Tips on Funding Home Renovation Projects
Whether for the new home you will soon be moving in to or for your current home you are trying to sell, home renovations are likely to come to mind. There are countless benefits to consider in regard to remodeling your home. It is no secret that certain trends go out of style (plaid couch anyone?) and it is also no secret that people who are house hunting tend to disregard homes that seem outdated during their search. Clearly there is an advantage in renovating your home prior to placing it on the market; a sharper pad sells faster, which means you get to move out sooner than not! Furthermore, upon moving in to your new home, giving the place a facelift improves the quality of living you’ll soon experience after your moving day is behind you. Yes, remodeling your home to sell quick and remodeling your new home for sake of making it yours are both fruitful ventures; but home renovations can be very expensive during this time when saving money is especially important. Fortunately, your Pensacola moving professional knows a couple options you have for financing expensive home improvement projects; even if upcoming moving expenses are in your budget’s forecast.
One of the most popular options a homeowner has for performing improvements on his or her property is the Title 1 loan guarantee program. Insured by the Federal Housing Administration, the Title 1 option enables a loan of up to $25,000 to be granted even if there is little to no equity in the house. Intended for the improvement of your property the amount approved for your loan can even exceed the appraisal value of your home. To apply make an appointment to see an approved Title 1 lender.
Another financing option for home renovations is the Section 203 K program. The Section 203 K differs from Title 1 loans in that they are intended for lenders who want to purchase a project-house and fix it up upon taking possession of the property. There are many advantages offered by the Section 203 K program; for one, lenders can take out on single loan which they can use to both purchase the property and to fund property improvements. Loan amounts can be based on the ultimate supposed value of the property post-renovation and can be either fixed or adjusted. You can handle moving expenses without having to worry right away about how you’ll be able to afford your new homes much-needed renovation costs.
Your Pensacola mover knows a thing or two about home renovations and how to go about executing them, but just as you should trust your professional relocation service providers with questions about your move, you should trust a qualified lender to answer any questions you may have about your upcoming renovation plans. Happy remodeling and happy moving from your Pensacola area professionals!