Linda D. Dempsey - KELLER WILLIAMS REALTY


When you’re making upgrades to your home, aim for changes that have a higher return on investment (ROI). ROI refers to the amount of money you can expect to recoup when you sell your home. Changes that have a higher ROI mean you can expect to recoup a higher amount compared to what you paid for these upgrades. You might spend more on these upgrades in some cases, but you’ll get all or some of that money back when your home sells. Knowing which home upgrades have the best ROI can help you choose which changes to make to your home. Keep the following in mind, since these upgrades can help homeowners recoup more overall.

Manufactured Stone Veneer on Exterior

Manufactured stone veneer on the exterior of your home offers one of the highest ROI out of all home upgrade projects. This veneer can give your home an elegant look or a more rustic one, depending on the style of stone you choose. You don’t need to cover all or even most of your exterior with this veneer. In fact, covering about a third of the lower part of your exterior that faces the street is all you need. When you choose manufactured stone veneer for your exterior, you can expect to recoup roughly 95 percent of the cost. Average costs for this job are around $9,357.

New Garage Door

Replacing your garage door might not seem like it would have that much of an impact on your home value compared to making other changes. However, garage door replacements have a high ROI, making them a good upgrade. For the highest ROI, choose a high-quality steel garage door with foam insulation, thermal seals, galvanized steel hardware and windows with insulated glass. When you replace an outdated or older garage door with a new one, you can expect to recoup around 94 percent of the cost. This type of home upgrade costs roughly $3,695 on average.

Minor Kitchen Remodel

Making some minor or smaller changes to your kitchen is a solid investment in terms of ROI. These changes don’t involve tearing out any part of your kitchen or making any other big changes. Examples of minor remodeling jobs in kitchens include replacing cabinet doors rather than entire cabinets, replacing countertops, installing new flooring and replacing appliances with energy-efficient ones. You can expect to recoup around 77 percent of the cost to make these minor upgrades to your kitchen. These changes typically cost around $23,452 to make.

Fiber-Cement or Vinyl Siding

When you need to update the siding on your home, consider choosing vinyl or fiber cement for a higher ROI compared to other materials. Fiber-cement siding or vinyl siding with a water-resistive barrier can provide your home with a fresh look while boosting its value. When you replace worn or older siding with vinyl siding, you can expect to recoup around 74 percent of the cost. When you replace your current siding with fiber-cement siding, you can expect to recoup around 77 percent of the cost. Vinyl siding replacement typically costs about $14,359, while fiber-cement siding replacement costs an average of $17,008.



6 Pond Street, Douglas, MA 01516

Single-Family

$389,900
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
"Spring Meadow Estates"! This 3 Bedroom 2.5 bath has so much to offer. Enjoy your new kitchen with upgraded cabinets and plenty of storage, soft close drawers, quartz counter tops, newer stainless steal appliances, luxury plank vinyl flooring, breakfast bar, coffee station and open floor plan. Sliders off dining area lead to a deck overlooking a large level back yard. Also featured are new carpeting in the living room, new luxury plank flooring through out the first level, first floor laundry, large master bedroom with walk in closet and 3/4 bath, new vanity in the second bath, and a ready to finish basement. This home is centrally located; near major routes, Douglas State Park, schools and downtown. No showings until Open House, Saturday, July 31, 12PM to 2 PM.
Open House
Saturday
July 31 at 12:00 PM to 2:00 PM
This 7 room 3 bedroom 2.5 bath Garrison Colonial has so much to offer! 1st floor has been redone with new flooring New kitchen with upgrade cabinets, professionally painted. Spacious main bedroom with 3/4 bath and walk in closet, deck and level back yard. Centrally located near schools, downtown, and major routes. All cards honored mask required.
More Open Houses
Cannot make the Open Houses?
Location: 6 Pond Street, Douglas, MA 01516    Get Directions





6 Pond Street, Douglas, MA 01516

Single-Family

$389,900
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
"Spring Meadow Estates"! This 3 Bedroom 2.5 bath has so much to offer. Enjoy your new kitchen with upgraded cabinets and plenty of storage, soft close drawers, quartz counter tops, newer stainless steal appliances, luxury plank vinyl flooring, breakfast bar, coffee station and open floor plan. Sliders off dining area lead to a deck overlooking a large level back yard. Also featured are new carpeting in the living room, new luxury plank flooring through out the first level, first floor laundry, large master bedroom with walk in closet and 3/4 bath, new vanity in the second bath, and a ready to finish basement. This home is centrally located; near major routes, Douglas State Park, schools and downtown. No showings until Open House, Saturday, July 31, 12PM to 2 PM.
Open House
Saturday
July 31 at 12:00 PM to 2:00 PM
This 7 room 3 bedroom 2.5 bath Garrison Colonial has so much to offer! 1st floor has been redone with new flooring New kitchen with upgrade cabinets, professionally painted. Spacious main bedroom with 3/4 bath and walk in closet, deck and level back yard. Centrally located near schools, downtown, and major routes. All cards honored mask required.
More Open Houses
Cannot make the Open Houses?
Location: 6 Pond Street, Douglas, MA 01516    Get Directions





6 Pond Street, Douglas, MA 01516

Single-Family

$389,900
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
"Spring Meadow Estates"! This 3 Bedroom 2.5 bath has so much to offer. Enjoy your new kitchen with upgraded cabinets and plenty of storage, soft close drawers, quartz counter tops, newer stainless steal appliances, luxury plank vinyl flooring, breakfast bar, coffee station and open floor plan. Sliders off dining area lead to a deck overlooking a large level back yard. Also featured are new carpeting in the living room, new luxury plank flooring through out the first level, first floor laundry, large master bedroom with walk in closet and 3/4 bath, new vanity in the second bath, and a ready to finish basement. This home is centrally located; near major routes, Douglas State Park, schools and downtown. No showings until Open House, Saturday, July 31, 12PM to 2 PM.
Open House
No scheduled Open Houses




Photo by Steve Buissinne via

Pixabay

Most are familiar with the key components of a mortgage: how much you're borrowing, what your interest rate is, how many years you'll be paying your mortgage back. There are many, however, who do not understand some of the finer details, including what prepayment penalties are and how they may affect you when you're buying or selling a home. 

What are Prepayment Penalties?

In the simplest terms, a prepayment penalty may apply if you pay off your mortgage early. Prepaying can mean either making additional payments that bring down your balance quicker, refinancing your mortgage, or selling the home and therefore paying off the balance of the loan. The reason banks apply these penalties is to recoup some of their lost revenue when years of interest are not collected due to an early payoff. 

Not all mortgages come with penalties and those that do often specify when and how the penalties will apply. For example, many borrowers will not be penalized if the prepayment results from selling the home, but will apply from refinancing or from making additional payments. Others have a limit to how much can be paid early via additional payments during any given year. It's also common for prepayment penalties to only apply during the first several years.

Avoiding the Harshest Penalties

For first-time mortgage applicants, it pays to take the time to find your lender before you choose a home. That way, you'll have plenty of time to read all the documentation, ask questions, and consult an attorney to ensure you're getting terms you can agree to in good faith. Keep in mind, however, that mortgage contracts are not final until you've selected a home and have documents drawn up specifically for that purchase. You may want to have an attorney present during the closing to make sure all the final paperwork matches your expectations.

For sellers, it's best to understand whether prepayment penalties will apply long before contemplating the sale of your home. However, if you missed the opportunity to do your due diligence when signing the mortgage documents, it's not too late. Start by talking with your lender to understand which, if any, penalties you may be subject to. If the penalties are steep enough, now may not be the best time to sell or you may want to keep these expenses in mind when pricing your home. Others may be able to port their mortgage to a new home, or transfer it to a new property to avoid penalties. 

Getting Help

No matter which side of the deal you are on, a qualified real estate agent can help you navigate the process to make sure you're getting the most from the arrangement while also working around tricky situations. To learn more or to get started, feel free to send in your inquiries, so we can get started on your homebuying or home selling journey today.