Which home improvements give the BEST payback?

Which home improvements give the best payback? If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more. Things like adding rooms or finishing basements tend to pay back the least. Finishing a basement usually returns less than 50%, so it’s not a project likely to show profit at selling time. There are a number of factors that go into determining how well a project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market. The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you're smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Building a large addition that makes your home twice as big as the other homes on the block probably won’t pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won’t pay back as well as something more common to other homes in the neighborhood. Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment. The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects: Kitchen remodeling – 90% Add a bathroom – 90% Bathroom remodeling – 80% Install central heating – 90% Install central air – 75% Add a deck – 70% Replace windows – 70% Add a room – 55% Build a pool – 45% Finish a basement – 40%

Know your options when selling your home!

You need someone who will know the best way to market the improvements you have made to your home, for that and much more, contact me at www.GeniyaK.com

Why Have an Agent When Looking for a Rental Home???

​Even though associated with rentals also, it is known as a “Buyer's Agency”. Simply put, it allows the Agent with whom you are working to be your representative and to put your interests above all others. This gives you someone on your side, whose main concern in a transaction is you and your needs.
When you see a listing agent’s contact information, know this: The Agent, unless specifically disclosed otherwise, represents the owner in any transaction for the leasing of a home. It is that Agent's fiduciary duty (where their loyalty lies) to protect the owner’s position at all times. So protect yourself and your interest in the home renting transaction, get an agent to look out for you. Best of all; it will be no out of pocket cost to you! That’s right, it’s FREE!!!

So have a friend on your side, working for you!
www.GeniyaK.com

5 Steps Towards Securing a Home Mortgage:

1.    Know and maintain your credit score.
Your credit rating will be the first thing lenders look at, make sure you know what it is and where you want it to be (most banks look for a rating over 675)  before you walk in to a bank, or apply for a quote online. This will also keep you in the know about any inaccuracies that may be in your credit history, giving you time to fix anything that may not be correct.

2.    Document your monthly bills and determine how much you can afford.$$$
Lenders want to make sure that you will be able to pay them each month, so budgeting your monthly bills will show you what you realistically spend every month on bills. Be sure to include all credit card payment, car loans, school loans, insurance payments, and all of the other bills that are constant monthly expenses. Before you talk to a mortgage broker; gather copies of all your bills, three years’ worth of tax returns and pay stubs. This will be important in showing that your bills are under the maximum preferred 33% of your total monthly income.

3.    Plan on making a down payment.
Almost all lenders will require that you make at least a 10% down payment. In order to avoid costly private mortgage insurance (PMI) you will be required to make a down payment of at least 20%. Make sure that you work the amount of money you plan to put down in to your budget planning when figuring out your monthly expenses. 

4.    Shop around locally and online fore mortgage lenders.
Make sure that you find the mortgage that best works for you, and also has the most competitive rates. Keep in mind that not all banks and lenders use the same criteria when determining the rate they are willing to offer you. While most banks do determine your rate based on the amount of your loan, there are many other factors that weigh heavily on the quote you will receive so shop around and compare.

5.    Once you have chosen a lender.
You have gotten all of your paperwork in order after figuring out a comfortable budget, saved for a down payment, shopped around for the lender that best fits your needs. Now it is time to apply for a prequalification letter. This letter, while not an actual loan, is stating that the lender of your choosing has agreed to lend you money for a home given the information provided is accurate upon their further investigation. A prequalification letter is one of the most important tools when looking to purchase a home, helping your chances of getting an offer on a home accepted.

With this letter in hand, all you need now is the right house, and I’ll be happy to help you find it!
www.GeniyaK.com