I need to replace the flooring in my home but I also need to refinance out of my pay-option adjustable rate mortgage. If I wait until after the appraisal to replace the floor (I’ll have to use credit which could affect my credit score), how will that affect my home value?
August 10th, 2009 at 12:00 pm
If your flooring is old but clean, I wouldn’t suggest you replace it. If it is destroyed (holes, cigarette burns, etc.) you will want to do whatever it takes to replace it. The appraiser will not care if it’s dated, but clean. He will have to assign some physical depreciation if the flooring is damaged.
You are wise to get out of that mortgage. If you have 20% equity (example; $100,000 home value, you only owe $80,000) you shouldn’t have too much difficulty getting it refinanced in either case. Good luck to you
August 10th, 2009 at 4:33 pm
The best thing for you to do is refinance and get the heck out of that ARM agreement.. those are terrible and shame on those mortgage companies for signing up so many people with those a few years back. I think they should ban them.
Your floors can always wait.. especially if you don’t need to sell your house. Who knows what is going to happen with the housing market these days.. make sure you find a fixed mortgage and then stay in it. Best Wishes!