The S&P 500 Explained and Defined
What is the S&P 500 index? An exploration into the popular market index, along with a look at ways to invest in the S&P 500.
Read moreWhat is the S&P 500 index? An exploration into the popular market index, along with a look at ways to invest in the S&P 500.
Read moreHow long should you hold stocks? Here are six investing strategies to consider when making the decision to hold or to sell.
Read moreFiduciary financial advisors are professionals who have a legal obligation to manage assets or give retirement advice with their client’s best interest in mind. Among the guidelines fiduciary financial advisors need to abide by are avoiding conflicts of interest, being transparent (about fees and investments choices), acting in good faith, and being as accurate as possible.
Financial advisors aren’t the only professionals who can have fiduciary responsibilities. Lawyers, bankers, board members, accountants and executors can all be considered fiduciaries. Fiduciary financial advisors cannot recommend investments or products simply because they would pay them bigger commissions. They can be held civilly responsible if they give advice that isn’t in the best interest of their clients.
Key Points
• Fiduciary financial advisors are legally bound to act in clients’ best interest, ensuring transparency and avoiding conflicts.
• The fiduciary standard is stricter than the suitability standard, which only requires recommendations to fit client needs.
• To find a fiduciary advisor, ask about their fiduciary status, compensation, and transparency.
• Compensation models vary: fee-only advisors charge flat or hourly fees, fee-based earn fees and commissions, and AUM advisors charge a percentage of assets.
• Evaluating a fiduciary advisor involves checking their legal obligation, fee structure, and commitment to providing conflict-free advice.
A fiduciary is someone who manages property or money on behalf of someone else. The Consumer Financial Protection Bureau (CFPB), a government watchdog agency, describes a fiduciary as someone who is required, by law, to manage money or property on behalf of someone else to their benefit, not their own.
As a fiduciary, your four basic duties are to act only in your friend’s best interest, manage her money and property carefully, keep her money and property separate from your own, and keep good records. Basically, you are to do your very best to manage her finances honestly.
In this sense, a person who is named as a fiduciary may not have any particular financial planning expertise. Therefore, they may still choose to hire out the actual work of managing the money to a financial expert. In doing this, they are exercising fiduciary responsibility.
Someone who acts with fiduciary responsibility should act in the customer’s best interest. There is no universal standard for fiduciary responsibility because there are multiple agencies that act as regulatory bodies in the financial services industry.
The U.S. Department of Labor (DOL) is one, and the Securities and Exchange Commission (SEC) is another. Additionally, the organizations offering certifications, like the board of Certified Financial Professionals (CFPs), may provide their own guidance on fiduciary responsibility and code of conduct.
In 2016, the Labor Department issued what was called the “fiduciary rule,” requiring that any advisors offering retirement advice must act in their clients’ best interest. The rule was widely challenged from within the industry and subsequently overturned in the courts in 2018.
The DOL has subsequently tried to restore the rule, but the courts have, in recent years, shut down those attempts as well. Investors interested in working with financial fiduciaries are encouraged to inquire directly with various professionals, as there are still some guidelines in effect.
In June of 2019, the SEC passed its own version of the fiduciary rule, called Regulation Best Interest (RBI). It says that all broker-dealers (which includes brokers) must act in the best interest of the retail customer when making recommendations, without placing their financial interest ahead of the customer’s.
According to the SEC, broker-dealers must adhere to the following obligations:
Disclosure Obligation: provide certain required disclosure before or at the time of the recommendation, about the recommendation and the relationship between you and your retail customer;
Care Obligation: exercise reasonable diligence, care, and skill in making the recommendation;
Conflict of Interest Obligation: establish, maintain, and enforce written policies and procedures reasonably designed to address conflicts of interest; and
Compliance Obligation: establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Regulation Best Interest.
Not everyone is convinced that the new RBI standards do enough to protect the consumer. Additionally, the new RBI rules may have actually weakened the need for some Registered Investment Advisors to work in a fiduciary capacity.
Because the rules of fiduciary responsibility remain somewhat up for interpretation, the waters remain a bit murky for some retail customers, and the responsibility for finding a fiduciary requires effort on the consumer’s part.
Ask questions, carefully consider investment recommendations, and challenge possible conflicts of interest. It is good to be in the habit of asking the person you intend to work with whether they’ll be acting with fiduciary responsibility. Do not hesitate to ask them outright, “Are you a fiduciary?”
Then, ask them to clarify what fiduciary responsibility means to them, their title, and the institution that they represent. Also, consider how they are being compensated, i.e. what does the financial advisor charge? Much, although not all, can be sussed out via the compensation model.
Previously, broker-dealers may have adhered to what is called the “suitability rule,” as opposed to a fiduciary rule. Although broker-dealers are now technically held to a fiduciary standard, it’s an important word to know, just in case you work with someone who does not fall under the SEC’s regulatory purview. Suitability is not the same fiduciary responsibility.
The rule by the Financial Industry Regulatory Authority (FINRA), a non-governmental regulatory organization, requires that a firm or associated person have “a reasonable basis to believe” that a financial or investment recommendation is suitable for the customer.
The firm needs to make this determination based on the customer’s “investment profile,” which can include age, other investments, financial situation and needs, taxes, liquidity and risk tolerance, among other factors.
Finding a financial professional that assumes fiduciary responsibility is a great start.
That said, there is more to finding a trusted financial advisor than simply adhering to fiduciary standards. Being a fiduciary doesn’t guarantee that a financial professional offers the right service for you, or even that they’re someone that you’ll want to work with.
For example, a doctor may have a license to practice, but not a good bedside manner. Or, you may need a dermatologist, so making an appointment with a pediatrician won’t do.
Here are a handful of the services offered in the financial help space, along with their respective adherence to fiduciary guidelines.
Generally, RIAs manage investment portfolios on behalf of customers. They may or may not offer other services, such as comprehensive financial planning.
Previously, all RIAs were held to a fiduciary standard. Counterintuitively, this may have changed with the new RBI standards, which may have loosened standards for RIAs.
Brokers, such as a stock broker, are professionals who buy and sell securities on behalf of clients. Typically, a broker works on some form of commission from the sale of securities.
Before the RBI, brokers were not held to a fiduciary standard. They are now held to the new standards, though it remains to be seen exactly how this will shake out within the industry.
A CFP® may offer more holistic financial services, such as financial planning, budgeting, and personalized investment advice. Not all financial planners are CFPs — you may want to ask about the credentials of the professional you want to work with.
The CFP Board “supports a uniform fiduciary standard of conduct for all personalized investment advice. This fiduciary standard of conduct should put the interests of the client first, and should include both a duty of care and a duty of loyalty.”
Again, it is important to seek out the professional that will best serve your needs.
If a financial professional suggests a product or strategy, do not be afraid to ask questions.
Financial professionals are compensated in several different ways:
In this case, you would pay a financial professional, such as a CFP®, a fee to sit down and discuss a financial plan or roadmap. This could be a one-time meeting, or meetings could take place at regular intervals (such as quarterly or annually). If a financial planner is fee-only, then they will not receive any additional commissions on products being sold.
An advisor who is fee-based may charge a fee and collect commissions. This fee could be a one-time or annual fee, or it could be measured as a percentage of assets under management. For example, an investment advisor could charge a 1% annual fee.
Similarly, some investment advisors and planners who manage an investment portfolio may charge a percentage on top of assets that are being managed.
Some financial professionals may charge by the hour. This may be more common for financial coaching and planning than wealth management.
Commissions typically come in the form of payments to the financial professional, from the company that creates the product. Commissions are common on insurance products, like annuities and life insurance, and some actively managed mutual funds.
It is possible that a financial professional be compensated in multiple ways. Be sure to ask. A popular choice for those just getting started is a fee-only fiduciary financial planner. To find a fee-only fiduciary financial planner, you can likely find many with a simple internet search.
Fiduciary financial advisors are professionals who are legally obligated to invest money or give retirement advice that’s in the best interest of their clients. Among the requirements fiduciary financial advisors need to abide by are minimizing conflicts of interest and being transparent about how they are compensated. Acting in good faith and giving accurate financial advice are also guidelines that fiduciaries are supposed to follow.
Investors looking for trusted help should try to find a fiduciary financial advisor. Some robo-advisors and online investing platforms offer access to a financial planner who can answer questions for investors.
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SOIN-Q125-031
Read moreThe inflation rate doesn’t directly affect mortgage rates, but the two tend to move in tandem. Rising inflation shrinks purchasing power as prices of goods and services increase. Higher prices can then influence the Federal Reserve’s interest rate policy, affecting the cost of borrowing for lending products like mortgages. Then, as inflation cools, mortgage interest rates often ease as well.
Key Points
• Inflation does not govern mortgage rates but indirectly impacts them through Federal Reserve interest rate policies.
• Historical data shows a correlation between inflation rates and mortgage rates.
• Inflation impacts adjustable-rate mortgages more directly than fixed-rate mortgages.
• Homebuyers and homeowners should consider current economic conditions when making mortgage decisions.
• Inflation is only one factor to take into account when deciding whether or not to purchase a home.
To understand how inflation and mortgage loan rates are connected, it helps to first understand what inflation is in the first place: a general increase in prices and a related drop in the purchasing value of your hard-earned money.
When prices rise but paychecks remain steady, people feel the pinch of inflation. The Federal Reserve, the central bank of the United States, tracks inflation rates and trends using several key metrics, including the Consumer Price Index (CPI), to determine how to direct monetary policy. A target inflation rate of 2% is considered ideal for maintaining a stable economic environment over the long run, and in 2024, many borrowers were relieved to see the inflation rate — which trended upward in 2022 — ebb. By the end of 2024, it had come close to the target goal.
Several factors may cause inflation. Supply and demand play a large role in how prices rise.
In supply-side inflation, also known as cost-push inflation, prices rise due to supply challenges. When the cost of labor or raw materials used to make a product increases, prices often follow. Homeowners saw this during the COVID-19 pandemic when building materials were in short supply and renovation projects became much more expensive. More recently, talk of tariffs on imports from China, Mexico, and Canada has caused economists to warn of inflation.
Demand-pull inflation happens when there is increased demand for a product or service. Sometimes this is a natural outgrowth of demographic patterns, such as when a large population group moves into a new lifestage. Anyone in the home-buying market can relate to this: When there are lots of homebuyers and limited inventory of properties for purchase, sellers can command higher prices.
An inflation spiral — also known as a wage-price spiral — happens when wages rise in reaction to price increases. Increased wages in turn cause elevated demand for goods and services. It can be hard for economic policymakers to break this back-and-forth pattern.
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Once you understand the basics of inflation, you might wonder: What does all this have to do with interest rates on a home mortgage? As we’ve said, inflation rates don’t have a direct impact on mortgage rates, but there can be indirect effects because of how inflation influences the economy and the Federal Reserve’s monetary policy decisions.
The Federal Reserve does not set mortgage rates. Instead, the central bank sets the federal funds rate target, the interest rate that banks use when they lend money to one another overnight. A Fed increase in this short-term interest rate often pushes up long-term interest rates for U.S. Treasuries.
Fixed-rate mortgages are tied to the yield on those 10-year U.S. Treasury notes, which are government-issued bonds that mature in a decade. When the 10-year Treasury yield increases, the 30-year mortgage rate tends to do the same.
So in terms of what affects fixed-rate mortgage rates, movement in the 10-year Treasury yield is the short answer. Higher yields can mean higher rates, while lower yields can lead to lower rates. But overall, inflation rates, interest rates, and the economic environment can work together to sway mortgage rates at any given time.
Higher rates can make borrowing more expensive while also providing more interest to savers. People borrowing less and saving more can have a cooling effect on the economy. When the economy is slowing down too much, however, the Fed may lower interest rates to encourage borrowing and spending.
If you track the average 30-year fixed-rate mortgage rate and the average annual inflation rate, you’ll see that the percentages often move more or less in concert. Here’s a look at the past 22 years and some key dramatic years before that.
Year | Average Inflation Rate | aver |
---|---|---|
2024 | 2.9 | 6.7 |
2024 | 2.9 | 6.72 |
2023 | 3.4 | 6.81 |
2022 | 8 | 4.87 |
2021 | 4.7 | 2.96 |
2020 | 1.2 | 3.11 |
2019 | 1.8 | 3.94 |
2018 | 2.4 | 4.54 |
2017 | 2.1 | 3.99 |
2016 | 1.3 | 3.65 |
2015 | 0.1 | 3.85 |
2014 | 1.6 | 4.17 |
2013 | 1.5 | 3.98 |
2012 | 2.1 | 3.66 |
2011 | 3.2 | 4.45 |
2010 | 1.6 | 4.69 |
2009 | -0.4 | 5.04 |
2008 | 3.8 | 6.03 |
2007 | 2.8 | 6.34 |
2006 | 3.2 | 6.41 |
2005 | 3.4 | 5.87 |
2004 | 2.7 | 5.84 |
2003 | 2.3 | 5.83 |
2002 | 1.6 | 6.54 |
2001 | 2.8 | 6.97 |
2000 | 3.4 | 8.05 |
1981 | 10.3 | 16.63 |
1980 | 13.5 | 13.74 |
1979 | 11.3 | 11.20 |
1978 | 7.6 | 9.64 |
1975 | 9.1 | 9.05 |
1974 | 11.0 | 9.19 |
In September 2022, the U.S. inflation rate hit 8.2%, well beyond the Federal Reserve’s 2% target inflation rate. While prices for consumer goods and services were up almost across the board, the most significant increases were in the energy category. Many consumers noticed inflation because of increased food prices: In the year ending August 2022, prices for food at home increased 13.5%, the largest 12-month percentage increase since the year ending March 1979. Prices for food away from home increased 8%.
Rising inflation rates in 2021 and 2022 are thought to have been driven by a combination of increased demand for goods and services, shortages on the supply side, and higher commodity prices due to geopolitical conflicts. The Federal Reserve responded by raising interest rates — 11 times between March 2022 and October 2023. Mortgage interest rates also trended north to 7.00%. But the Fed’s measures appear to have had the desired result, putting the brakes on inflation, although it remained above the target. By early 2024, inflation seemed to be moderating when compared to recent years.
Recommended: Understanding the Different Types of Mortgage Loans
There’s a link between inflation rates and mortgage rates. But what does all of this mean for homebuyers or homeowners? Although interest rates have remained stubbornly between 6.00% and 7.00% for the last couple years, mortgage rates are still below average when viewed through a historical lens. Moreover, the latest market research predictions in early 2025 indicate that mortgage rates may hover around an average of 6.50% in 2025 and drop only marginally in 2026. So if you are thinking about a refi or home purchase, it pays to take that forecast into account.
If you can get a reasonable mortgage rate, buying now with a fixed-rate mortgage could help you lock in that deal. Going with an adjustable-rate mortgage could allow borrowers to benefit from future rate drops, though if interest rates rise, an adjustable rate would follow.
If you own a home and are considering refinancing your existing mortgage, the math gets a bit trickier. You would be wise to determine your break-even point — when the money you save on interest payments matches what you’ll spend on closing costs for a refinance.
To find the break-even point on a refi, divide the closing costs by the monthly savings. If refinancing fees total $3,000 and you’ll save $250 a month, that’s 3,000 divided by 250, or 12. That means it’ll take 12 months to recoup the cost of refinancing.
If you refinance to a shorter-term mortgage, your savings can multiply beyond the break-even point. A shorter term means you will pay less interest over the life of the loan, although monthly payment amounts will be higher than they would be for a 30-year loan.
Keep in mind that the actual rate you’ll pay for a purchase loan or refinance loan will depend on things like your credit score, income, and
If inflation rises, interest rates typically follow. The opposite is also true (when inflation ebbs, interest rates usually fall).
Inflation will not affect the amount of your monthly payment if you have a fixed-rate mortgage because your interest rate remains steady over the life of your loan. Your overall budget may feel tighter when prices of things like groceries and gas rise, but your actual mortgage payment will stay the same.
Inflation may have an impact on your monthly mortgage payment if you have an adjustable-rate mortgage. With this type of mortgage, your interest rate usually adjusts every 6 months or every year (after an initial rate period which might be 5, 7, or 10 years, for example). How much the rate can change will depend on your loan agreement.
Inflation generally means an upward trend in housing prices, in part due to the rising cost of building or refurbishing a home. But this is not always the case. Sometimes the high overall cost of goods and services leads would-be homebuyers to stay out of the market. Less demand might lead to a drop in home prices. Over decades, however, home prices have increased at a rate greater than the rate of inflation.
Photo credit: iStock/Max Zolotukhin
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SOHL-Q125-065
Read moreIf you’re considering buying a fixer-upper, you’re likely doing so, at least in part, because purchasing a home continues to be expensive. Post-pandemic, prices are still climbing, with a 4.7% uptick in November 2024 versus a year earlier. Adding to the high cost of homeownership is the fact that mortgage rates went from historic lows a few years ago to an average of 7.08% for a 30-year loan as of January 2025.
These economic factors are among the reasons why many people are drawn to fixer-uppers. They hope to find a lower-priced house that can be rehabbed, giving them a piece of the American Dream for less. Are you among their ranks? Here, learn more so you can make an informed buying decision.
Key Points
• Renovating a fixer-upper isn’t necessarily a bargain. A thorough home inspection is crucial to identify what issues are present and budget for them.
• The initial purchase price of the home is typically lower, but renovation costs can be unpredictable and vary by location.
• It’s wise to budget for overages, typically 10% to 25%, to cover unexpected expenses and delays.
• Common renovation projects include kitchen and bathroom remodels, and roof replacements, with costs varying widely but extending into the five-figure range.
• Financing options include larger mortgages to reserve cash, home improvement loans, and HELOCs, depending on your financial situation.
What exactly is a fixer-upper? It’s a home that’s in need of significant work. In many cases, these are older houses with much deferred maintenance or simply a lot of dated, well-worn features.
A fixer-upper might be a home from 100 years ago with an insufficient electrical and heating system, as well as a roof in need of replacement. Or it could be an apartment with a very old kitchen and bathrooms needing an overhaul. These residences might be livable, but they require an infusion of cash and work to make them comfortable by today’s standards.
If you’re thinking about buying a fixer-upper, it’s important to look carefully at the initial purchase price versus renovation costs. Granted, the price of the home is likely to be cheaper than that of a brand new home. The Federal Reserve Bank of St. Louis, for instance, found that the median price for an existing home was $388,000 vs. $420,800 for a new home in the most recent year reviewed, so buying an older home can already save you cash.
However, pricing renovation costs can be tricky. Among your considerations:
• You will have to finance both the purchase of the property and the renovations. You may need to get a home loan and then access additional funds for the renovation.
• Whether you are planning on doing the work yourself or hiring professionals, issues can often be uncovered as you go. Perhaps a bathroom you thought was fine as-is actually has deteriorating plumbing. Or maybe in the kitchen, the parts you need to repair the aging refrigerator are no longer available. These kinds of discoveries can blow your budget.
• The location of your home will likely impact prices. Those in a small town, for instance, will probably pay less to get the work done than someone who lives in a pricey suburb of, say, San Francisco or New York.
• You are likely aware that supply-chain issues can impact your renovation. As the saying goes, time is money. These kinds of delays can throw a wrench in your plans and lead you to spend more as you find ways to finish the job.
• Don’t forget to think about whether you can stay on-premises during the remodeling process or if you will need to find temporary housing as your property is renovated.
As you contemplate these factors, it’s wise to do a full home inspection of a fixer-upper property, walk through with a contractor or two if you are planning on delegating the work, and draw up a budget to see how renovation costs will add to the initial purchase price.
Here’s a closer look at three common fixer-upper remodeling projects, with current costs.
According to Angi, the home improvement site, the average cost of a kitchen remodel in 2025 is almost $27,000, but there’s a huge range of prices possible, including up to twice that amount or more.
The three elements that contribute most to the cost are the countertops, cabinets, and flooring. The more you lean into custom and luxury options, the higher the price will go. Also, the size of the kitchen will count as well, with bigger being more expensive, and the degree of dilapidation can matter, too.
The average bathroom renovation ranges from $6,000 for smaller-scale fixes, such as primarily cosmetic updates, to $30,000 for a complete gut do-over, with the average price tag coming in at $12,115 in 2025, according to Angi. A big expense can be moving the plumbing lines. If you can keep the layout as-is, you could save up to 50%.
A roof should typically last two to three decades on a home — or longer, if you choose the right material. The average cost for replacing a roof is about $9,511, but that will vary with the size of the home and the material you choose.
For instance, if you opt for a premium product, like natural slate, you’ll find that the average costs for a 1,500-square-foot roof can be $45,000 in 2025.
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It’s crucial to add up all the costs of potential renovations before you buy a fixer-upper house. You don’t want the dream of owning your own home to cloud your judgment about the work that’s needed. If you don’t do a deep dive on pricing before you buy, you may end up in your own version of The Money Pit movie.
Consider the following:
• Assess the upfront cost of the home, and add up all potential material and labor needs — think both big and small, like plumbers, electricians, carpenters, all the way down to any new doorknobs you’ll buy along the way. Then, subtract that from the home’s renovated market value. Would this still be a profitable venture and a wise investment?
• Keep in mind that the impact of inflation can push prices higher than what you believe they will cost during the time you are renovating.
• It’s important to allow room in your budget and your timeline for overages. It’s not uncommon for home renovations to cost more and take longer than anticipated. It’s wise to have a cushion in your budget, at least 10% but preferably 20% to 25% to cover additional costs. Add wiggle room in your timing, too.
• Lastly, as noted above, think about whether you will be able to occupy the home as it’s renovated. If you’ll be without heat or air conditioning, bathrooms, and/or a functional kitchen, you may have to pay to live elsewhere for a period of time.
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These considerations can seem overwhelming, but remember, your goal is to bring out your home’s maximum potential, whether for you to enjoy or to capitalize on via a future sale.
You have a few options for how to finance the renovation of a fixer-upper:
• You could put less money down and take out a larger mortgage. This would allow you to have some cash on hand to pay for the remodeling.
• You can buy the house and then take out a home improvement loan, which is a kind of personal loan used to finance your home projects. You get a lump sum and pay it back over time with interest,
• An alternative to a personal loan would be to purchase the fixer-upper and then apply for a home equity line of credit, or HELOC. These are revolving lines of credit that may offer attractive terms (low interest, long repayment). However, keep in mind you are using your home’s equity as collateral. You typically need 15% to 20% equity in your home to qualify.
• Another option is a home equity loan vs. a HELOC. The difference is that a home equity loan typically distributes a lump sum of money, which is repaid in installments over a period of time.
Recommended: Home Equity Loan or Personal Loan: Knowing Your Options
If you are considering buying a fixer-upper, a key decision is whether to do the work yourself or hire professionals to complete the job. Making that decision involves keeping the following in mind:
• Timing: It’s important to look at the timeline of your project. Would you have the bandwidth to get the work done yourself? Or, thinking about the other option, can you find a qualified professional who is available to start when needed?
• Skill level: Be honest. Are you confident that you have the skills needed to get the job completed and in a way that you’ll be happy with? Can you tackle retiling a bathroom or adding a home addition? Renovations aren’t for novices, and errors can be costly and possibly dangerous.
• Budget: As you budget after buying a house, do you have money to hire professionals? If you don’t have deep pockets, you may feel your only option is to DIY the project. But, as noted above, there are ways to access funding to get the job done right, such as different types of home improvement loans, if hiring out winds up being the best decision.
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As home prices continue to rise, a fixer-upper can offer good value for some home shoppers, whether they want to renovate the home themselves or hire professionals to complete the work. However, it’s important to evaluate your costs upfront to make sure you can handle both the purchase of the property and then financing the updates to make your renovation dreams come true.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
When buying a fixer-upper, don’t be blinded by the property’s potential or guesstimate costs. It’s important to have a full inspection and be aware of such big-ticket expenses as structural damage, outdated plumbing and electrical systems, and any environmental issues (such as mold).
While a fixer-upper is typically cheaper than a home that’s ready for move-in, it’s hard to generalize whether it’s cheaper to build or buy a fixer-upper. Constructing a simple house in an area where land and labor are affordable could be a wise move, while building in a pricier area on, say, a challenging sloped lot could ratchet up expenses. Similarly, some fixer-uppers require little investment to make them livable, while others require a long and in-depth overhaul. Doing your research and running the numbers can usually provide guidance.
Typically, the most expensive part of remodeling a house is renovating the kitchen and bathrooms. These rooms often require pricey appliances and fixtures, custom cabinetry, and the work of plumbers and electricians.
Photo credit: Stocksy/Karina Sharpe
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
SOPL-Q125-020
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