The decision to REFI would be based on your unique situation. After reading all of the previous answers I'd add the following considerations.How long do you plan on owning the property?Is your objective paying off the mortgage early and own free and clear?Does lowering your interest costs outweigh the mortgage interest deduction? After considering the reasons to REFI do the benefits outweigh the costs to REFI (out of pocket or rolled into the loan & financed long term). Sometimes a property owner only enjoys "bragging rights" of the lower rate?While owning the property only 4 years you've been paying mostly interest and paid very little principal (unless you're currently prepaying your mortgage) and purchasing 4 years ago -at the peak of the market-your property may not have appreciated enough in only 4 years to offset any decline in value.Lastly, as a real estate professional my best advise is to "consult a qualified financial or tax advisor". Good luck.
I met one of the owners last week and looked at the property. I could forward your contact information.
Contact information for currently listed properties should be available on Realtor.com
I'll parrot the things Shannon suggested about craftmanship as well as quality of building materials used for construction at the turn of the last century. 4723 Sigel is a frame home and the lumber used in 1910 most likely came from an old growth forest. You won't find that in today's newer construction. Shannon also suggested getting a building inspector and since I noticed newer floor joists sistered in the MLS pics, I'm adding that your inspector is also an engineer qualified to report on the structural work.The property is located in an area known for coal mining and this may be causing settlement. I know because I live in the neighborhood in a home with similar conditions... not trying to scare you, just forewarn you. A inspection by a qualified engineer will ease your concerns. (public records indicate a permit for "joist repairs" was issued in 2009)Again, as Shannon suggested the quality of workmanship and materials used for the upgrades is a concern (the inspector will report on these, too).The Assessor currently values the property at $67,100 and after it is sold will evaluate the certificate of value (COV) as well as sales of similar homes in the neighborhood to determine its market value in the 2011 reassessment year. Any home new or 100-yr old will require maint & repairs. The building inspection should inform you of items that have been deferred, corrected, and what to expect in the forseeable future.Good luck/
You'd be adding more usable living area but you may not realize a dollar for dollar return on the investment. Especially, if the end result looks like a 2nd story addition.A good example of a home w/ 2nd story addition is found at 6100 Adkins, located at the corner of Adkins at Bowen. It is a 4br 2ba w an oversize garage and sold in for $140,000 in 2003. A quick search of comparable sales within 1/2-mile radius of you in the last 12 months reveal seven (7) 2-story homes that sold between $93,000 and $310,000 with an average sale price of $192,575.
Yes, fees are ALWAYS negotiable.Not all Real Estate Agencys are full service. Since you appear to want to continue marketing your own property there are agencys and brokers that offer reduced levels of service including but not limited to providing the MLS listing and minimal representation (as required by the MREC) for a flat fee. You'll pay an additional fee to a cooperating broker (selling broker) unless are sucessful in finding the buyer on your own. In that case, you've only paid the listing broker fees per the listing contract.Personally, I'd look for a local broker and avoid the out-of-state internet FSBO agencys because if a cooperating broker becomes involved the listing broker becomes your representative (sellers agency or transaction agency) Be prepared to pay ala carte or hourly fees for extras such as signage, lock box, forms, etc.
F & B PROPERTIES LLC
Contrary to the generally accepted rule of location, location location - I believe the rule is timing, Timing, TIMING! If you'll recall the Chesterfield Valley was a disaster area after the '93 flood however, even before the Monarch Levee had been certified the real estate activity as well as sale prices increased. The Boone's Crossing Center has been described as a power Center on steriods.I'm not comparing Fox Park with the Chesterfield Valley but perhaps you get my point. Fox Park has gone through many changes since my parents moved from there in the '60s. The DeSales Housing Corporation is a stakeholder in the neighborhood with an office located at the corner of Russell at California.Investing and purchasing any real estate involves weighing the risks and rewards. There are no guarantees. Feel free to contact me with any comments or questions.
You could try the Assessor's records. Although, the assessor's appraiser may not have had the opportunity to inspect the interior their records consider the total building area and weigh the overall condition of the property against market activity in the last 2 years. Keep in mind that the current Assessor's values are retrospective market value as of January 1, 2009.
As Lisa said the living area is reported to be 1,188sf. I confirmed that this number came from the St. Louis Assessor's office. The gross living area would include finished, heated area above grade (not finished basements, enclosed porches, or finished attic). The gross living are would not include decks or garage. The area is calculated by measuring the outside dimensions of the structure NOT by adding all of the interior spaces. Furthermore, the public records report the basement is 950sf. It is safe to conclude that the building has a small addition build on a crawlspace or slab. I hope this answers your question.