All Things Renovation Loans: Pt 1

Keeping up with Casey: ALL THINGS RENOVATION PART 1

Maybe you know the location you want to live, but the only homes available are fixer-uppers. Or what if there's a home with a great foundation and good bones, but the layout just doesn't work for you and your family. A renovation purchase loan can help you create the home you really want. We'll simply include the cost of renovations into the sales price of the home, so you have just one loan and one monthly payment - and the home of your dreams.

 THE PERKS OF A PRIMELENIDNG RENOVATION LOAN

• Location matters: Where you live matters just as much as home you live in.  Wherever you want to be, your dream home an be right there with you.
• Updates that fit you: You know what you want in your home.  Whether it’s much-needed repairs, more space, a new kitchen or bathroom- we have options for your goals. 
• More money for your home: Once you decide on the repairs or updates you want, the appraiser estimates what your property will be worth upon completion.  Plus, it’s possibly tax deductible. 
• One loan, one payment: All costs, including the sales price and renovation costs, are rolled into one loan, meaning you only have one mortgage with one monthly payment.
• On-Time Closing: With our digital closing process, eClose, you can review and sign most of your documents online in a matter of minutes.
• Manage Funds: After closing, PrimeLending handles all fund distributions to the contractor upon completion of each milestone.  
  
  

What updates can you make? Depending on your renovation loan, the types of repairs you can make fall into one of two categories:

 Required Repairs (brings the property up to code), and Optional Repairs (help modernize or improve a property).

 Required Repairs

•     Replace roof

•     Upgrade electrical

•     Plumbing repairs

•     Repair termite damage

•     Mold remediation

•     Interior or exterior paint

•     Ventilate attic and crawl spaces

•     Install smoke detectors

•     Foundation Repair

Optional Repairs

•     Kitchen update

•     Bathroom remodel

•     New flooring

•     Room addition

•     Pool/Outdoor living space

•     Energy-efficient improvements

•     Repainting inside/outside

•     Siding

•     Landscaping

 Pro tip: Get multiple bids from contractors to ensure you're happy with the cost and confident in their work.

CONTACT ME TODAY TO LEARN MORE ABOUT RENOVATION FUNDING! 

Casey Bowman, Loan Originator