BUILD A HOUSE FOR MOM AND DAD WITH A RENOVATION LOAN!

Home affordability may be a problem for some Gen X’ers and Millenials but these two generations of homebuyers are often facing an added responsibility; kids returning from college and living at home or they may be caring for aging parents. That’s why we are seeing multi-generational living making a comeback but the supply of mother/daughter housing is simply not keeping up with the demand.

We don’t need to tell you how difficult it can be to find a home set up to accommodate several different age groups at varying stages of life or what the most important factors are in making this type of arrangement work. We are here to offer a solution to finance the improvements and accommodations that may take buyers several steps closer to finding a home the whole family will love or upgrading your existing property.

A little-known fact is that renovation financing can be used to purchase a property and construct an attached or detached accessory unit. An accessory unit is an independent dwelling that has been added to a primary single-family home that provides for living, sleeping, cooking, and bathroom facilities and is on the same lot of land. Building this type of housing can be costly, but with a renovation loan, you can purchase the home and make this improvement in one loan based upon the after-improved value once the project is complete. Current homeowners may also qualify to add on or modify their existing residence to accommodate the changing needs of their loved ones.

If building an entire second dwelling is prohibitive due to spacing or zoning requirements, there are many modifications that can be made that would make the home more comfortable for everyone. Simply adding extra entrances and bathrooms, or modifying rooms for dual purposes can offer more privacy and many benefits for multiple generations living under one roof.

Studies show that a record 20% of the population lives with another generation under one roof and the trend is rising as more Americans are choosing to age in place, share expenses, and shoulder responsibilities together. While it is impossible to predict the future, considering specific scenarios and how living situations can change over a period of time can maximize your home's accessibility and value when considering a remodel. We can help assemble a team of professionals to navigate you through customizing a design that is right for your lifestyle and financing solutions that achieve your goals.