Home Renovation Loan Information and Blog Posts
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.
You have decided a renovation project is the best way to get a home you really love. And you know you need a loan, but perhaps what you don’t know is where to start. We know it can be overwhelming, but take a deep breath. We are here to help guide you through the process! At RenoFi we break the renovation financing process into 4 simple steps that will walk you through the initial phase of getting your renovation off the ground.
Just like no two contractors are exactly the same, 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. The Contract While collecting pay stubs and bank statements is pretty straightforward, this important part of your Home Equity 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 that’s not only reliable and experienced, but who you feel comfortable welcoming into your home and really understands your vision; 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. This year, 73% of homeowners say they’re 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 everyday going forward.
Getting a permit really isn’t that difficult. It is important to remember that because not getting all the permits for your project could cost you BIG time. Knowing what you need is the first step. No city is exactly the same when it comes to renovation requirements, so RenoFi is here to help you make sure you have what your project needs. Here’s a helpful guide to obtaining permits for home improvements in Philadelphia and the surrounding areas.
Philadelphia is comprised of a diverse group neighborhoods that for planning purposes have been divided into twelve sections including areas like Center City, South Philadelphia, Roxborough-Manayunk, and Germantown-Chestnut Hill. If that list wasn’t overwhelming already, many of these planning sections include several smaller neighborhoods within them like Fairmount or Fishtown. While many of these neighborhoods contain unique building and architectural styles, there are some things that all Philadelphians need to consider when embarking on a remodel or home improvement project.
We learn from experience. Sometimes that means learning the hard way, but other times, we may be lucky enough to reap the benefits of someone else’s experience. This is one of those times. We’ve asked a few recent RenoFi clients in your community to share a few lessons they learned from their recent renovation projects. After completing projects like a beautiful 700 sq. ft. addition complete with a new kitchen, great room, mudroom and powder room to a full 3rd floor Master Suite transformation and new outdoor living space, here are 4 helpful tips based on their lessons learned:
Before RenoFi came along, the two most common options for buyers looking to buy and renovate a home all in one loan were Fannie Mae Homestyle Renovation and FHA 203K loans. And while they both allow you to borrow money for both the purchase and rehab of a home, there are a few notable differences that make Fannie Mae Homestyle Renovation loans the better choice over an FHA 203K for many homeowners.