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Florida Refinance and
Home Improvement Projects
ADDITIONAL INFORMATION REGARDING YOUR FLORIDA REFINANCE MORTGAGE
Consider these payback estimates* for the most typical home improvement projects:
Project | Cost | Average Payback | Add a new heating or air conditioning system | $2,000 to $4,500 | 100% for heating; 75% for air conditioning | Minor kitchen remodeling | $2,000 to $8,500 | 94% to 102% | Major kitchen remodeling | $9,000 to $25,000 | 90% | Add bathroom | $5,000 to $12,000 | 92% | Add a family room | $30,000 | 86% | Remodel bathroom | $8,500 | 77% | Add a fireplace | $1,500 to $3,000 | 75% | Build a deck | $6,000 | 73% | Remodel home office | $8,000 | 69% | Replace windows | $6,000 | 68% to 74% | Build a pool | $10,000 and up | 44% | Install or upgrade landscaping | $1,500 to $15,000 | 30% to 60% | Finish basement | $3,000 to $7,000 | 15% |
*Compiled from several published surveys on a national basis.
Understanding Payback Value on Home Improvements
Understanding payback value Payback value depends heavily on the real estate market and prevailing property values and the desirability of certain improvements in certain markets. If the market is slow, expect to see less payback than you would in a fast market. Also, consider the neighborhood: If you remodel your house to twice the size of the other homes on the block, it is unlikely that you will be able to sell at double the price. Issues that can influence payback value include: Type of improvement Kitchen and bathroom remodeling projects consistently return the most in resale value and almost always help in selling your home. Scope of improvement Projects can be large or small. Sometimes, the cumulative effect of small projects can pay back more in resale value than that of larger projects. Small projects tend to be cosmetic in nature: fresh paint, new doors, garden windows, and ceiling fans. Large improvements involve adding or upgrading living space. Desirability A Swimming pool added to a Florida Home can be extremely desirable and have a higher return on your investment and higher sales appeal than the addition of a pool to a typical home in the northern United States where it could be seen as more of an inconvenience and even liability. Cost The price of home improvements fluctuates depending on economic conditions and region. If remodeling costs are high in your area (or home sale prices low), you may not recoup as much on your investment as you would if costs were in proportionate to sales prices.
Energy Starprogram Make your home improvement project energy efficient.
***For every $1. that you save on your fuel bill your home value could increase $20.****
RE-MODELER LOAN OR REHAB LOAN
Are you planning a new kitchen, bigger bathroom ...or family room addition? Our Remodel Loan is designed for the homeowner who is looking to make a major improvement to a primary residence. This unique mortgage calculates the loan amount by using the future value of the planned improvements. You may even choose to make no payments during the construction period!
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