Home Renovation Loan Information and Blog Posts
Did you know contractors actually hate construction loans? Since these loans will typically cost your contractor more time and money, it’s hard to blame them. But when your contractor actually refuses to work with a construction loan completely, then what do you do? Basically, you have two options. 1. Choose a Different Loan You do have other options; options contractors actually love—like RenoFi Loans. That’s because they’re way less of a pain than construction loans.
You’ll have a lot of decisions to make during your home renovation—how to pay for it is probably the biggest. That’s because making an investment in a home you love right now shouldn’t end up costing you for years to come. But too often homeowners make really bad choices when it comes to financing their project, and that’s exactly what happens. Here are 6 of the dumbest things homeowners do when paying for a renovation:
So, you’ve been planning a major renovation for months now. You finally found a contractor, and you’ve started looking for a construction loan. Hold up! There’s something you should know: contractors HATE construction loans. And you may not love using one either. But why?!? They’re A Lot of Work As much as you don’t like extra paperwork, neither does your contractor. And with a construction loan, there’s a lot of extra steps required of your contractor throughout the process.
Current Home Location: Malvern, PA Built in 1958 2,000 sq. ft. 4 beds, 3 bath Valued at $472,000 The Renovation Blow out walls between kitchen, living & dining rooms to transform entire first level into an open concept Completely update kitchen with all new finishes & appliances No additional sq. ft. Total Cost: $55,000 Post-renovation value: $510,000 For Joanne and David, moving from their current home was never an option.
Current Home Location: West Chester, PA Built in 1930 1,800 sq. ft. 4 beds, 2.5 bath Previous renovations: remodeled kitchen, hardwood flooring throughout Valued at $405,000 The Renovation Additional 850 sq. ft. New great room with entry from backyard New master suite with walk-in closets All new exterior siding & roof Total Cost: $200,000 Post-renovation value: $807,500 Five years ago when Justin and Nicki found their current home in West Chester, they had no doubts it was exactly where they wanted to be.
No matter what the motivation for your home renovation may be, you’ll want to know that your money is well spent. RenoFi helps you finance your project in the smartest way possible, and now we’re sharing which improvements provide the best return on investment (ROI) to increase your home’s value too. Here are the top 3 renovations with the best ROI: 1. Remodeling Kitchen & Bathrooms As the two most utilized spaces in a home, investing in these rooms makes sense for both ROI and quality of life.
Just like no two general contractors are exactly the same, and neither are their contracts or proposals. And at RenoFi, we’ve seen them all. But in order for us to help put you on the best path to a home you love, there are a few submission requirements necessary in every contract and every proposal/detailed estimate from your contractor that you should know. 1. The Contract While collecting pay stubs and bank statements is pretty straightforward, this important part ofyour RenoFi Loan checklist may be a little less familiar.
Why does finding the right contractor always feel like the hardest part of a home renovation? Trying to find a professional who’s reliable and experienced, who really understands your vision, AND who you feel comfortable welcoming into your home — the process can be overwhelming. You have a lot of questions, so we’ve got some answers for you. Here’s what you should know when choosing the right contractor for your home renovation.
You’re here because you’re considering a home renovation. And you’re not alone. In fact, you’re now part of the majority. As 2020 kicked off, 73% of homeowners said they were planning home improvement projects - 11% of them planning to spend over $25,000 to make their home fit their lifestyle. Renovation projects have become a lot less intimidating and A LOT more popular. But why? With 59% of homeowners planning to stay in their current residence for 10+ years - or never move at all - here are two main reasons:
If a low credit score is preventing you from getting approved for a home loan, there are a few things you can do to bring it up pretty quickly. Depending on what items on your credit report are holding you down, these are some of the fastest strategies to boost your score. Clean Up Your Credit Report A mistake on your credit report could be pulling down your score. So before anything else, download the Credit Karma app to get access to your credit score today and every day going forward.