Would renovating my kitchen or refinishing my hardwood floors bring me more money when selling my house?
There are many projects that can be completed on homes that would provide a good ROI (return on investment) when selling your home. You have mentioned two of the more popular renovations. Both are great to complete when considering selling your home. Buyers love warm hardwood floors with shine as well as new updated kitchens. It would truly depend on your particular house in making this decision. If your floors are in good condition but your kitchen needs a complete makeover the kitchen renovation would make more sense.
Perhaps the cabinets in your kitchen are in good condition and changing the hardware, floors, paint and counter tops would be enough. They could leave you in a good position to also refinish the floors. An important thing to remember when renovating a kitchen is to make sure you complete the job. For instance, leaving old cabinets with the old hardware but changing the counter tops won't make sense to a buyer.
It is best that a Realtor take a tour through your home and they can provide you with the best way to spend your funds and receive a good ROI.
What is the lowest amount you can put down on a home?
I'm assuming you are speaking of financing. There are many financing options available. FHA offers loans with 3.5% down and up to a 6% Seller Assist. For instance, if you are purchasing a home for 100,000.00 you could put down 3.5% of that 100,000.00 and possibly receive $6,000.00 towards closing costs. I use the work possibly because sometimes 6% is too much of an assist and won't be approved by the mortgage company as some closing costs do have to be paid by the buyer. You must also find a Seller who is willing to provide that assist to you. In essence, if the home is 100,000.00 and you ask for a 6% assist, the Seller is taking an offer for $94,000.00.
USDA is another great option and involves no down payment and no PMI. This type of financing is restricted to certain areas. Before you start your search be sure to speak with a Realtor who is Experienced with these loans and to be sure the areas you are searching are included in the specific areas allowed by this type of financing.
VA also allows 100% financing and no limit on the seller's assist.
To establish the best option for your specific situation you should contact a Realtor as well as a Direct Lender and go through all of your options. A good Realtor and Lender will be sure you have a clear understanding of the financing options available to you.
Ask the Realtor is brought to you by Jennifer Daywalt, Realtor, with RE/MAX Results Realty. As one of the area's Top Producing Realtors and recipient of the Hall of Fame Award with RE/MAX, Jennifer offers you expert Real Estate Advice along with great ideas. If you have a Real Estate Related question, they can be emailed to Jennifer @ Sellinghomesjenn@aol.com and all questions will be answered in this forum.
