The Benefits of Renovation Loans

One way to make your Salt Lake City home your own and exactly what you want is by renovating it. Sometimes these fixes can be more expensive than you can afford or would like to spend. Renovation loans are a great way to make the changes you need to your home while staying within budget. Here are the benefits of receiving these loans for the fixes your home needs:

If you’re buying a home that needs some major repairs done, you can receive one loan for both purchasing and renovating at the same time. This means that you only have one monthly payment and are financing your home restoration projects.

If your home has leaky pipes or even if you just want new flooring, renovation loans work for both needs and wants. There is no limit to the customization that can go into one of these loans. Some examples of situations to obtain one of these are:

Adding an outdoor deck, patio, or porch to your house.

Getting new windows to make your home more energy efficient.

Painting the exterior or adding siding.

Add-ons to your home if you want more space.

Replacing your roof that leaks.

Updating an old electrical, plumbing, or heating system (or all three).

Remodeling bathrooms or the kitchen.

A lot of the fixes listed above are things that could lead to bigger problems if they aren’t fixed right away. Sometimes people wait until they have more money to fix home issues, but this can lead to more problems and needing to spend more money in the long-run. That’s where renovation loans come in. They can help you make the adjustments that your home needs without waiting for a future day that might keep getting pushed back.

One benefit of getting a renovation loan, especially when purchasing a fixer-upper is that you know that the home’s value is going to increase significantly with the changes you are going to put into it. You get to build equity in your home from the beginning, so it’s an investment worth making.

If you are wanting to buy a home that could use some work, or you already live in a home that needs some updating, a renovation loan could be the perfect solution for you. It will allow you to make the needed repairs on your Salt Lake City home to prevent any further damage, and can help make your home more of what you want.

Graystone Mortgage is a mortgage banker who helps people fund their dream homes! You should never have to compromise on a big purchase like a home. If you have been in your house a long time, consider applying for a rennovation loan in Salt Lake City