1 out of 20 People are Flipping Their Houses

1 out of 20 People are Flipping their House

Home improvement projects benefit you in more ways than one–whether it makes you feel good you replaced the outdated style in your bathroom, upgraded to energy efficient products to save money, or increased the net worth of your proudest investment. The benefits seem endless, but you should also choose your home improvement projects wisely. Need some advice on what projects can benefit you most?

Outdoor Home Improvements

  • Steel entry door: This somewhat smaller fix is actually quite the rage. Realtors named the steel entry door the number one fix, two years in a row! Why? The cost recouped for your door upgrade is at 101.8% if you decide to sell. Plus, it adds curb appeal and energy efficiency to your home. Here is a fun fact: Red doors in Feng Shui are considered welcoming and give off a positive vibe for your guests. Popular trends for 2015 is keyless entry on your door locks.
  • Manufactured Stone Veneer: It looks and feels like real stone, so it might as well be real. Manufactured stone veneers are mass produced, making it considerably cheaper than real stone. Oh, but it gets better! The cost recouped for a manufactured stone veneer is at 92.2%.  Faux stone siding is extremely lightweight (1 pound per square inch) making installation easy and fast. It is also low maintenance and can withstand all types of weathering.
  • Garage DoorGarage Door: Your garage door can actually add the right amount of pizzazz to your home. Modern garage doors are available in many styles and colors. This type of home improvement is becoming increasingly popular this year, while the cost recouped is at 88.4%. An updated garage door can save you money on your heating bill. If you have rooms above the garage or use it as a working space, this update provides better installation. Hot garage trends of 2015 are grander garages.

Interior Home Improvements

  • Bathroom: Your bathroom is generally the smallest room in the house, which makes it a frequent fix. A new bathroom is more than just a trend–it’s a necessity! Due to the small area and frequent moisture, mildew can be unavoidable. Over time, the sink can leak or the tile can crack. A new bathroom can get rid of these unavoidable annoyances to give a fresh new vibe while saving you money. No more scrubbing for hours and no more money down the drain from a leaky sink. The latest trend for bathrooms are freestanding tubs.
  • Kitchen: Kitchen remodeling projects have always been popular. The kitchen of your dreams can completely transform the feel, look, and value of your home. Not to mention old Remodeled Kitchenappliances may not function properly and cause unsafe situations and unwanted stress. A kitchen makeover gives you new, improved appliances. Maybe you’ll rediscover your long lost love–cooking! What’s trending for 2015 kitchens? Shades of white.
  • Bedroom: We can all admit that our bedroom can use some sprucing up, whether it be the paint on the walls or reorganizing for more space. The importance of proper rest is stressed, but how many of us can say we get the recommended amount of sleep? Improving your bedroom can make it extra comfy to get the sleep you need and keep you organized. The latest bedroom trends for 2015 are Luxury 2.0 styles.

How many remodeling projects did you add to your list? If it was all of them, or one small upgrade, on a new home or existing home, it can happen. Platinum offers a number of rehab loans to fit your home improvement needs!

  • FHA 203K: Platinum offers two types of the 203K loan: Standard and Streamline. Whether you’re purchasing a new home that needs little repairs, a foreclosure that needs major repairs, or a home that you’ve already purchased, an FHA 203K can benefit you.

Standard: If you are planning larger renovation projects, the 203K standard renovation loan can be right for you. This type of loan is for projects exceeding $35,000, such as a Modern Bathroomkitchen remodel pricing at $35,000+ or structural repairs, whether you are purchasing or refinancing.

Streamline: This particular loan maxes at $35,000, so it is a great option for your smaller, less pricey remodeling projects. If you are considering new siding, tiling, painting, roofing, etc., the 203K Streamline loan can be right for you. This loan also works with purchases and refinances.

  • Fannie Mae HomeStyle: This loan program covers most of the repairs as the 203K, but you have more flexibility. The Homestyle loan finances luxury exterior projects too, such as pools or spas. This loan option is the best option for people that want luxuries such as steam rooms, spas, pools, man caves, or a jungle gym for their kids.

Tell us what you want, and Platinum will work with you to make your home improvement projects happen. We assist our customers throughout the entire process to ensure they achieve their wants and needs, especially when it comes to their own personalized dream home! Please contact us with any questions you may have or submit a loan inquiry.

                                       

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Anthony Cummuta

2 CommentsLeave a comment

  • It’s crossed our my minds as our neighbors just listed their townhome for 45k more than we purchased ours for.

  • Interesting read! Definitely thought about flipping a house, before we bought ours. These are good tips for those considering flipping.

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