Renovations are changes that add value to a house. Renovation planning can cover a lot of ground: from new bathrooms and termite damage repair to stair railings and plumbing. Obtaining a renovation loan brings many advantages. The lifestyle advantages are immediate, but the financial ones are more long-term: a more valuable property to live in or rent out may benefit you for many years.
Conventional wisdom says renovations go up when the market is down. In this type of market, anxious homeowners may conclude that moving to a bigger house in a more expensive neighborhood is too much of a stretch, but that fixing up their current place is not. Most people prefer to make themselves comfortable where they are rather than embark on a move.
At the other end of the spectrum, though, are people who may see a bargain or a great opportunity in purchasing a “fixer-upper.” There are clients who may want to remodel existing properties as multiple family dwellings which can then generate income, and they will find loans available to them for this very purpose. In other words, there is a wide range of reasons clients elect to renovate rather than relocate, and all are opportunities for the homeowner to add value and comfort to their financial situation and living conditions.
Many homeowners are not aware that the many financing strategies and loans that are available for purchasing a house are also available for renovating one. Depending on your project, a construction loan may be right for you. Sky Financial Corporation DBA The Mortgage Center caters to all kinds of construction companies offering unique builder financing programs to meet all needs. Call and speak with a Sky Financial Corporation professional today to see what options are available. 1-800-472-9791.