Tag Archives: homeownership

10 Home Updates That Are Worth the Money

Homeownership is one of the most time-tested ways to build wealth in the U.S. It can help you build wealth thanks to home appreciation — but this isn’t always guaranteed (just ask anyone who bought a home right before 2008). 

Another way to build wealth through homeownership is by upgrading your home, thereby increasing its value. The idea is that when you eventually sell your home (or pass it on to your heirs) it’ll be worth even more than simply keeping up with basic home maintenance alone. 

And since you spend around 90% of your time indoors, you might as well enjoy your home a bit more while growing its value.

10 Impactful Ways to Raise Your Home’s Value

The opportunities for upgrading your home are endless. But if you’re aiming to boost your home’s value, some upgrades are better than others. You’ll also need to consider whether you feel comfortable with certain DIY projects, or if you prefer to hire a professional. 

You could rig-up a picket fence made of the leg lamps from A Christmas Story if you really wanted to, after all, but chances are it’d decrease your property value (if it didn’t burn down your house in the process, that is). 

Instead, try one of these investment-friendly upgrades, according to the 2020 Cost vs. Value Report from Remodeling Magazine:

  1. Stone Veneer
  2. Garage Door Replacement
  3. Minor Kitchen Remodel
  4. Replace Siding
  5. Replace Windows
  6. Deck Addition
  7. Replace Entry Door
  8. Replace Roof
  9. Remodel Bathroom
  10. Major Kitchen Remodel

1. Stone Veneer

Estimated cost: $9,357

It’s no secret that finding ways to add curb appeal is one of the quickest remodeling wins to increase your home’s value. Right now, one of the hottest trends is adding manufactured stone veneers to the exterior of your home, generally around the base or as accent walls. 

You can DIY this, but it might be better to hire a professional because the materials are expensive. Plus, if you do it wrong, you could waste a lot of money and end up with a wonky result. 

2. Garage Door Replacement

Estimated cost: $3,695

If you’re not keen on spending tens of thousands of dollars, a relatively quick win you can go for is simply replacing your garage door with a better model that includes a lifetime warranty. Again, this is one that’s better left to the pros because it’s an especially dangerous job for newbie DIYers. Besides, installing it yourself is likely to void the warranty anyway.

3. Minor Kitchen Remodel

Estimated cost: $23,452

If you don’t mind sitting around in some construction dust for a little while, doing your own minor kitchen remodel is definitely within the scope of DIYers. It’s also a common home remodel on HGTV and other media. 

To reach the value-add touted by the survey, you’ll need to replace your oven or cooktop, refrigerator, cabinet doors, countertops, drawer fronts, flooring, and add new paint and trim. It requires a lot of changes, but if you have time to watch a few YouTube tutorials, you can do it yourself fairly easily. 

4. Replace Siding

Estimated cost: $14,359 to $17,008

Another big curb-appeal booster is simply replacing your home’s siding. But not all siding is created equal. Fiber-cement siding costs slightly more and recoups slightly more of the cost. The difference, however, isn’t huge and might vary for your individual case. 

Vinyl siding is easier to maintain and install, but isn’t as fire-resistant as fiber-cement — an increasingly important consideration if you live in the arid West. No matter which type you choose, you might need to rent specialized equipment, like scaffolding, unless you’re an NBA athlete working on a single-story house.

5. Replace Windows

Estimated cost: $17,641 to $21,495

Old, leaky, rackety windows aren’t great for curb appeal or energy-efficiency. That’s why replacing them can also be a good idea. If you’re nervous about smashing them (and we wouldn’t blame you), you can hire a professional. Otherwise, it’s a job that’s possible for most DIYers. 

If you have standard-sized windows, you can get ready-made windows from a home supply store. But you’ll likely need to custom-order them to fit your own home. 

6. Deck Addition

Estimated cost: $14,360 to $19,856

Decks are one of the easiest home additions to DIY, as long as you have basic carpentry and tool safety skills. You can take your time with decks since they’re outside of your home and not directly in your everyday living space. Composite decks are slightly more expensive than wooden decks but have the advantage of longevity and less maintenance necessary over the years.

7. Replace Entry Door

Estimated cost: $1,881

Another easy and low-cost project, replacing the front door gives you an instant boost to your curb appeal. Just about anyone can do it with the help of YouTube video tutorials and a good, strong arm. 

8. Replace Roof

Estimated cost: $24,700 to $40,318

Your roof is literally the cap to your home. Replacing the roof is a big job, and although hammering in shingles seems easy (and it is), it’s generally best left to the professionals. A professionally-installed roof comes with a warranty, and takes a day or two to complete.

If you DIY this home improvement project, you’ll lose the warranty, and it could take you longer to complete the job. And the longer your roofing project lingers, the longer your home is vulnerable to damage. 

Another point to remember — metal roofs are far more expensive than asphalt shingle roofs, but they also tend to last longer and require less maintenance.

9. Remodel Bathroom

Estimated cost: $21,377 to $34,643

As long as you’re not making major changes to the plumbing and electrical systems underlying the fixtures, a bathroom remodel is possible on your own. This is an especially common remodel for many DIYers, because along with the kitchen and the bedroom, it’s a daily-use room. 

10. Major Kitchen Remodel

Estimated cost: $68,490 to $135,547

If you’re looking to bring a 1950s-style kitchen into the 21st century, it’ll take a bit more than some extra spit and glue. You’ll need to make big changes, like adding in a vented range hood for those blackened-fish tacos, new recessed and under-cabinet lighting, new cabinets, and even adding in an island for better cooking options. For that reason, it’s usually better to hire a professional team who can make sure everything’s wired up right. 

Your Mileage May Vary

Here’s something to consider: on average, you’ll only recoup a portion of your cost if you complete the upgrade and then sell your home in the same year. That might seem a bit disappointing — shouldn’t you be able to recoup all of the cost, and then some?

Remember, your specific case might be very different depending on a lot of factors, like what area of your home could use work. For example, if your exterior looks tired and the siding is falling off, upgrading that rather than adding a new deck might give you a better payoff. 

Another factor affecting your return on investment is how long you let your home’s value appreciate, before selling it. Adding a stone veneer can help you recoup 96% of your cost in the first year. However, in the second year, consider whether you can boost the value of your home by more than you paid for the upgrade. 

If you plan on selling your home in the future, asking a local realtor or real estate investor which upgrades are best for your particular home can be worthwhile. After all, market conditions vary dramatically cross the country and no two homes are exactly the same. 

The post 10 Home Updates That Are Worth the Money appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

Pulte Mortgage Review

A wholly-owned subsidiary of PulteGroup since 1972, the third-largest homebuilder in America, Pulte Mortgage gives customers a financing option that differs from those of banks and online lenders.

As an imprint of the larger conglomerate, Pulte Mortgage leverages construction experience and a personal touch to take borrowers through the home purchase process, helping them understand their options and decide on the best mortgage loan for them. This is done through a personal loan consultant assigned to individual accounts.

While Pulte Mortgage does not have a profile on the Better Business Bureau’s webpage, the PulteGroup has an A- rating, though it is not accredited.

Pulte AT A GLANCE

Year Founded 1972
Coverage Area Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington
HQ Address 3350 Peachtree Road, NE, Atlanta, GA 30326
Phone Number 1-(866) 236-8165

Pulte Company Information

  • Part of the PulteGroup, the third-largest homebuilder in the United States
  • Based in Atlanta, the financing branch has served 400,000 borrowers across the country since 1972
  • Offers consumers a streamlined and integrated process, bringing a great deal of construction and lending experience
  • Has a broad menu of conventional, jumbo and government-backed loans, as well as specialty products
  • Assigns personal loan consultants to help guide borrowers understand mortgage rates and other specifics
  • Hosts a mortgage learning center for borrowers that includes a calculator, a glossary, and other resources

Pulte Mortgage Rates

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Pulte Mortgage Loans

Customers who are building homes through one of the approved PulteGroup builders can access loan products including:

Fixed-rate mortgages

Usually offered in 15- and 30-year terms, these mortgages feature a fixed rate throughout the life of the loan, ensuring a steady monthly payment that is easily budgeted for. Fixed-rate mortgages are generally best for homeowners who expect to settle down in their residence or just want the dependable structure. Pulte Mortgage has fixed-rate offerings with both low- and no-money-down payment requirements.

Adjustable-rate mortgages

Typically called ARMs, these mortgages have an interest rate that fluctuates with market conditions. These loans are ideal for borrowers with short-term housing plans who may move soon after closing.

Since interest rates are generally lower for ARMs, these products may be a good fit for those looking to make a profit, yet although rates are initially low with ARM loans and they remain fixed for a specified number of years, the risk of rates increasing with market fluctuations after the initial period exists.

The terms of these loans usually include a fixed rate for an introductory period that is rebalanced yearly, bi-annually or monthly. While traditional ARMs stay fixed for six months and are thereafter recalculated at the same interval, hybrid ARMs offer longer fixed terms, like 5/1 or 7/1 options, that are fixed for five or seven years respectively and rebalanced each year.

Jumbo mortgages

Sometimes consumers need higher loan amounts than traditional, conforming mortgages can offer, which are limited to $453,000. Homeowners who build their own homes or purchase homes in high-cost areas may need more robust financing options, which is where a jumbo loan comes in. These mortgages often cover loans between $453,100 and $2 million.

FHA mortgages

These loans are backed by the Federal Housing Administration (FHA), which allows for less strict qualification requirements to incentivize homeownership. With FHA mortgages down payments can be as little as 3.5 percent, while low credit isn’t an automatic disqualification.

VA mortgages

Veterans Administration-backed mortgages are intended for veterans, active-duty personnel, and qualifying spouses of those who have served in the military or armed forces. Little to no down payment may be required for these types of loans. 

Balloon mortgages

While most borrowers are familiar with mortgages that are paid for incrementally, balloon mortgages are the opposite. These types of mortgages are paid in lump sums over a shorter period of time typically spanning five to seven years but may feature a lower interest rate than a fixed-rate option. At the end of the mortgage, borrowers must refinance or sell their homes, which is something to be aware of.

Bridge loan

While Pulte Mortgage does not offer home equity loans or lines of credit, it can extend bridge loans. This product is a type of the second loan that uses the borrower’s present home as collateral, earmarking the proceeds for closing on a new house before the present home is sold.

Pulte Mortgage does not offer cash-out refinancing options or USDA loans, which are government-backed loans that incentivize rural homeownership through low down payments.

Pulte Mortgage Customer Experience

The idea behind Pulte Mortgage is to streamline the mortgage process for consumers, so it’s more effective and efficient. In that spirit, the mortgage process for borrowers is straightforward with lots of assistance available on the way. Pulte highlights its five-step process:

  1. The mortgage application is started either through a secure online portal or through the mail. A Pulte Mortgage team is also assigned at this point.
  2. The personal loan consultant contacts the borrower to talk about important information, determining personal needs and locking in a rate.
  3. The loan is processed, and credit approval is communicated.
  4. The closing date is set with a builder representative, while the loan processor coordinates necessary actions.
  5. The keys to a new home are ready!

Prospective borrowers who just want to do some research can also benefit from Pulte Mortgage’s resource library, which includes:

  • A calculator that helps determine the buying power
  • A glossary for mortgage terms you’re likely to encounter through the process and should be familiar with
  • A mortgage FAQ for specifics on homebuying and financing

Pulte Company Grades

Although Pulte Mortgage does not have a profile with the BBB, PulteGroup, its parent company, has am A- rating with the organization. Though the company is not accredited by the BBB, Pulte Mortgage has been in business since 1972.

Pulte Mortgage Underwriting

Pulte Mortgage does not publicly disclose its down payment or qualification requirements on its website. Customers who are building with Pulte Homes, or one of the associated PulteGroup brands, can access this information once they complete the mortgage application.

History of Pulte Mortgage

Not only is PulteGroup the third-largest homebuilder in the United States, but it’s also been financing mortgages since 1972. Thanks to a little horizontal integration, PulteGroup can assist homeowners from construction to mortgage closing through Pulte Mortgage, the wholly-owned subsidiary that offers loan products.

The selling point is Pulte Mortgage being a one-stop-shop for homeowners, informed by extensive residential construction and mortgage financing experience.

Pulte Mortgage finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes, which all fall under the PulteGroup umbrella. Personalization is a key focus, with personal loan consultants for each borrower.

It also has an extensive online learning center to help prospective homeowners become familiar with different loans it offers, including conventional, jumbo, FHA, and VA loans, as well as specialty products like balloon mortgages and bridge loans.

Bottom Line

PulteGroup can assist homeowners from construction to mortgage closing through Pulte Mortgage. Many customers enjoy the fact that Pulte Mortgage is a one-stop-shop for homeowners, informed by extensive residential construction and mortgage financing experience.

For more information visit their website.

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Source: goodfinancialcents.com