You’ve watched enough HGTV and tackled enough small projects to now want a fixer-upper all your own.
So what about financing? How do you get a mortgage that allows you to purchase a property and gives you the cash you need to transform a fixer-upper?
Enter a home renovation loan.
• A home renovation loan is a type of mortgage loan that includes the costs of renovating a fixer-upper.
• In most cases, an appraisal for a home renovation loan includes up to 110% of the home’s after-improved value.
• Use the money from a home renovation loan to make repairs, add square footage, or upgrade the kitchen and bathrooms.
• You’ll want to get detailed estimates and avoid over-improving your new home. Talk with an experienced real estate agent who knows your neighborhood and can help you avoid both pitfalls.
With interest rates so low, now is a smart time to buy. Whether you prefer a move-in ready or a fixer-upper, give me a call — I’d love to help!
If you've been thinking about buying your next home and aren't sure where to start when it comes to buying & selling at the same time, this step-by-step guide is for you!