In a recent HomeAdvisor survey, more than half of respondents who reported completing a remodeling project with a spouse or domestic partner admitted to arguing with their partners during the process. In fact, 3 percent even considered separation or divorce! Check out the infographic below to see what couples argue most about — and to get some expert advice to help keep your relationship from crumbling under the pressure.
Source: HomeAdvisor | Relationship-Safe Remodeling
Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.
Source: What Do You Actually Need to Get a Mortgage?
According to Remodeling's 2016 Cost vs. Value Report, you'll recoup an average of 64% of what you paid for a renovation if you sell your home this year.
Source: 10 Home Renovations That Offer the Best (and Worst) Return on Investment - Real Estate News and Advice - realtor.com
Return on Investment
We've previously discussed Return on Investment (ROI) about how much more (or less) than an asset's cost it is (or will be) worth at resale. It went a little something like this.
OK. The same concept of ROI applies, perhaps but not always on a lesser scale, to the effect of improvements made after purchase to the resale value of that asset.
Many (not all) buyers want gorgeous granite, jacuzzi tubs, bedroom fireplaces and similar creature comforts. And where these add great value...prestige, will they amount to a dollar for dollar increase in financial value? It depends.
It's never good to have the most expensive house in the neighborhood. First, they can stand out like the a Taj Mahal near Quonset huts. Gaudy is definitely not good, IMHO. Worst, pride in ownership can be a bitter pill to swallow when no one cares how much that Italian marble tub cost. When it comes to comparable values, a tub's just a rub-a-dub-dub. Sorry, couldn't resist.
Quickly. What is relatively worth more, adding attic insulation or a bathroom that will relieve congestion come school time? Before we tell it, understand you'll recoup about 67% of improvements on average. Drum roll, please...
Attic insulation, by a long shot of 2:1. Sad but true.
Rehab Loans - Pennies from Heaven
So be careful what you ask for, you might not get it. Unless it's help to pay for remodeling projects on that would be perfect home were it not for the host of improvements needed to make it your castle, whether necessary or not.
With Fannie Mae's and Freddie Mac's HomeStyle Renovation and FHA's 203k loans, it is relatively easy to turn that ugly house into the nosy neighbor's bane of existence.
Energy Efficiency Assistance
How about we add energy efficiency upgrades to our efforts and receive up to $8,000 in help to do so?! This is HOT! No pun intended. Learn more here.
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Energy Efficiency Assistance
As an incentive for new and existing homeowners to buy homes with high energy efficiency ratings or make upgrades (furnace, insulation levels, windows, etc.) to an existing home, the state of Colorado is offering up to $8,000!
- New or existing homes (existing homeowners OK)
- Lender must reserve the incentive amount before closing
- Energy upgrades completed within 120 days of purchase
Additional Down Payment Assistance Programs
There are hundreds, if not thousands of extra programs that help with adapting homes for folks with disabilities, down payment. closing and other costs. Check them all out here!