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Home Renovation Loans Benefit Borrowers With Equity In Their Home

By: Robert A. Vandenbergh

 

 

 

Spring and summer are great times to buy a new home or renovate your current home. Investing in a home can increase its resale value while you create the home of your dreams – which is an exciting prospect. 

 

According to Money Magazine , many contractors are offering remodeling prices that are 10% to 20% below what they would have charged when real estate was at its peak; and, the cost of most building supplies has also decreased.[i] These favorable conditions, plus low interest rates, increase the appeal and cost effectiveness of financing a renovation rather than buying a new home.

 

Before deciding what modifications to add to your home, consider the value of other homes in the area, the length of time you plan to remain in your home, as well as any foreseeable lifestyle changes on your horizon. Next, create a realistic budget, and, then consider your finance options.

 

There are a variety of loan solutions available that are great for financing small or large projects, from a bathroom renovation, to an entire second level, or other major addition. Some of the most popular loans for this type of project include a Home Equity Line of Credit and a Home Equity Loan.

 

We would be happy to answer any questions you have about financing a home renovation and help you determine which loan solution best meets your needs. Simply call us at 866-224-1379 or visit your local office.

 

 



[i] Money Magazine, http://money.cnn.com/2011/01/25/real_estate/invest_in_your_home.moneymag/index.htm. “8 Reasons to Invest in Your Home.” January 25, 2011.



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