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Updated over 4 years ago on . Most recent reply

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Joyce G.
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Should I remodel before refinancing?

Joyce G.
Posted

I bought a condo (townhome style) here in Bothell, WA in March2020. I only paid 10% down for 431k at 3.5% interest rate. I am now thinking about refinancing + putting in the additional 10% in order to lose the PMI.
I have a locked rate of 2.75%. The homes in my neighborhood have been selling about $420k and maximum $435k. I wanted to update all bathroom floors and change the master bedroom’s single vanity to a double vanity. Estimate of all these updates would be around $5-$6000. 
My mom (who is a realtor in California) said not to bother with the remodel and instead put that remodel cash into the home, as it would decrease my monthly payments and she didn’t believe such remodeling would actually add that much value. 

Any opinions here? I’m thinking at the very least to do the floors ($2k) and then not bother with the vanity. Should I just go all in with the remodel or listen to my mom and put that money into the house?


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