Financing your Home Improvement Project

If you are looking into financing a home improvement project you probably want to contact one or two mortgage specialists to give you an equity profile. This a great idea when renovating your home, be realistic about what you can achieve too. Once you've researched the loan (there happens to be a huge range of rates for home improvement loans).

List your wants and needs in order of importance, make a plan from the list, and stick to it, making changes mid-renovation can be costly. Create a budget from the profile you and your financial specialist have discussed. You may want to pad in an extra 15-20 percent for unexpected expenditures. Over estimating your costs will help you keep an eye on your budget.

Going into a renovation project with the knowledge of what your home is worth now and what it will be once you have upgraded it also helps you. If done properly and with good advice, the end result of your project should put you in a better financial position. I'm sure all of us has had over anxious business owners looking to sell us more than bargain for. This goes for mortgage companies looking to lend you more than you can afford down to the contractor adding on labor, materials, and what ever else can be explained away.

Be sure to discuss both short term and long term goals with your family and your finance company to make sure you are headed on the right track. Are you planning to start, or adding to the size of your family? Are the renovations being done as a selling point for your home? Knowing this will help you determine what amount of money should be put into this project.

Another very important thing is to never start a major home improvement project until you know the details of the financing. If you do, you may have mistakenly caused yourself the right to pay higher rates and fees or even worse, disqualified yourself from financing.

Click here for a free quote and to learn more about your options for financing a home improvement project.

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Additional resources will appear on related pages

Loan Types:

  • Overview of loan and rate types

Selling Your Home:

  • The First Step
  • Become a Savvy Seller
  • Realtor or FSBO?
  • Pricing the Home
  • Your Home's Value
  • Showing the Home



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