Financing Your Next Project
Is your home outdated and in need of better function? Are you ready to move and know your home needs some work, but available funds are limited? Maybe you are torn between moving and renovating, or you are looking for that perfect fixer upper. There are MANY loan products out there that can provide options to all of these. And guess what, being I am a REALTOR and designer, I can be of great assistance to help you!
In every design consultation, one of my questions always is:
Are we considering the improvement for you to live in this home for another 5 years or less, 10 years, or possibly forever? The answer has a huge impact on how we will move forward. I have had clients contact me who are unsure as to which items to focus on when considering selling their home soon, or who want to renovate, but aren’t sure what they should consider spending. There is a misconception that if you spend $20,000 renovating your kitchen, you will miraculously be able to raise the value of your home by $30,000 (according to some of your popular home improvement shows). This is not always the case.
Homeowners increasingly find it advantageous to stay put and renovate rather than trade up to a nicer home in an environment of tight housing inventories and rising interest rates, among other factors. It is clear from various studies that the ways homeowners fund these projects are also changing. While considering your next project, explore the role of credit cards and secured financing, such as a home equity lines of credit (HELOC), cash-out refinancing or home equity loans. To learn more, give me a call today!