The Average Cost of Common Home Upgrades By Celina Vazquez

The Average Cost of Common Home Upgrades By Celina Vazquez 

Is your home ready for a facelift? Over time, even the trendiest look will become outdated and
stale. You know you want to make some changes, but aren’t sure how much to budget for the
changing you’d like to make. Before you decide how best to use your available funds, consider
the most common upgrades and the national average cost for each.

• Garage Door (2-door) – $3,500

• Deck Addition – $10,900

• Minor Kitchen Remodel – $21,250

• Major Kitchen Remodel – $40,000

• Window Replacement (vinyl) – $15,500

• Bathroom Remodel – $20,000

• Roof Replacement – $25,000

• Exterior Paint – $5,000

• Interior Paint – $2,750

• Front Door Replacement – $1,500

• New Pool Equipment – $5,000

Not every upgrade will bring a solid rate-of-return when you go to sell your home and if that’s
your goal, then you need to factor that into your estimates. Some of the best investments you
can make include kitchens and bathrooms, new garage doors and front door and fresh paint.
Each of these will bring in between 80-90% return-on-investment when you go to sell. While
this might not be a dollar-for-dollar return, an updated home will always sell faster and for a
higher sales price than its dated counterpart.

 

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The Difference Between a Pre-Qualification vs. Pre- Approval

The Difference Between a Pre-Qualification vs. Pre- Approval

 


There is plenty of real estate terms used in transactions. Needless-to-say it can be confusing for both buyers and

sellers trying to navigate the process. The home loan process might feel
overwhelming and difficult to understand. Both buyers and sellers find terms like “Pre-
Qualification” and “Pre-Approval” used interchangeably, it’s no wonder they find themselves
wondering how to proceed.


Pre-Qualification

The first step in obtaining a home loan is to meet with a lender and discussing their financial
situation. The lender will discuss income, job stability, debt and credit. Once they have
performed a basic review of the qualifications and run credit, they will issue a Pre-Qualification
Letter to the potential buyer. This letter will identify the maximum sales price, down payment
requirement and basic terms of the loan, such as interest rate.
The Pre-Qualification letter is used to provide evidence that the buyer has been reviewed by a
lender who is vouching for their ability to obtain a loan.

Pre-Approval

A Pre-Approval is quite different. In this case, the lender collects all the necessary information
and proof of eligibility and has it reviewed by the lender underwriter for approval. A Pre-
Approval letter is almost like shopping with cash, the only remaining piece of the puzzle is the
property they are buying. 

 

Gallup: Real Estate is Best Long-Term Investment 4 Years Running

 

Gallup: Real Estate is Best Long-Term Investment 4 Years Running

Gallup: Real Estate is Best Long-Term Investment 4 Years Running – Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.
For the fourth year in a row, Real Estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below.
Gallup: Real Estate is Best Long-Term Investment 4 Years Running | MyKCM
The study makes it a point to draw attention to the contrast of the sentiment over the last four years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession.

Bottom Line

As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.
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