If you own or have found a home on the market that needs a little (or a lot) of TLC, PrimeLending has the financing you need to create the home you’ve always wanted! Our renovation loans allow you to roll the costs of repairs or upgrades into your mortgage, so you will only have one loan and one monthly payment.
With a PrimeLending renovation and remodeling loan, the possibilities are endless. If you just need to make some ordinary repairs and cosmetic changes, a few of our loans are designed specifically for smaller projects. They are very versatile with no minimum loan requirements but are limited to non-structural repairs with maximum loan amounts around $30,000.
Your project can include things like:
- Replacing or upgrading your plumbing, electrical, heating or cooling systems
- Insulating your home for greater energy-efficiency
- Repairing or replacing your roof and gutters
- Refinishing or waterproofing a basement
- Getting new windows, doors or floors
- Redesigning your kitchen or bath
- Landscaping or adding a deck
- Buying new appliances
Fixer Upper Future?
While there are many advantages to buying a fixer-upper, some can turn out to be cost prohibitive. Here are some things you should consider before you make the investment in this type of home.
- Check local zoning regulations: Cities and towns have zoning requirements and restrictions. Find out what you can and cannot do with the home you want to buy.
- Have the home inspected: An essential step for all new home loans, this will give you an assessment of what shape the home is in and what needs to be done.
- Estimate repair costs before making an offer: Show a contractor the inspection report and the house, then ask for a written estimate for the repairs. If you’re planning to do some of the work yourself, don’t forget the cost of supplies and materials.
- Try to get a price break: A home that needs a lot of work could get you as much as a 20-40% discount on the purchase price. Take into account the time, money and hassle of doing the renovation when you make an offer.
- Choose the right type of loan: PrimeLending offers different types of remodeling construction loans intended for different types of projects – from major structural repairs to cosmetic remodeling or upgrades. Talk to a home loan expert to make sure you are getting the right loan for your needs.
- Determine if you can do any of the work yourself: Having the skills (and the time and patience) to do some of the work for yourself can save you a lot of money, plus give you a great sense of pride and accomplishment.
Not sure what type of renovation loan is best for the project you have in mind? Good news! With PrimeLending you have many options to choose from.