Home remodeling common mistakes

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Five Common Remodeling Mistakes The Week Ahead -> The “Keys”
Tim McLaughlin - Final FOMC Meeting of the Year and Inflation Data
Whether you are on the verge of purchasing a home that you
love but that you know you will most likely want to remodel a bit, or
you want to make some changes to that existing home, here are Date Economic Release Prediction Last
the five most common remodeling mistakes:
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Setting an unrealistic budget
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Most homeowners underestimate their budget by at least 25
percent. As you can imagine, not having enough money to 12/13 Advanced Retail Sales 0.6% 0.5%
complete a project can not only stress you out, but can also force
you to live with a half-finished project for a lot longer than you 12/13 less Autos 0.5% 0.6%
expected. Most experts suggest calculating your budget and then
increasing it by 20 percent for safety (and sanity) sake. 12/13 less Autos and Gas 0.58% 0.7%
“Keeping up with the Joneses” 12/13 IBD/TIPP Eco Optimism 42.0 40.6
One of the biggest mistakes I’ve read about is remodeling or 12/13 JOLT Job Openings - 3354
redesigning a space for what’s most popular at this minute. The
more trendy the project, the more likely it will feel out-of-date in a 12/13 FOMC Rate Decision 0.25% 0.25%
few years. That’s not to say you shouldn’t update your home to
match your style and interests, but if you’re looking to sell in the 12/14 MBA Mortgage Applications - 12.8%
near future, do not get hung up on trends.
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Over-improving
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A lot of the time, homeowners invest in remodeling their home
hoping that when they do sell, they will be able to maximize their 12/15 PPI (MoM) 0.2% -0.3%
ROI. However, they fail to consider the quality and state of the
homes in their neighborhood. Say you invest in top-of-the-line 12/15 ex Food/Energy 0.2% 0.0%
products, but the rest of the homes in the neighborhood are modest
and average, then you run the risk of having an even more difficult 12/15 PPI (YoY) 5.9% 5.9%
time selling the home or getting the money back.
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Doing it Yourself
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In order to keep budgets low or reduce the costs of some projects,
many homeowners think they can tackle big projects themselves. 12/15 Empire Manufacturing 2.50 0.61
This is usually a HUGE mistake. Unless you have the right tools,
training and connections, you could actually cause more problems 12/15 Initial Jobless Claims 390K 381K
down the line, including doubling your budget when you have to call
a professional to come in and fix your mistakes. 12/15 Continuing Claims - 3583K
Financing 12/15 Philly Fed Survey 5.0 3.6
Whether this is a new home that you want to renovate upon closing 12/16 CPI (MoM) 0.1% -0.1%
or an existing home, the biggest mistake you can make is not using
Weichert Financial Services for your funding needs. On a refinance, 12/16 ex Food/Energy 0.1% 0.1%
we can offer you historically low rates on a cash out refinance to
fund the initiative. On a purchase, talk to your knowledgeable 12/16 CPI (YoY) 3.5% 3.5%
Weichert Financial Gold Services Manager regarding putting less
down and/or financing the closing costs to have more liquid assets 12/16 ex Food/Energy 2.1% 2.1%
for the renovations. Ask us how…we can help!
Mortgage Access Corp. d/b/a Weichert Financial Services, Executive Offices, 225 Littleton Road, Morris Plains, NJ 07950. 1-800-829-CASH. NMLS Company ID: 2731. Licensed by the NJ Dept of Banking and Insurance. Licensed Mortgage
Banker with the State Dept of Banking in NY and CT. Licensed by the Pennsylvania Department of Banking, Mortgage Lender 21042. Licensed Lender in AK, AR, DE, MD, D.C., GA, ME, MI, MN, WI, IA, IL, IN, LA, VT, FL, WV, RI, KY, NC,
ID, MS, NE, WY, OK,TN, WA. Licensed by the Virginia State Corporation Commission, License #ML105. Licensed Mortgage Lender in the Commonwealth of Massachusetts. License #ML1713, Certificate #43155. Certificate of Authority to
transact business in CO, SC. Registered Mortgage Lender in TX. Licensed with the Financial Institutions Division in New Mexico, License # 01297. Licensed by the Department of Corporations under the California Residential Mortgage
Lending Act. Licensed Mortgage Broker and Lender Ohio. Licensed Loan Broker and Lender Rhode Island. Kansas Licensed Mortgage Company, License #MC.0001229. Licensed by the New Hampshire Banking Department, License #
8714-MB. Licensed Oregon Mortgage Lender License #ML2528. Weichert Financial Services arranges loans with third-party providers. Equal Housing Lender.