Have you ever looked at your living room and wondered how it would look with a more open layout? Or have you seen a bathroom vanity at a friend’s home that would be PERFECT in your master suite? In the past, that meant putting your house on the market and looking for another with those added features. But no more.
The popularity of shows like Fixer Upper and Property Brothers have brought renovation projects to the forefront, and now it’s easier than ever to tackle these home improvements.
So what are the benefits of doing a home renovation?
- It often costs less than moving. If you need to add more space or change the flow of a room, renovating means that you can skip the closing costs, moving fees, and any other expenses that go along with moving into a new home.
- You can increase your home’s value. If you plan on selling your home in the future, a renovation can add some serious value. Things like modern kitchens and updated closets may have relatively small costs, but can be big differentiators when buyers are viewing your home.
- It allows you to personalize your space. It’s rare that a perfect floorplan pops up, so when you need to make your house into your home, a renovation can help you do that!
- You can make your home more eco-friendly. While older homes may have a lot of character, they sometimes include features that can be a drain on your wallet. By upgrading things like windows and roofing, you can make your home more energy efficient – and save some money in the process.
Popular Rooms to Renovate
- Kitchen: Many people report that a great kitchen was the deciding factor when it came to selecting a home, so why not make sure that this room is at its best? Modern appliances, updated countertops, and new backsplashes are all items that can be updated to make your kitchen into a focal point in your home.
- Master Bedroom: Small updates such as adding a coat of paint or changing out carpet can go a long way toward making this room more comfortable and calming.
- Basement: If you’re lucky enough to find a home with a basement, you should maximize the space! Changing the room from a storage center into a den, guest room, or fitness area can do more than give you extra space – it can also be a value add if you sell in the future!
If you aren’t ready for a large makeover, even small projects like replacing doors or repairing your patio can make a big impact.
What if you are in the market for a new home but would still like to make the new home your own?
No problem! We know that you can’t always find a move-in ready home, but a renovation loan can still help you make a home into the home of your dreams.
How does it work? If you find a home in the perfect neighborhood and within the perfect school district, but it’s in need of some updates, a renovation mortgage allows you to make the necessary changes to make the home your own, with the renovation financing and purchase financing being completed in one closing. This means you get to make your updates, save money on closing costs, and save time signing documents.
Luckily, Service First has a dedicated team of highly trained Loan Officers who are experts on the Renovation Mortgage process. If you’d like more information on how this type of loan could help you, reach out to our Specialty Lending team today!