the home-remodeling project.

The appearance of a house on the outside is what gives an initial and lasting impression.   Keep the exterior paint in good condition with no flakes or chips and roof should be clear of damaged shingles.

If paint on window shutters or trim is chipped, a new coat will refresh them and give your house a whole new look. These are inexpensive investments that are worth the cost.

Bath and kitchen areas are the most important rooms within a home. Remodeling a kitchen or bathroom can cost thousands of dollars but in many cases all they need is some sprucing up with paint or new floor material.

If the kitchen cabinets are in good condition, do not replace them with a complete kitchen remodeling job. They can be sanded and painted or stained for a lot less money. Replacing the knobs and handles will do the job as well giving them a whole new look and won’t cost a great deal of money.

Replacing an antiquated bathroom vanity and an old toilet is not very expensive and is not considered a major bathroom remodeling job. New bathroom fixtures from bathroom designer warehouses at cut-rate prices are also good options. Updating an old sink is as well inexpensive remodeling task. All these home-remodeling projects are worth the investment.

Be aware, that you don’t want to do work that makes your house worth $800,000. when the average market in your area is only $500,000.

Certain home renovations are a win-win situation, providing enjoyment to you, the homeowner, and then making your home more marketable, and worth more, in the future. Other renovations, however, can set you back thousands with no guarantee of future payoff on the Return of the Investment (ROI).

Don’t exceed the ceiling for the value of the homes in your neighborhood, or you won’t get your money back. Remodeling can cost a pretty penny, however it can provide significant returns when it comes time to sell your home, if you do it right!

Visit: http://www.sandyflores.com

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Save on your Mortgage NOW!

HELOCs the next thing home credit product? Mortgage rates are historically low, and many owners have the opportunity to take advantage, but not all owners pay close attention to these numbers.  

You have the opportunity to investigate the possibility of refinancing through HARP or stream line if your loan is FHA to take advantage of the historic rates.  

You can analyze  what financial options give you the best interest rate and  most convenient terms according to your personal situation, and you do this by comparing these rates from various financial institutions through the Good Faith Estimate. This simple action prompts banks to be more competitive and offer rates lower while they. 

Mortgage rates are closely linked to the action of the Federal Reserve – Fed and the economy, so it’s important that you analyze your financial situation to see if you could take advantage of the today historic rates, before they take off.     

Let me explain with numbers in this example:

Balance of   mortgage:  $ 200,000 –

§  Interest @6.5% Monthly Payment 1,440.                                           

§  Interest @3.75% Monthly Payment $ 1,014.                                           

§  Total Savings Monthly $ 426.                                                          

§  Total Savings Per Year $5,112.

§  30 Years Total Savings  $153.360.

Check your mortgage payments,  interest rate,  balance and the pending term of the life on your loan, so you can determine if refinancing is best for you. The Government Program HARP that does not require evaluation of the value of the property, conventional and FHA  Streamline Refinance are great choices to consider allowing substantial savings.

Don’t Miss It Out!

 

 

The Purpose of a Comparative Analysis of a Property

The Purpose of a Comparative Analysis of a Property

The Purpose of a Comparative Analysis of a Property

By Sandy Flores

Special to Excelsior

The study and analysis of the comparative value of the properties, known in English as CMA or Comparative Market Analysis, is a very beneficial not only to consider when selling your home but also when it is considering the purchase of a property tool. Therefore it is important to emphasize the importance of obtaining a CMA for their decisions to sell or purchase more successful in terms of value of property is concerned.

But what this study-analysis of the comparative value of properties in the market today? The CMA is a report that is intended to inform interested parties to determine the average values ​​of the homes in a given area. The CMA is a comprehensive guide that can vary in size due to the complexity of the activities in sales ever recorded.

The basic information contained in a CMA include the following:

Active Listings (Active Listings) are those that are currently for sale. The prices at which these properties are offered do not necessarily reflect the current value until the property has been evaluated by a professional or appraiser .

Listings pending (Pending Listings), are those that tell us that the process of escrow or escrow has begun with a buyer in particular. Note that the actual value of the property is determined after the appraiser or appraiser conducted the assessment and concluded with the corresponding report to verify that the price offered for the property in good faith consistent with the actual value of the property .

Closed sales (Sold Listings), are those who successfully completed the process of escrow or escrow , meeting the qualification requirements of the buyer, the property seller, title company, insurance owner. When you get to this point that is the official close of escrow or escrow , the actual value of the property is recorded.

Aside lists or canceled (Listings Off-Market, Withdrawn, Canceled), are the houses that were on sale but during the active period sales were recalled or canceled by mutual agreement between the seller and the real estate agent.

Expired Listings (Expired Listings) are those properties that were not sold during the Terminio established and agreed between the seller of the property and the real estate agent. It is very possible that these listings reappear again in the market, either with the same agent or another agent to continue marketing the property for sale.

To examine these listings need to consider various factors such as the area built on the property. Construction time because building codes and safety have evolved and have in many cases be updated codes today. The renovations also play an important role in determining the value, the assessor will consider the arrangements, additions or any improvements that have been made on a property. In additions it is important to investigate whether the additions have been made with the appropriate permissions. The property location is also another factor that evaluators consider, among others.

But most important is that the decision to sell or purchase a property the you take, and the CMA will serve as an aid.  That way you will feel more confident in determining what price you could put your property up for sale and determine what would be the approximate amount that could offer for the property you are interested in purchasing.

Note that the price of a property does not necessarily reflect the value of a property. The price is what the seller assigns to sell your home, and the buyer offers to buy property. The property value is the actual value, based on the report of the assessor or appraiser .

As always your real estate agent can assist you in this task of research, to guide you and guide you in your decision is more correct and beneficial.  When selling your home or buying a new home make sure you are aware of comprehensive market analysis (CMA).