Before jumping in to a big home renovation project, most homeowners ask one very important question: When is the best time to renovate your home? Of course, a good time to begin home renovations is when you have the time and money to invest in the project. The best time may also depend on the type of renovation you’re looking into. Let’s break it down based on month:
According to Zillow, the number of “fixer-upper” homes on the market is now 12% higher than 2012. This means home remodeling is on the rise—and we’ve got the perfect renovation loan options to make financing the remodel as simple and smooth as possible. Between Fannie Mae’s HomeStyle mortgage and the FHA’s 203K mortgage, the renovation loan will be a one-time-close with multiple financial benefits. Let’s take a closer look to determine which renovation loan is right for you.
In your house hunting journey, you’ve likely encountered a property that’s perfect in every way — except for that one thing. Maybe it’s a slightly (or really) outdated kitchen, one too few bedrooms, or some minor to moderate termite-induced damage to the sill plate. Here in central Louisiana, wet basements are quite common and a home inspector will likely discover black mold and other allergens as a result.
Payments on your renovation loans really aren’t fundamentally different from a conventional mortgage payment. Each month, a portion of the monies allocated will go to paying down the principal amount borrowed, another portion will go to paying interest over the lifetime of the loan. A portion of the original borrowed amount will be held in escrow to pay the various contractors and vendors who are working on your renovation and construction project.