Improvement and Overimprovement in Home Remodeling

If you want to recoup some of the money you spend on remodeling your home, you need to consider not to overimprove. Although in the Pacific rim, you will recoup more of your investment than the national average, some investments are still better than others. For example in the midrange homes, minor kitchen remodel recoups about 95% of the money spent, while remodeling a home office will only get you about 65% return. Investing in new vinyl windows is also a good choice, it recovers about 93% of the cost, while helping you save green by living green.

Some of these is somewhat surprising. An addition of new wood deck will get a 97% return, but an extra sunroom is only 60%.

This online list gives you the national average. Contact me if you want the Pacific coast averages.

http://www.realtor.org/rmohome_and_design/articles/2008/0812_costvsvalue_2008

Foreclosure Moratorium

In February the State passed a 90-day Foreclosure Moratorium that went into affect June 15. This law is intended to help those owner-occupied homes where the first loan was recorded between Jan. 1, 2003 and Jan. 1, 2008 from being foreclosed on. The law requires lenders to prove they have tried to modify the delinquent loans before they can begin foreclosing.

Under the law, however, Department of Corporations can grant loan servicers exemptions - allowing them to foreclose - if the lenders have a mortgage modification program in place that meets some combination of various criteria. Among them: a deferral of a portion of the principal, lowered interest rates for at least five years or an extension of loan terms. The exemption can take a month to complete, and during that time the lenders can continue to foreclose homes as usual.

You can read the bill in its entirety here.