Rising home values and a growing number of homeowners opting for a cash-out refinance means more money available to spruce up the home. In fact, home remodeling has climbed by a whopping 30 percent over the past five years. This latest data comes from BuildFax, a provider of property condition and history insights for insurance and financial institutions.
Americans spent 8.96 percent more on the remodeling of existing single-family homes over the past year. According to the National Association of Home Builders, owners invested $152 billion on upgrades in 2017.
Upgrades to kitchens and bathrooms in particular may be more costly than other home renovations on average but industry reports show they add the biggest boost to home values.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.