What you should know about the market
o Although many home renovations improve the look of the property, some may not increase the home’s value, while others actually can make it more difficult for the homeowner to resell. Some renovations, like in-ground swimming pools may discourage a buyer who views it as requiring too much upkeep. While in-ground swimming pools may work in areas with warm climates year-round, like many areas of California, it is unlikely a homeowner will recoup the costs associated with installing it.
o First-time home buyers easily can become overwhelmed with the various loan choices available. Experts recommend first-time home buyers apply for a loan with an interest rate fixed for the duration of time the buyer plans to live in the home. Hybrid loans may be an option worth considering, as they are fixed for a certain period and later change to an adjustable-rate mortgage. This may be a viable option for a buyer planning to stay in the home for just a few years. However, most buyers should consider a 30-year fixed-rate loan.