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Renovation Loans

WHY RENOVATE?

Whether you’re bored with your abode or want to increase its value with home improvements, remodeling can not only renew your nest interest, it can also make every one of your rooms more functional. If you’re in need of a change, here are 5 reasons to remodel your home:

1. It’s Often Cheaper Than Moving: Extending, re-configuring the layout and updating your current property could essentially provide everything that a new build property could offer at a much lower cost.
2. Add Value to Your Home: Did you know that a minor kitchen renovation can add an average of $15K to your home value? A major kitchen renovation adds about $40K to the resale value!

3. Make It Your Home: Customize your home to meet your needs and desires. Renovating simply makes more sense! A kitchen remodel, or a bathroom renovation makes your home a more enjoyable place to live and are a few of the features sought by today’s home buyers.

4. Cost Efficiency: One major trend today is making your home more eco-friendly. Adding solar roof tiles, for example, is not only good to the environment but also good for your wallet.

5. Earn While You Learn: Potential buyers will compare your home to those being newly built; therefore, you’ll want to look at the design trends and amenities being built into new homes.

WHAT ARE RENOVATION LOANS?

Considering a distressed property, fixer-upper, or home in need of some repairs? Homes that need a little work or updating can often be a great bargain turned investment, but some potential
buyers shy away from these deals, afraid they can’t afford an out-of-pocket expense for renovations.

Renovation loans allow for financing of the purchase price as well as the cost of repairing or renovating several elements of the home in one mortgage loan. From small repairs to large ones, there are many options to fit your specific needs.

BENEFITS OF RENOVATION LOANS

• Take out one loan to both purchase and renovate a home, also available for refinancing
• Low mortgage rates and low down payment requirements for qualified borrowers
• Potential to earn equity quickly by purchasing a home below market value and repairing or remodeling
• These loans facilitate the improvement of distressed properties, which contribute to the betterment of neighborhoods and communities
• Renovate a property that is above the conforming loan limit