remodel, finance your renovation, kitchen makeover, how to pay for your home project

HOW YOU CAN FINANCE YOUR HOME RENOVATION

Outdated kitchen. Overrun backyard. Unusable basement space.

If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.

Cash. Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.

Mortgage Refinance. If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.

Cash-Out Refinance. You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.

Home Equity. Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.

Retirement Funds. Homeowners can consider pulling money from a 401K or IRA account, even though they aren’t specifically meant to cover a home renovation. This option might incur additional penalties or tax payments, but may be worth it when making improvements that will benefit them financially in the long run.


Not sure what home renovation projects have the highest return on investment (roi)?

Send, “Home Project ROI” to 704-951-4017 and I will send you a list of expected ROI for the top home projects so you can make an informed decision before breaking ground (or a wall ;)). 🏠💸

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why your home might not sell

5 Reasons Your Home May Not Sell


1. LOCATION

Over history it has been said the three things to look for in buying a property are 1. Location, 2. Location and 3. Location. And there are positive and negative factors to almost every location.

No matter where your property may be located, there is a ready, willing and able buyer in the marketplace. You just have to be creative and sell the benefits.

2. CONDITION

Making a good first impression is important in getting a property sold. Painting the front door and trim, making sure the doorbell works, putting furniture and clothing in storage and cleaning off counter tops are just a few of the little things I suggest to my clients to make properties more marketable. I spend the extra time necessary with every client to assure all the little details are taken care of. It’s that attention to detail that sets me apart and enables me to get properties sold.

3. PRICE

how to price your home right

How soon you want to sell has a direct relationship to the price you receive for your property. A very important statistic to look at when pricing your property is the average sales price to list price percentage. This gives you a realistic guideline of what is really happening in the marketplace.

For an honest price analysis of your property, call me and I will share with you the price I expect you to receive in today’s real estate market.

4. TERMS

terms in a agreement to purchase or sell a home

Are you flexible about possession dates? Many times, serious buyers that are relocating to an area only look at those properties that offer immediate possession. Are you willing to assist the buyer with financing? Sometimes a seller who is willing to assist with financing will help a property to sell. Are you buying another property? If you are willing to consider trading part or all of your equity for another property, that makes your property more attractive in the marketplace.

5. THE AGENT AND COMPANY YOU CHOOSE

I pride myself on selling properties that other agents can’t sell. I understand the frustrations involved when sellers are not able to accomplish their real estate objectives.

If you are serious about selling and not just listing your property, call me today. I will give you an honest evaluation of what it is going to take to get your property sold. I will share with you my proven marketing systems that have enabled me to help so many sellers accomplish their real estate objectives.

FIND OUT HOW MUCH YOUR HOUSE IS WORTH IN TODAY’S MARKET.

If you’re going to sell your house in the next 6-12 months, what you do right now to prepare for the sale could make a difference of thousands of dollars.

The first thing you’ll need to know is how much your house is worth compared to other homes in today’s market. It’s easy to find out.

Now you can get a FREE list of homes for sale and sold in your neighborhood in the last 12 months so you have a good idea of what homes like yours are selling for in your neighborhood.

To get the most current Neighborhood Activity Report for your area just call or text today and we’ll send it out right away.

Maranda Christensen

Tailored Real Estate – eXp Realty

Broker/REALTOR®

704-951-4017


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WHICH FEATURES ARE YOUNG BUYERS LOOKING FOR IN A HOME?

Millennials are the second-largest segment of home buyers, ranking behind only baby boomers, according to the National Association of Realtors. Here are five features that tend to entice millennials who are looking to buy.

An up-to-date kitchen and bath
Younger buyers often have limited funds for renovations, so it’s important that they have functional and inviting bathroom and kitchen spaces from the very start.

An open floor plan
Having a formal dining room isn’t of particular importance to millennials, in fact, many prefer open spaces with no separation between kitchen, living room, and dining room. An open concept makes it easier to entertain everyone at once.

An office
More and more jobs are offering work-from-home options, and there are also plenty of freelancers and telecommuters among millennials. A dedicated space for getting some work done can be a key attraction.

Friendly location
With gas prices rising, many millennials prefer walking, biking, or public transit for their commutes. A great location is key.

Energy savings
Millennials are often more conscious of energy conservation and efficiency. Energy-efficient appliances, energy-efficient windows, and quality insulation can make a huge difference.

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Upsizing Your Home: Read this first


Before taking the plunge to go bigger, take a moment to ask yourself these important questions.

  • First of all, why are you considering an upsize?
    • What is it that your current home isn’t fulfilling for you? Know what this is, so that you can weigh the option of updating your current property or if it’s time to move on. Also look into the bigger picture, like the kind of community you want to live in, the school district, commute to work, and your lifestyle.
  • Think realistically: What are you future goals?
    • How long do you plan to stay in the home? How might your needs change?
      • Will your family size change? Do you dream of having a certain animals? etc.
      • Buy a home that fits with your lifestyle and goals. As your local Lake Norman Realtor®, I can help you find a home that’s as unique as you are. Don’t hesitate to reach out to me to talk about your goals, plans, and expectations.
  • What can you afford, what do you WANT to afford?
    • There is a difference in what you CAN afford (are qualified for) and what you WANT to afford (the lifestyle you want to live).
      • Take a moment to reflect on your current lifestyle and budget. Buying a bigger home, could mean more financial responsibility. (maintenance costs, mortgage, insurance, etc.)
      • Do you have hobbies, vacations, charities, or other things you enjoy doing that you may have to push aside if your home costs increase? If so, is it worth it? After all, life is about making memories and having life experiences. (in my opinion)
    • Know that you can afford to move up and still maintain your lifestyle. 🙂
  • How will you use the extra space?
    • Don’t let your money go to waste. Yes, that home may have more square footage than your current home. But does that mean it’s usable space for your needs?
      • Do you really need more bedrooms? What will you do with them? Do you have a vision for the “bonus room,” or will it end up as empty space? When you think of a bigger home/yard, envision what that means for you and how you’ll use the space.
  • Should you buy first, or sell first?
    • I recommend you sell your home before purchasing a new one. However, in some situations it may make sense for you to buy before you sell. If this is the case, do your best to:
      • Know what your home will likely sell for, think realistically and count on the low end of the range to be safe.
      • Get a 90 day closing on your home purchase to allow you more time to sell and avoid the stress of being in a time crunch.
      • List your home as soon as the due diligence is over for your new home purchase.
  • Know your options, should you choose to sell your home before you buy a new one:
    • I’m sure you’ve heard, it’s a HOT seller’s market right now. This means that sellers have the upper hand. Here are some options to keep in mind allowing you time to find a new home:
      • Request a seller lease-back from the buyer. It’s important you discuss this with the buyer(s) before accepting an offer. You and the buyers can negotiate the terms of the lease back (amount of time, compensation, utilities, etc.) This allows you as the seller more time to procure a new home.
      • You may also ask for a longer closing period to give you more time to get into a new home. I would suggest waiting until due diligence is over to make an offer on another home. The reason for this is:
        • 1. It allows you to give a stronger offer (showing you have a serious offer on your home, past the due diligence period and highly likely to close).
        • 2. Gives you more peace of mind that the buyer has done their due diligence and are moving forward with the purchase. Of course, in certain circumstances the buyer can still back out of the contract after due diligence, but this doesn’t usually happen. If it does, the buyer would likely be forfeiting their earnest money deposit.

In conclusion

Know your why, your motivation for a bigger home. Is it necessary to move to fulfill your desire? Know what lifestyle you want to live, can you afford (preapproved from your lender) the upsize and maintain this lifestyle? Envision yourself in this bigger home, do you have a vision for the extra space? Or do you simply just “feel” like more space would be better? Knowing your why, will help you envision how you want your home to be. If you’ve decided that it’s time to upsize, make a game plan. Are you going to sell first, or buy first?

Reach out to me to discuss your goals, strategies, and options to get you where you want to be. 🙂 You can schedule time on my calendar here. Or feel free to call, text, or email me at anytime.

(704)951-4017 or Maranda.Christensen@exprealty.com

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