Turning the home you have into the one you want requires vision and, frankly, money. If your home improvement projects require more than what you have saved, a renovation loan is a great way not only to bridge the gap but to do it affordably.
Renovation lending will enable you to pay for both minor and major home repairs as well as luxury improvements and upgrades. What will that look like for you? That will require a consultation with your Mortgage Loan Originator and contractor, but here are a few ideas you can keep in mind as you plan for future home improvements.
Build a Home Office Space
Since the shift to remote work in early 2020, many of us have discovered that working from bed with our laptops is not a good choice for productivity or your back. An alternative is using a renovation loan to create an actual workspace. If you're able to retrofit a current room, that change may be minimal. However, if you're looking to add a whole new room to your home, a renovation loan can help you hire out a contractor to make that happen.
You can partition an existing room between these two options and give you the peace you need to work. Financing any one of these solutions is possible with a Fannie Mae HomeStyle® renovation loan, which allows for what could be called "luxury" improvements.
Landscaping For Fun & Profit
Real estate is hot right now, and with millennials now entering the market, home values will likely stay as high as they are or continue rising for the foreseeable future. So if you're tempted to sell your home now or in the next few years, a landscaping project will not only make your home more fun to live in, but it means you can demand a much higher asking price when you sell.
One addition to consider is a gazebo. Gazebos are beautiful and provide a space outside the home to sit and relax in. Gazebos also come in various sizes and styles, so you're bound to find one that works with your property. However, if their footprint is too large, you can talk to a contractor to add features to your space that will not only turn heads but raise the value of your home!
Modernize Your Kitchen
In a survey of the most popular home improvement projects in 2021, the kitchen was one of the top targets. It's easy to understand why. How you cook combines traditions, customs, and personal style preferences beyond just making sure you don't starve. You want to be comfortable in that space, and buyers across the country use renovation loans to make that happen.
If it's a total remodel you're after, then you'll likely be using a Fannie Mae HomeStyle® renovation loan, as it covers non-essential projects. However, you may be able to use an FHA 203(k) loan if you're replacing essential items such as cabinets or major appliances.
The funding you choose for any of these fabulous home improvement projects depends on your specific needs. You and your Mortgage Loan Originator can discuss what choices make sense for you.
HomeStyle® is a registered trademark of Fannie Mae.