Moving up to a bigger and better home might be a challenge in the current housing market. Rising prices and limited inventory are causing buyers to pause and rethink their current living quarters and doing so may pay off.
Spending a little money on upgrading has the greatest effect on boosting a home's value, especially in one particular area of the home: the bathroom. Investing in a remodel for the powder room, according to the National Association of the Remodeling Industry, can yield an 85 percent return on investment.
Giving the water closet a face lift, such as a trendy mirror or shiny new faucets can give the appearance of a significant investment and catch an appraiser's eye. Additionally, an upgraded commode can also be viewed as a practical investment that can please current homeowners as well.
Today, conforming no-point 30-year fixed mortgage rates averaging 4 percent while 15-year rates are near 3.25 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.