Selling your home? Improvements that give the best payback! Charlotte, NC

Selling your home? Improvements that give the best payback! Charlotte, NC

If you are thinking of selling your home in this tough “Buyers” market you better be one of this three options…

• 1. Be the lowest price in your area.
  2. Be the best, cleanest, most updated, and have very competitive price in your area.
  3. Be both!

If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more. Things like adding rooms or finishing basements tend to pay back the least.

The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you’re smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Building a large addition that makes your home twice as big as the other homes on the block probably won’t pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won’t pay back as well as something more common to other homes in the neighborhood.

Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment.

The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects:

Kitchen remodeling – 90%

Add a bathroom – 90%

Bathroom remodeling – 80%

Install central heating – 90%

Install central air – 75%

Add a deck – 70%

Replace windows – 70%

Add a room – 55%

Build a pool – 45%

Finish a basement – 40%

Whatever you do, talk to your Realtor before doing ANYTHING! Do a CMA (Comparative Market Analysis) and let your Realtor give you his/her advice. This will save you money on unnecessary upgrades.

If you have any questions please call us.

John Paul Soto - Realtor/Broker

John Paul Soto is the seller’s connection, and his specialty is to provide the resources, expertise, and guidance to clients who are ready to sell their homes in Charlotte, N.C. and surrounding areas. From the initial contact with the seller to the closing of the deal, John Paul Soto will meet with the clients and assists them to stage the house, set the listing price based on a careful and comprehensive market study. He provides facts, local statistics about subdivisions or neighborhoods, which is crucial for the client to make a wise decision when setting the listing price. He is also the source for promotion and marketing, which involves exposing the property to the buyers and Realtors by using several online media, colorful flyers and brochures, property websites, social networking sites, and much more. By making weekly contact with the client and providing up to date information about the home selling process, viewing statistics, and inquires, John Paul assures the seller that the services he provides and his commitment are essential for the successful closing of a de

Loan Application Checklist… What you need to know before getting a loan!

Loan Application Checklist…

For many buyers, applying for the mortgage loan is one of the most stressful and confusing aspects of buying a home. The loan application process should not become a stressful time. By following a few easy steps, you’ll sail through the loan application process with no major problems. It is important to ask your Realtor for a list of his/her preferred lenders, which most likely will make the process less stressful. Establishing a good relationship with the professionals involved in the home buying process is the key to help every transaction to go smooth. it will also help the buyer to  achieve his/her desired goals.

Remember that everything is negotiable! Make sure you talk to at least 3 lenders and make them compete for your business…

So, get your notepad and take good notes. The following checklist will help you have a smooth loan application…

Get your note pad...

1. Make a list of any questions you have about the loan program.
Do not be afraid to ask questions. This is probably the most important transaction investment you will ever make. Be sure to understand the advantages and disadvantages of the various mortgage programs for which you may qualify. Some questions you may want to ask are:

• What is a Loan Origination fee?
  
• Can you lower your Origination fee?
• What is a Discount Point?
• What is a PMI? Is it a requirement?
• What does it mean to “Lock the Rate”?

These are some examples of some important questions to ask. Make sure you request a “Good Faith Estimate Sheet”, and show it to your Realtor. He/she will make sure that you are not being charged too much or that there are no unnecessary fees.

Gather your paperwork.

Loan Application Checklist

In general, the documentation you will need includes:
	Check for application fee and Appraisal
Property Information (if you already have a home in mind)
	Purchase Agreement.
	Copy of legal description and MLS sheet.
	If you are selling your current home, copy of listing contract.
	If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
	Pay stubs for the last 30 days.
	For the past two years:
	Names and addresses of each employer. W-2s
	Statements for each bank, mutual fund, and/or investment account for the last three months.
	Estimated value of personal property and furniture.
	If you have made any large deposits to your accounts:
	Explanation and source for deposit. If large deposit was a gift: Signed gift letter (lender can supply). Copy of gift check. Copy of deposit receipt.
	If you own more than 25% of a business:
	Corporate or partnership tax returns.
	If self-employed:
	Tax returns for the last three years (with schedules). Year-to-Date Profit and Loss Statement prepared by an accountant.
	If you own rental property:
	Tax returns for the last two years and current rental agreements.
	If you are retired:
	Pension Award Letter.
	If you receive Social Security:
	Social Security Award Letter.
	If you are counting child support as income:
	Copy of divorce settlement. Copy of twelve months of cancelled child support checks.
Debts
	Names, addresses, account numbers, balances and monthly payments on all current loans.
	Explanation of credit report anomalies, including:
	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens. Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
	Copy of DD Form 214, Report of Separation.
Miscellaneous
	Photo ID and proof of Social Security number.
	Residence addresses for the past two years.
	If applicable, a copy of your divorce decree.
	If you are not a citizen, a copy of the front and back of your green card.

Hope this information is useful for you. Please call or send us an email if you have more questions and if you would like a list of our preferred lenders.

Thanks,

The Soto & Ferreira Group

(Note: I apologize for any grammatical errors in this blog. My primary language is Spanish and I am currently working on improving my grammar in English. Thanks for understanding.)

John Paul Soto

John Paul Soto choose to work in Charlotte, NC real estate because he genuinely enjoy working with people, and believe it is an industry that rewards dedication and personal initiative. He also want to give back to his community, and he is currently employed as a firefighter for the Charlotte Fire Department.

John Paul Soto was born and raised in Guatemala, and moved to Charlotte in 2002 to attend college. He is currently pursuing a Bachelor’s degree in Business Management, and will continue to make his home in Charlotte, NC after graduation.

He takes great pride in his accomplishments and hope to continue to build a successful track record helping other people achieve theirs. He is now part of “The Soto and Ferreira Group” on of Charlotte’s NC best Real Estate Groups.

Thanks,

John Paul