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Home Improvement Loan Tips to Improve Home Resale Value from Guardian Mortgage of Plano TX
If you’re wondering how home improvements can improve the value of your home in Dallas and North Texas, consider these tips from Guardian Mortgage, (972) 248-4663, with offices at Parkway Centre IV, 2701 N. Dallas Parkway, Suite 280, Plano, TX 75093
One of the pleasures of owning a home is having the freedom to customize it to your liking for both the best quality of life and home resale value in Richardson TX and the Dallas area. Remodeling, especially for older homes, can make your house more functional and enjoyable. And, if planned correctly, renovations or additions can improve home value in many Plano, Allen and McKinney TX neighborhoods.
You’ve probably heard that a kitchen remodel is a great investment in North Texas homes, but it turns out that the best advice is to “keep up with the Joneses.” Jim Goodrich at Goodrich Appraisal in McKinney is one of the best home valuation professionals in the Dallas TX area. Jim has three rules for deciding on home improvements when the goal is to recover the cost or profit from the North Texas home improvement investment:
Look around;
Look around; and,
Look around.
Goodrich’s advice boils down to this: “Are your neighbors doing what you have in mind? If you’re considering adding a pool, are pools common in your area and price range? If you’re in Plano and you have a newer house in the $500’s you had better have a pool,” he said. “Everybody else does. Its what the market wants. The added value of a pool for newer upscale homes in the West Plano, McKinney and Allen TX areas will be worth the cost.”
Goodrich notes that adding pools to increase home value in East Plano TX is not that common and not high up on the homebuyer’s most wanted features list. The value of adding the pool to the East Plano TX home will likely be less than cost.
“Remodeling the master bath in the older neighborhoods in McKinney and Plano TX is a home update that many others have done and reflects the features that Texas home buyers want. You have a much better chance of recovering your cost with a bath remodel in East Plano or East McKinney,” he advised.
Financing home improvements in the North Texas area requires homework. Consult a mortgage lender such as Guardian Mortgage with offices in Plano, Richardson and Arlington TX to determine your best options in home improvement loans and financing in the entire Dallas-Fort Worth Metroplex. Here are a few basics of some of the more common home improvements loans available to North Texas homeowners:
Cash-out refinance loan on the primary mortgage of your Texas home, where the amount of equity is added to the current loan balance and results in one new loan amount at cash out refinance rates that are typically only 0.125 percent to 0.250 percent higher than regular rate and term refinances.
A second-lien equity mortgage up to 80 percent of the Texas home value — the maximum allowable in Texas — that can be a fixed-rate loan up to a 20-year term, or a home-equity line of credit, HELOC, with a variable-rate line of credit secured by the home. Second-lien loans have higher rates than primary mortgages.
Home-improvement loan on the “improved value” of the Texas home, where the lender provides the borrower with additional value for the improvements being made. This financing is commonly up to 90 percent of the improved value of the property and is typically financed on a fixed-rate mortgage up to a 15-year term.
Choosing what Dallas, Plano and North Texas home improvements to make for resale and how to pay for them are personal decisions as unique as your home, but with a little awareness and some homework, the renovations should fit your lifestyle … and could pay off in the future.
Marcus McCue is vice president of sales for Guardian Mortgage, which has provided home financing for tens of thousands of Collin County homeowners, and enjoys mentoring homebuyers to become smart borrowers. Follow him on Facebook.
Guardian Mortgage Company, Inc.
Parkway Centre IV
2701 N. Dallas Parkway, Suite 280
Plano, TX 75093
(972) 248-4663 – Office
(972) 248-2112 – Fax
The following are comments from the readers. In no way do they represent the view of scntx.com.
Allison5 wrote on Jun 12, 2011 9:06 PM:
" You have to be careful about how much money you put in, however. In this market it's often better to do a few quick fixes then to go crazy with remodeling.We're looking at ways to paint kitchen cabinets instead of buying new. Great look, but save some money for other parts of the house. "
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