4 Ways To Finance That Renovation

So you have finally purchased that 19th century farm house that you have always pictured yourself living in the problem is how do you finance the restoration? It is easy to get mortgages for the value of the home even a little extra if you have a good credit rating but today a renovation can cost more than the original purchase price of the property.

The first option s to look at your available assets. You can get a home equity loan if there is any equity in your house. Use your credit cards for short term renovation or borrow money from your parents these ideas are only usable in a short term renovation once the renovations completed you should be able to refinance your home and pay of the relatives, high interest credit cards and roll your home equity loan into your mortgage.

You may be able to get a “line of credit” a line of credit is usually easy to getup to $30,000.00 with out much effort and with a minimal amount of paperwork these lines of credit are good for short term renovation that are under the $100,000.00 dollar mark. The interest rates tend to be on the high side but you can draw out the money as you need it and only pay interest on the cash that has been withdrawn and again once the renovation is completed you can refinance and pay of the line of credit and combine all your loans in the mortgage.

Depending on the scope of your renovation you may be eligible for store loans and credit card offers. Many home stores now have their own credit cards they offer deal such as interest free credit for one year you may be able negotiate a longer term. The important thing here is to pay off the loan/credit card prior to the free period expiring otherwise the interest will revert back to the initial purchase. Some stores will also offer you a interest free construction loan for your project the terms of these construction loans vary from store to store read the fine print carefully like the credit card deals these usually have a time limit. Again one the renovation is completed you can refinance and pay off the loan avoiding high interest dept.

Construction loans are generally reserved for larger projects this kind of loan is a short term loan the money can be taken as needed and interest is paid on the money that has been taken out. Almost everyone now offers construction loans this completion has brought the costs of these loans down. The nice thing about construction loans is that you can withdraw the money as you need it once the renovation is done you can refinance and have one closing and one mortgage. One thing you should keep in mind when shopping for a construction loan is the fees and finance charges as always keep an eye on the fine print for hidden charges.

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Garage Addition Project

Does our older child need a little more liberty? Your work from home or
maybe you just feel that you need another room for a special project
that you want to start? Then the solution is to construct a
new addition to your garage.

By making an addition to your garage you can add to the living space in
your house, n matter what type of garage you own: detached or
attached to the house. The space above the garage can be converted into
a private living space for your older child, guests or a live-in parent.
You can convert your garage into your home office. You could very well
find here the peace and quiet needed for your work. Also, the new addition
can be converted into a music studio if you put some simple sound
proofing measures into place.

In order to start planning for your garage addition, first prepare
a budget and then hire a professional because this is a complex
project. Also, you may need to hire an architect to help you with
the construction plans.

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