Renovation may be the key to helping you own your dream home. If you are in Texas, and most certainly in Austin, you may find it frustrating. The real estate market is hotter than ever. As such, you are finding it challenging to find that perfect home at an affordable price. Well, don’t give up.
Assess Your Needs and Resources
In this great article by Adam Sass, from a recent insert in USA Today, considering a fixer-upper may the answer. But before you jump on that wagon, it is essential to assess what your needs and resources.
According to the article, Craig Webb, editor-in-chief of Remodeling and ProSales magazine gives this advice: ask yourself what is important in your ideal home? As an investment, one needs to consider two things: the length of time you plan to live in your home and your goals for selling your property.
Advice from Brad McMullen, VP of renovation lending at PrimeLending, includes assessing the value of the improvements made. Knowing what types of renovation add the most value will help you to add long term value to your home.
Consult with Professionals
Speaking from personal experience, there are a lot of moving parts when it comes to working with renovations. Whether it’s a small scale remodel, a moderate renovation or a full scale tear down and construction; it’s important to work with a bank, a lender and building professionals with a proven track record.
There are many options to be considered. Understanding these nuances takes experience. The right team is going to be patient with your questions. Also, a good partner will ask you a lot of questions. This will help you make right decisions for a successful renovation. (Check out this article on how to avoid costly renovation mistakes).
In today’s market, especially in Austin, there is no question that the possibility of a renovation needs to be considered. Even existing home owners need to consider renovation as a part of their home finance strategy. A renovation might be just what you need to love your existing home. Renovation is a possibility through our renovation refinancing loan options.
Renovation Refinance or Renovation Purchase
Rolling the cost of a renovation into the purchase of a home or a refinance is a great solution to helping you find your dream home. For more helpful advice about renovation, check out my home construction loan FAQ. Whether you have a near term or long term goal, give me a call for a complimentary and confidential consultation. As your Austin mortgage lender, I will happily explore your options today.