Return On Remodeling Investment - What is worth it?

How to get the most return on your remodel investment. What upgrades are worth it.

Remodeling Magazine and the National Association of REALTORS® (NAR) recently released their report comparing remodeling cost vs. value. The results vary depending on multiple factors including: region, quality of work, value of homes in your neighborhood, and when you plan to sell your home in relation to the completion of the project.
According to the overall findings, to boost the value of your home, start by upgrading the exterior. Replace your front door with a steel or fiberglass entry door to add curb appeal and value. Give your home a facelift and dramatically improve your facade by upgrading your existing siding. New garage doors will enhance your home aesthetically and functionally. The report also mentions that new windows save owners in energy costs and often add to resale value. When possible, the addition of a wood deck to outdoor living space is definitely a sought after amenity by potential buyers.
As for interior remodels, convert unused space into living areas. Finish the basement or convert the attic to a bedroom. Also, minor kitchen updates such as counter, cabinet, floor and sink upgrades are always big selling points.

Posted by CENTURY 21 Alpha

Opportunity Knocks Again - The Fix Up Loan 203K

Now, I'll be honest, I haven't sold a house using the 203K loan. When I was a lender, I did originate Chase Construction Remodel loans. My expert at Bank of America tells me the two loans have a lot of similarities. (Read, a lot of work for your loan officer)

Lots of homes on the market are shining examples of "potential". The problem in most situations is the hardworking buyers can't see themselves having the time or the money to remodel.

This is where the 203K loan can be a boon. Picture adding $20,000 to $50,000 to your loan and fixing all the things wrong with your new home, BEFORE YOU MOVE IN!

This loan has lots of benefits such as no payments until construction is complete so you don't have both a house payment and a rent payment. The lender aggressively manages the process. They want your home complete in a month or two at the max.

Because I work with REOs I get some great deals from my contractors. This can make the loan dollars go as far as possible.

If you consistently find yourself liking homes but wishing they were not so tired, this could help you get what you want. Do your self a favor, make an appointment to talk to a Senior Loan Officer and learn how the 203k loan can give you the remodeling opportunity of a lifetime.