Looking at the local real estate market we are witnessing a high volume of refinancing. We received great news on Forbearance properties that are current in their payments, providing the opportunity to end forbearance with a refinance or property sale.
Refinances are booming right now with the combination of properties rich in equity and extremely low-interest rates. Using your cashed-out equity from a refinance to make remodeling changes in your home is a wise investment.
According to RISA Medias Cost vs Value for the year of 2020*, the top 10 remodeling projects that add value to your home might surprise you.
Stone Veneer adds great curb appeal with accents to some areas on the lower level of your home, with siding on upper floors. What surprised me was garage doors. But thinking about it, when you are in most neighborhoods what is the majority of the area you see in the front face of the home? Garage Doors! Knowing the change in the garage door is affordable makes it easy to budget it into your remodel schedule.
Next on the list is Kitchens, the heart of the home. The gathering space for entertainment or just family to come together and enjoy each other. What does a Midrange Major Kitchen Remodel include?
Update an outmoded 200-square-foot kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets, including 3x5-foot island; laminate countertops; and standard double-tub stainless steel sink with standard single-lever faucet. Include energy-efficient range, vented range hood, built-in microwave, dishwasher, garbage disposal, and custom lighting. Level up with new resilient flooring and finish with painted walls, trim, and ceiling. Maybe spend less on semi-custom cabinets and a little more on countertops. Balance out the expense with what is important to you in your new kitchen. Of course, the best way to complete the remodel on any home is to hire licensed, experienced contractors.
If the changes you are making are in preparation to sell the property, should you use these statistics to complete your remodel projects? Not necessarily, this is when you need a Real Estate professional to come in for a conversation on the differences.
While working with Sellers to prepare the property I make sure to bring what I call my “buyers eyes”. With the experience of knowing what buyers are looking for, the upgrades that motivate buyers to make an outstanding offer, and the setting needed to receive the most value for your money is what I bring to the table. With my access to Coldwell Banker’s innovative program to help finance “buyers eyes” improvements can mean less out of pocket funds with refinancing.
Remember, you will never recover 100% of the actual dollars spent to remodel if you are contemplating the projects to sell your home. Allow my “buyers eyes” to help you spend wisely. Contact me today if you have any questions, would like to set up marketing updates or would like to discuss selling or purchasing a property.
Carla Knight Homes ~ Coldwell Banker