How to get home renovation loan

When it comes to fixing up a home, how does a homeowner ensure they’re investing in the projects with the most upside that will attract buyers?

The key is to know which upgrades increase home value when the time comes to sell. Utilizing market research and real estate agent guidance, we’ve compiled the top home improvement projects to give any investor the most bang for their buck.

Kitchen Makeover

Price Range: $13,000 – $38,000

Cost Compensation at Resale: 81%

The kitchen is the heart of the home. It’s where families gather for meals, entertainment and now serves as an impromptu workspace for many; hence why it’s the most popular remodeling project out there with the greatest dividends. Homeowners have infinite space and components to play with when updating a kitchen. This includes swapping outdated appliances for new stainless steel appliances, re-facing cabinets, updating countertops and replacing the floor.

However, you don’t have to break the bank on a new kitchen to maximize ROI. A smaller project such as painting the walls, installing a tile backsplash and upgrading the sink can run between $10,000 to $15,000 — with the homeowner recouping 81 percent of the costs in resale value.

New Garage Door

Price Range: $600 – $1,500

Cost Compensation at Resale: 98%

So, replacing a garage door is probably the last thought on the minds of homeowners, but it adds to a home’s curb appeal, value and ROI. The best garage doors available today are constructed of steel, wood composites and aluminum, featuring energy-saving glazing and insulation. It’s money well spent that’ll help increase a home’s value.

Bathroom Remodel

Price Range: $10,000 – $15,000

Cost Compensation at Resale: 102%

Like the kitchen, a bathroom is a place we spend a lot of our home time. And it’s the spot of the house that experiences the most wear and tear, meaning a bathroom remodel may be more of a necessity rather than a luxury. Replace old floors with ceramic or stone tile, install a new toilet and tub and add designer sinks and faucets.

If it’s not feasible for a budget, minor updates like recaulking the tub or replacing the vanity lights can improve the home’s bathroom and overall value.

Roof Replacement

Price Range: $5,000 – $10,000

Cost Compensation at Resale: 105%

A new roof may not come with the allure felt with a kitchen or bathroom renovation, but can be the single most important home improvement project to boost a home’s value, especially if we’re talking about a roof that’s 20 to 25 years old. On average, replacing a roof will vary depending on the location, quality of materials used and the home’s size. It’s a small price to pay as a homeowner can typically recover all of the total costs and then some at resale.

Home improvement projects can greatly enhance the look and feel of a house while increasing its value. But, by the same token, it can be quite costly. That’s where the good news comes in about a loan opportunity buyers should know about before undertaking a fixer-upper.

Indeed, you’re familiar with the FHA 203k Renovation Loan and how a homeowner can bundle the cost of a home with repairs, renovations and improvements into one mortgage. But, did you know this loan offers a significant upswing?

FHA 203k Loans provide an unimaginable opportunity for a buyer who otherwise would not take a chance on a home that may have some imperfections. They are able to create a vision to see the full potential of what a property can be with a blank canvas.

As home flipping values continue to soar, now’s the time to talk about an FHA 203k loan for that next home improvement project.

New data out regarding the state of home flipping in the U.S. shows great potential ROI, especially in portions of Ohio.

Home flipping rates are at a 14-year high, with the Mahoning Valley listed as one of the country’s best housing markets for home flippers. That’s according to the latest house flipping report from ATTOM Data Solutions. Out of 151 metropolitan statistical areas analyzed, Youngstown, Ohio ranked fourth in the U.S. with a 92 percent increase in profit margins for single-family homes and condominiums flipped and sold in Q2 of 2020. Continue reading

winter home renovation
Ohio winters can be brutal; from snow and ice to bone-chilling temperatures – and let’s not forget about the round-the-clock darkness. December through March (or even April and May) can feel like a one-way ticket to Siberia.

When it comes to the lake effect snow machine in Cleveland and Northeast Ohio, no Ohioan is immune from the harsh conditions brought forth by Mother Nature. For us humans, we have shelter to escape winter’s fury; unfortunately, our homes don’t have that same luxury.

Houses all across the Buckeye State, regardless of structure or building material, are vulnerable to these winter conditions, wreaking havoc and potentially causing serious damage that comes with a hefty price tag. Couple that with the fact that nearly 90% of the homes in northeast Ohio were built prior to 1990 (which was 30 years ago, by the way) and you have many homes that are going to need a little TLC.

Ohioans are all too familiar with this and the hesitations that come with it. Continue reading

interest rates calculator
There’s been a lot of talk about interest rates over the last few months and both current homeowners and prospective home shoppers are taking advantage of the moment by refinancing or making a buying decision.

However, it’s important to remember that interest rates will fluctuate for individuals based on a number of factors. Knowing which variables impact a mortgage interest rate can help a homebuyer better prepare for the process. Continue reading

Realtor Marketing to Gen Z
Don’t look now, but Generation Z – better known as Gen Z – is quickly approaching the homebuying age. This open-minded, “always on” mobile-first generation, born between 1996-2010, are becoming bigger decision-makers by the minute, as more young adults graduate college and enter the job market. As a real estate professional, you can do your part right now to make new connections and cultivate relationships with Gen Z, because when the time comes, they’ll be seeking your expertise and guidance of purchasing their first home. Continue reading