Is Home Renovation Right For You?

kitchen-room-5Home renovations allow people to add value to their homes before putting them on the market, to build equity, to customize them to reflect their style or to make repairs and upgrades.  Additionally, many existing homes on the market may be in need of a makeover, whether it’s a minor cosmetic improvement or a complete overhaul.

If you are in the market to buy a home, there are programs available through FHA and conventional lenders that will take into account the appraised value of the property as if the remodel had already occurred and add this amount to the loan.  Please call me for help with these kinds of loans.  I have great mortgage brokers I can refer you to.

Renovation Activity Is Very Strong

  • Homeowners spent an average of $11,100 on renovations to financially distressed properties in 2011 and contributed a total of $4.2 billion to the renovation market.
  • 83% of homeowners who began a renovation project did so to improve the look and feel of their space.
  • 54% did renovations to increase the vale of their home.
  • 40% plan to build an addition to their home or remodel within the next two years.
  • More people are cutting back on vacation plans and large purchases in order to renovate their home.

Renovate Or Move?

If you are unsure about whether you should remodel your home or put it on the market and move, here are some important questions to help you decide:

  • How do you feel about your home and neighborhood?
  • How much equity do you have in your home?
  • Are you “underwater” or would you make a profit if the home sold?
  • Will renovating cost less than moving?
  • How long do you plan to stay in your home?
  • Are homes selling in your neighborhood?  If so, how long were they on the market and what did they sell for?

Need Help With Answers To These Questions?

Call me for a free market analysis of your home, we can discover together the benefits of renovating or selling and moving to something that already has most of the things you would like.  I am very familiar with many of the homes on the market and the communities in Naples and can help you make the important decisions.  I also know some excellent companies that do renovations and they can give you free estimates on the cost of your planned renovations.

Remember, it is always toasty in Naples and you deserve your piece of Naples sunshine.

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