It’s the type of question that you can design a TV show around, and somebody has. If you have an older home, the idea of home maintenance can become trickier with age. Do you continue to pay for potentially costly renovations and home improvement projects, or do you decide it’s time to move on and move to a new home? There’s a lot to consider, some of it involving personal finance, some of it related to personal feelings. Whatever your ultimate decision is, Cliffco Mortgage Bankers can help.
Cliffco Can Help Finance Home Purchases and Renovations
At Cliffco Mortgage Bankers, we’re in the business of helping people achieve home ownership. We can also help you secure financing for a home renovation. We know that decisions related to home ownership can sometimes be tricky, so we want to let you know some of the things that you should consider about home renovations versus moving.
What You Should Be Asking Yourself
If you’re trying to decide whether to put more money into home renovations or simply sell the home, there are questions you should be asking yourself and your family. NerdWallet suggests you start looking at what your goals are for home improvement. Is your family expanding so you need to expand your house? Then you need to try to figure out how much it costs to do the home renovations you’re planning. Just as important as figuring out how much you’re going to pay for your projects is how you’re going to pay for them.
If you go the home improvement route, Cliffco Mortgage Bankers can offer you home renovation loans that can tap into your home financing. These include 203 (k) rehabilitation loans offered by the Federal Housing Administration, (FHA). There are two types of 203 (k) loans, the streamline 203 (k) limits the amount you receive for repairs to $35,000 or less. This is for smaller jobs like plumbing and roofing repairs, siding or window replacement. A full 203 (k) loan more money to be used for home improvement. It can be used for big projects such as adding new rooms to your home.
The next question you should ask yourself is how much it’s going to cost to sell your home and how much it’s going to cost you to buy your new home. HGTV also suggests you add personal considerations to your decision making. If you like your school district and your neighbors, you might consider staying and renovating. If you want to move into a district with better schools, then you should strongly consider letting the renovations go. If you’re on the fence, then research. Get contractor estimates. Find out everything you can about your local real estate market and everything about the markets in neighborhoods where you’re considering relocating to.
Cliffco Mortgage Bankers Can Help Finance Your Home Plans
Whether you’re looking for a home renovation loan, plan to tap into your home’s equity to pay for improvements or are looking for a loan to finance a home purchase, Cliffco Mortgage Bankers can help you put together the home life you envision. If you’re looking to do home renovations, or buy a home, or if you simply want to learn more about your options, contact us today.
