Renovation Loan Archives – Page 2 of 2 – Fred Gruber

The Top Home Renovations You Should Go All Out On With many people spending more time at home, lots of homeowners are taking advantage of the opportunity to improve their houses. If you are thinking about making an upgrade to your house, you probably have a budget you would like to stick to. On the other hand, there are several home renovations you should splurge on if you want to maximize the return on your investment.

Renovate The Kitchen

Many people say that the kitchen is the center of the house. This is where you will spend a lot of your time, and a lot of your guests will congregate in the kitchen as well. Because of how important the kitchen is to not only yourself but a prospective homebuyer, this is where you can maximize the return on your renovation investment. It is not unusual for you to recoup most of the money you spend improving your kitchen when you go to sell your home.

Replace Your Floors

Even though you may not think about the surface on which you walk, upgrading your floors is a great way for you to improve the value of your home. Your floors take a beating between heavy equipment, your feet, and your pets, so if you can replace your floors and give them an upgrade, you can increase the value of your home. There might even be new flooring options available, such as luxury vinyl plank, that were not available when you first purchased it. Consider upgrading your flooring to increase the value of your home.

Finish Your Attic Or Basement

One of the most direct ways to increase the value of your home is to increase your square footage. You do not necessarily need to complete an addition if you can finish your attic or your basement. You may want to work with a professional contractor who can help you turn your attic or basement into an extra room. You can use the extra space as a home theater, a gym, or a recreational space.

Invest In Your Home Through Renovations

These are a few of the top renovations on which you should consider going all out. Even though it might be expensive, these renovations can increase the value of your home.

Use A Fixer-Upper Mortgage To Expand Your Options

Many people purchasing a home for the first time are running into the same problem. There simply are not enough starter or entry-level houses available in the current market that are ready for people to move into. One solution some home buyers are exploring is to buy a fixer-upper home. With a home renovation mortgage, prospective homebuyers can qualify for a home loan that combines the cost of home improvements with the purchase price of the house.

A Lack Of Affordable Homes

Regardless of whether they are brand new or resale homes, there simply are not enough affordable homes for first-time homebuyers. A significant number of new houses are built for people who are looking to purchase their second or third home. Furthermore, because there is a lot of demand for affordable entry-level houses, their prices have gone up. This makes it very difficult for first-time homebuyers to qualify for a mortgage for an entry-level home.

Consider Fixing Up An Existing Home

With a lack of affordable homes, it only makes sense for first-time homebuyers to consider buying and repairing entry-level homes that might be in need of repair. Because a lot of people do not want to purchase a house that requires repairs, first-time homebuyers might be able to save money by going this route.

There are two separate home renovation loans available. The first is the FHA 203k loan, which is insured by the Federal Housing Administration. The other option is guaranteed by Fannie Mae, and it is called the HomeStyle loan. These loans can cover the cost of most home improvements, regardless of how large or small they might be. Both of these loans can be used to cover cosmetic and structural renovations. With access to this loan, it is possible for first-time homebuyers to begin work immediately after the closing process is done.

Consider Taking Out A Home Renovation Loan

The FHA 203k is for primary residences only. The Fannie Mae HomeStyle loan can be used for either a primary residence or an investment property. They require a minimum credit score of 620 and a down payment of at least three percent. These loans could make it easier for first-time homebuyers to afford a house.