This post is sponsored by Fellowship Home Loans.
Last year my husband and I were able to buy the house we were renting and we were truly ecstatic to be able to do so. The Seattle market can be a very crazy one and working without a bidding war and a seller we trusted was amazing. Plus, moving day was rather easy since we were already living there. Though it did make getting keys rather anticlimactic. J
When we purchased our home we had the dreaded mortgage insurance on our loan. In order to get that off as quickly as possible we decided to do a few things right away to make that happen. Here is how we prioritized our home improvement items so we could get the highest appraisal possible.
Make a list
We moved into an older home so we needed to make a list at the areas of the house it made the most sense to update first. Budget was a concern of course so we had to be creative. Here is our list:
- Roof – Our roof leaked so we needed to do this. We hired out.
- Windows – Out with the metal windows and in with the new, double pane windows. (Don’t forget to look into energy rebates)
- Kitchen – We did a DIY rearranging of our kitchen. We tore down a wall ourselves and opened it up. This was work we did all ourselves, other than electrical and plumbing.
- Bathrooms – Just a little paint for this. No budget left for a big remodel. It cleaned up the walls and made things fresh.
- Floors – We found wood floors under the carpet so we had them refinished.
Yes, I know that is quite the list and some big ticket items on the list. We did have some financial help from outside sources to help us get it done and then we did a lot of the work ourselves to keep the costs down. Planning will help you figure out the best way to make your dollar stretch. And if you aren’t sure where to start, ask a real estate agent to help you prioritize. They can tell you the updates that bring the highest return.
Prioritize
It could be that you live in an older house like we do and there are many things to be done. It can feel overwhelming if you don’t prioritize. And it can also be a budget killer if you don’t start with one task at a time. Making a list and sticking to that list will help you stay focused. Sometimes just small things make a big difference. We couldn’t afford too much in the bathrooms so we just cleaned things up.
Tip: Join all your community free groups because you never know what people may be giving away that could help you out. We really needed a new oven, but know it will require some electrical work to get the one we want. Our neighbor ended up giving us one they didn’t need that replaced our ancient one while we save up for a bigger one in the future. Free is good!
New Oven
Old Oven
The Details Matter
When we learned our house had risen in value enough to investigate a refinance and get rid of our PMI we were ecstatic. However, the first thing we did was ask our real estate agent what she thought because we wanted her honest opinion on the steps we need to take to get the highest appraisal possible. She told us that our counters needed help but if we replaced those we may be able to get what we need. We were torn because we could simply not afford to replace out countertops. Instead of being defeated we decided to get creative. We went to Pinterest and YouTube and found out many people had tried updating their counters with contact paper. Since we’d only be out $14 we decided to give it a try. It worked! Now when you walk into the house you aren’t immediately stopped by the pieced together counters. I am shocked at how beautiful it looks. DIY for the win!
Counters with Contact Paper
Counter Without Contact Paper
Get an opinion from a real estate agent so they can tell you the little things that will make a big difference.
We also spent a little money to get our carpets cleaned. It was nice for us and removed all those pesky stains that just make the carpet look older than it really is.
Day of the Appraisal
The day of the appraisal we had fresh flowers on the table, made sure our flower pots actually had flowers that were alive and I put a nice scent in the diffuser a couple hours before the appraiser arrived so it would smell nice and fresh. It was clean from top to bottom and there was not one thing out of order. This is saying something considering we have two kids. We also made sure to trim all our bushes in the yard, pull weeds, mow the yard the day before and pray for a beautiful sunny day. Everything looks better when the sun is shining! It was easy for him to walk through the house, get the pictures he needed and I could tell he was pleased and impressed with the work we had done.
I felt really proud of the work we did and I think it made a difference.
The result: We received the appraisal we needed! Refinance complete. PMI gone!
Owning a house is one of my favorite things. We love owning our house, fixing it up and building a home for our family. If you make a list, pay attention to the details and go above and beyond it will help you get the most value possible in that appraisal. Appraisals are expensive so you want to do everything you can! When you get that PMI off your loan you’ll have extra money to save or put back in the house. Win/win!
After you are all spruced up and ready to go, call Fellowship Home Loans and they would love to help you with your home refinance! Fellowship Home Loans pride themselves on always doing the right thing for their clients. They work tirelessly to find the right product for every client’s needs. They provide multiple options and take the time to explain the benefits and drawbacks of each option so you can make informed decisions about their home loans. Are you ready decrease that mortgage payment? Give them a call! They’d love to help. If you are in the market for a house, they can help with all your home lending needs!
