When spending big money on remodeling and upgrading your home, getting the most return for your investment is key. Spending $20,000 on an upgrade that isn’t going to add value to your home may please you in the moment, but not when your trying to sell and get that money back. There are areas that are worth the investment and some that are not.
The basic ares of your home are important to focus on. Things like your roof, furnace, and siding are all big investments that bring a big return. Potential buyers don’t want to buy a home that they will need to sink thousands of more dollars into right away. Having a leaky roof will only deter people from making an offer. But being able to show that these essential areas are recently upgraded will give buyers the peace of mind that big maintenance costs won’t hit them abruptly.
The 2 rooms in the house that are always heavy hitters as far as return on investment is the kitchen and the bathroom. Making sure to upgrade these rooms to be both functional and beautiful is important. No one wants to buy a house that has a beautiful kitchen that doesn’t have enough counter space, or the traffic flow doesn’t work. Homeowners often find they get at least 100% return on investment in these 2 rooms.
Other things to consider are the curb appeal of your home, and adding space. Both are considered to be high in the list of things to remodel. Curb appeal is important because it’s going to not only draw buyers in, but also give a sense of a well maintained home. If you yard is in shambles, your home probably is too. In regards to adding space, every 1,000 square feet adds about 30% to the value of your home, so additions can be well worth it. Homeowners are always looking for homes with extra rooms for things like hobbies or exercise equipment. The only thing to be aware of is you don’t want to expand your home so much that the value supersedes those in your neighborhood, so keep the additions reined in.
Upgrading your home can not only make it a place for you enjoy even more, but also add significant value to it. But what you choose to spend the money on is key. Investing money in the wrong places will only leave you with wondering if you should have made a different choice.
To lock or not to lock that is always the question. If you are shopping for a home loan or refinancing a mortgage, your mortgage lender will require you to lock your rate on the amount borrowed no later than five days prior to closing. Locking a rate guarantees the interest rate for a set period of time. The decision to lock or not is a question of timing your purchase or refinance with the market.
Consumers can get in trouble with a rate lock because there is a deadline on when escrow needs to close. Borrowers should comparison shop loans considering the mortgage rate locks vary in time length. If you are unable to meet the deadline the costs can accumulate.
Here are some common options:
15-day lock: Is the “lowest-cost rate” available. The loan needs to be approved by underwriting to take advantage of this lock.
30-day lock: This is the fair market rate and is most commonly used for interest rate locking upfront before loan approval.
45-day lock: Used for transactions taking longer, whether the loan is approved or not.
60-day lock: Can be used in circumstances where the loan is prolonged. This option does not usually offer the best interest rate for the consumer.
Interest rates can vary by as much as 0.25 percent on the longer rate locks compared against 30-day and 15-day rate locks. The bottom line, the longer the lock, the more risk the lender takes and the slightly more costly the loan.
This is a Colonial style home and features 2 full baths, 1 half bath, 2 bedrooms, 0.51 Acres, and is currently available for $399,900.
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Kriss Stevens
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