Baylake
Bank Provides Tips to Make Most of Housing Market
According to John Moeller, Baylake Bank Mortgage Lender, if your house has been lingering on the market for awhile or if you’re planning to list your property soon, options are available. Moeller says, “You may want to consider upgrading your home to make it more comfortable for you now and more appealing to buyers down the road. There are some great home equity rates available right now, and they make home improvements a good solution for anyone who is concerned about their best course of action during current economic uncertainties.” He added, “Oftentimes, people put their homes on the market due to a change in their family or living situation. But it’s worth looking into remodeling your existing home to fit your lifestyle.”
Finance Your Upgrade with Your Home’s EquityIf you’ve decided to stay in your current home and an upgrade makes
sense, consider tapping into your home’s equity to finance your
projects. Home equity loans can work well if you’re looking at a large
one-time expense. You borrow one lump sum, and then pay the loan back
over a set period of time. If you’re looking to take on a variety of
projects, consider drawing on a home equity line of credit for revolving
expenses. |
Each year, Remodeling magazine releases a “Cost vs.
Value Report,” which summarizes remodels and upgrades that offer the highest
return on investment as rated by the nation’s Realtors®. For 2007, exterior and
replacement projects topped the national averages with recovery rates over 80%
including upscale siding replacement (88%), wood deck addition (85%), and wood
window replacement (81%). Minor kitchen remodels also scored high with an 83%
return.
These estimated figures are based on resale value in the current market, so
individual homeowners need to take their specific circumstances into
consideration. However, there are some general lifecycle guidelines to provide a
good starting point:
-
Growing Family -- Perhaps an addition makes sense. The Remodeling report shows an average return of 73.9% for two-story additions – so you might be able to stay in the neighborhood you know and love, with enough room for baby and more.
-
Empty Nester -- If your kids have flown the coop, it might be time to move from kid-friendly to adult-focused. Consider reconfiguring your living space for pampering by upgrading to a four-star chef’s kitchen (78.1% return) or building the master suite of your dreams (69% return). Ditch the old swing set, and turn your backyard into a personal oasis.
-
Going Green -- If you’re looking for greener living quarters, you’re in luck. You can upgrade paint, carpet, wood flooring, toilets, appliances and more with eco-friendly products – often for less money than conventional materials and fixtures. Breathe easy, because going green can improve indoor air quality and help save on your utilities.
If you’re in a situation where it makes
sense to ride out the housing market for a while longer, a remodeling project or
two may be worth the investment. “Or if it really is time to make the move into
a new home, mortgage interest rates are very buyer-friendly right now,” said
Moeller. “All of the mortgage lenders at Baylake Bank are more than happy to
help potential and current home buyers determine their best course of action. We
encourage them to contact us early in the home buying or remodeling process so
we can provide the information they need to make the right decisions.”
About Baylake Bank
Baylake Bank, Member FDIC/Equal Housing Lender, employs over 320 individuals
throughout northeastern and central Wisconsin and serves its communities from 28
financial centers in Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie,
Waupaca, and Waushara counties and from its website at www.baylake.com. For more
information call (920) 743-5551 or 1-800-267-3610.