Where Do I Find Money For Home Improvement Costs?

Most homeowners have a long wish list of projects they would love to do: renovate the kitchen, add a deck, change outdated light fixtures, build an addition, update the heating system and so much more.
 
What stands between most home improvement dreams and reality is how to pay for them. Renovations can be expensive! But the good news is there are ways to come up with the money needed to achieve your desired makeover.
 
Paying for your home improvements in cash is the obvious and easiest way to cover the costs; but for many people that means doing one small project at a time, prioritizing your wish list, and being patient about constantly living in a home that is undergoing repairs.  Paying cash would be a perfect scenario; however, life is not always perfect and the extra money in the budget sometimes does not exist.
 
Financing your home improvements with credit cards or  “special financing” offered by contractors is generally not a good idea.  They typically carry high rates of interest and unfavorable loan terms and when all is said and done, you may have paid for the cost of your project several times over.   So what do you do if you want to improve your home and increase the value of your property if you currently don’t have the equity to secure a HELOC or complete a cash-out refinance?
 
There are two renovation mortgage programs that can offer a solution. These programs allow buyers to borrow based on what the house is expected to be worth after the improvements are complete.  Depending upon certain requirements, we will direct you to the right program for you.  There are several of them and depending on your eligibility and the types of repairs you are looking to make to your property will dictate the one that is bested suited for your circumstance.
 
There is a great misconception that these programs are available only to Buyers or that they can only be used for distressed properties.  This is not true at all!  If you own your home and currently do not have equity in your property but you want to do an addition, add a bedroom or bath, or improve flow for entertaining, you can be eligible for renovation financing.
 
It is very important to work with a Lender who understands the complexities of all of these products.  Working with the right Renovation Specialist will make all the difference in closing your loan smoothly and getting started on your renovation on time and within budget.  A great Renovation Team who is skilled in these types of loans will ensure that you are comfortable with your financing; not just caught up in the excitement of making your home beautiful.
 
Renovation Lending can offer a perfect solution for making your almost perfect home, perfect in every way.