@iamandrewrussell: Homeowners beware! Renovating your home may cost you more than expected. Since the rates are still in the 6 and 7%, people who purchased at a low rate during the pandemic are choosing to stay in their home and renovate rather than buy a new one. Depending on the state, if you make significant changes to your home that require a permit, such as adding a pool, the value of your home may increase. This could lead to a higher appraisal, which could in turn lead to higher property taxes, increasing your mortgage payment. Here are some things to consider when deciding whether or not to renovate your home: 🤔How much will the renovations cost? Can you afford the upfront costs and the ongoing costs of maintaining the renovations? 🤔How much will the renovations increase the value of your home? Will the increase in value be enough to offset the cost of the renovations? 🤔How will the renovations affect your mortgage payment? Will you be able to afford the higher monthly payments? If you're making any renovations, be aware that your property taxes may go up and make sure you budget for that. If you found this helpful and want to learn more about mortgages, follow my page. #mortgagetips #homerenovation #highmortgagepayment #propertytaxes

IamAndrewRussell

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Thursday 17 August 2023 17:11:15 GMT