Get the Most Out of Your Home Renovations with First State Bank Mortgage

It’s American Housing Month, and if you’re like most homeowners, you have a list of home renovations you’d like to tackle. With the average homeowner spending $6,649 on home improvements in the last 12 months (HomeAdvisor’s 2018 True Cost Report), choosing projects that retain resale value is a great investment.

First State Bank Mortgage clients Matt and Sarah Stevens are in the midst of a significant home remodel. “We bought our home in 2018 with financing from First State Bank Mortgage, and we are doing a complete ‘Chip and Joanna Gaines-style’ remodel,” says Matt, referring to the popular HGTV “Fixer Upper” stars.  “So far, we’ve focused on the interior and have completely redone the kitchen, updated two bathrooms, refreshed a fireplace, and moved a few walls.”

As the Stevens know, remodeling can be a very expensive process, and it’s important to know which projects provide the best bang for your renovation buck. The 2019 Cost vs. Value Report compares the average cost of popular remodeling projects with the value they retain at resale in more than 100 U.S. markets. The data reveals the most profitable renovations include:

1. Garage door replacement, 97.5% cost recouped at resale
2. Manufactured stone veneer, 94.9% cost recouped at resale
3. Minor kitchen remodel, 80.5% cost recouped at resale
4. Addition of a wood deck, 75.6% cost recouped at resale
5. Siding replacement, 75.6 % cost recouped at resale

“Remodeling a home is a lot of work. We are fortunate to have found the right lending partner in First State Bank Mortgage, so we don’t have to worry about that aspect,” Matt says. “Estimates show we have increased the value of our home by $100,000 to date…and we still have a lot of work planned.”

The Stevens’ attention will soon be focused on the outside of their home as they are hoping to tap into their home’s equity to help fund additional improvements with a cash-out refinance of their current mortgage. “I could shop around for a lender, but I’m not going to,” Matt says. “I’ve never met a loan officer that works as hard as ours does. The First State Bank Mortgage team is always there for us.”

Whether you are considering refinancing to fund home improvements or purchasing a new home, put the First State Bank Mortgage team to work for you. Our experienced loan officers can help you with a loan preapproval so you can plan accordingly. Apply online or call 636.940.LOAN (5626) today.