1 comment | Thursday, May 21, 2009
Thinking of making improvements that will add to your home’s value but don’t know how to pay for them? Many small projects can be done with little expense, so funding them may not be a problem. If you have the experience and tools to do the work yourself, it can be even more affordable.
When a professional is required, however, you may need to borrow money to pay for the improvements. One financing option is cash-out refinancing.
Interest rates and the amount of your current mortgage balance will determine whether you can refinance with enough cash to cover a remodeling project and still retain affordable monthly payments.
As with any large project, you need to keep your goals in mind. If your main goal is to increase the value of your home with a renovation, you should first determine how much value each project will actually add. That way, you can decide how your money would be best spent to gain the most value.
Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor
www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
