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Answers (3)
- Ritchie Metzler, "RMetzler3"
- Contributions:2
I would certainly refinance if you can substantially lower your monthly payment. It's always a good idea to look at the amount you will pay to refinance your loan vs. the monthly savings you get. For example, if it costs $3000 to refinance and you save $200 a month, it will take you 15 months ($200x15mo=$3000) to break-even. So for this example, if you plan on staying in your home for more than 15 months, then it makes sense to refinance. If you plan on staying for 12 months it does not. Keep in mind we don't always know how long we'll be in our homes, but at least it gives you a starting point.
If you are able to update your home, it likely will not hurt the value of your home. Just make sure you make the appropriate, quality updates. Also keep in mind that for every dollar you spend in updates does NOT equate to a dollar in additional value. Typically, you will not get as much back for your home as you spend (some circumstances can change that), but it will add value and make your home more marketable. I would highly recommend finding a realtor in your area who can give you advice on what to update to increase the value of your home. In general, kitchens & bathrooms are your best bet, but every market is different.
Hope that helps,
Ritchie Metzler
www.urbanpacificrealestate.com
If you are able to update your home, it likely will not hurt the value of your home. Just make sure you make the appropriate, quality updates. Also keep in mind that for every dollar you spend in updates does NOT equate to a dollar in additional value. Typically, you will not get as much back for your home as you spend (some circumstances can change that), but it will add value and make your home more marketable. I would highly recommend finding a realtor in your area who can give you advice on what to update to increase the value of your home. In general, kitchens & bathrooms are your best bet, but every market is different.
Hope that helps,
Ritchie Metzler
www.urbanpacificrealestate.com
- Spencer Rascoff, "spencer"
- Contributions:2093
When I did my refi about a year ago, my lender told me I had to take down my Make Me Move price because you can't typically refi if your home is "for sale". Even though Make Me Move isn't the same as being for sale, he suggested I remove it.
- Michael Dolan, "BrokerPro"
- Contributions:277
It's rate for a remodel to improve value a lot. Depends on the what is improved. Value is usually restricted to a certain price in any particular neighborhood. You need facts to continue. Having a more certain idea of market value will help you make the next decision. I can look up comparable sales near your home (if any) at no cost.
Can you refinance if you have a make me move?
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