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Home Remodeling for the Best ROI – Milford, MA

15 Nov 2013

Posted by Joseph Coupal

No matter how long you have lived in your home, there is probably something you want to change about it; most likely you want to add more space. You could do this with an expensive addition, but most homeowners don’t want to start that kind of project in the winter.

As far as home value goes, there are some home remodeling projects that will pay off more in the long run than others. When you decide, eventually, to sell your home, or perhaps when you want a home equity loan, there are remodeling projects that will increase the value of your home more than others. These are the projects you should focus on.

Even if you may not think you will be selling any time soon, it doesn't hurt to keep your home's resale value in mind for the future. When planning home improvements, here are a few things to consider.

Firstly, there is no home remodeling projects that will get you 100% return, but some projects will give you a higher return than others.

You will get the highest return on investment for replacing entry doors and remodeling the basement in your home.

Also keep in mind that lower to mid-range remodeling projects will give you a higher return on investment than those upscale, very expensive remodeling projects.

Every home is different, and every family’s needs are different also. While there is not a huge ROI on sunrooms, if most of the homes around you have one, you would be at a disadvantage when you went to sell.

If you are wondering which home improvement project would best affect your home’s value, talk to a realtor. They can do a comparison of like homes in your town and tell you which project to start first. If you are interested in a basement remodel, or replacing your home’s exterior doors, contact Manzola Carpentry in Milford.

Funding your Home Addition or Remodeling Project – Milford, MA

01 Nov 2013

Posted by Joseph Coupal

If you've been thinking about home remodeling, you've probably found plenty of inspiration from magazines and online. Now it's time to plan your project. Write up a wish list and prioritize it from the "must haves" to the "it would be nice to haves." The more specific your project description, the more accurate the cost estimates remodelers will provide.

If you expect to finance your home addition or remodeling project, get prequalified for the amount you can borrow at a mortgage lender, bank or credit union. A home-equity line of credit (HELOC) is well suited to remodeling because you can withdraw funds as the project progresses. Including your first mortgage and the HELOC, you can typically borrow up to 75% or 80% of your home's appraised market value. You'll pay a variable rate -- recently an average of 5.2% - on the outstanding balance.

If you can't get a HELOC large enough to fund your home remodeling project, try a construction loan. In that case, you refinance your first mortgage to an amount equal to the future value of your home, based on an appraisal of its current market value and your project's plans and specifications. Most such loans allow a loan-to-value ratio of 95% or more.

Ask for the names of contractors from friends and neighbors whose projects you have admired. Search for remodelers online. For more information on home additions contact Manzola Carpentry.

Chicago Tribune


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