Financing Your Home Renovation
Financing your home renovation can be challenging.
Outdated kitchen. Overrun backyard. Ugly bathroom.
If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it.
Here are the most common options to make your dreams become a reality.
Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses.
This will help eliminate spending outside your budget; however, it can also extend your timeline.
If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates,
you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.
You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations.
This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.
Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.
Homeowners can consider pulling money from a 401K or IRA account, even though they aren’t specifically meant to cover a home renovation.
This option might incur additional penalties or tax payments, but may be worth it when making improvements that will benefit them financially in the long run.
There Is a Better Way of Financing Your Home Renovation
Sharpstown Realty can get your project started quickly because we will front the renovation cost!
We start by analyzing your specific situation and then creating the perfect plan to get you the best results possible.
No Money Needed Upfront
Your renovation can start right away, because Sharpstown Realty fronts the renovation cost.
You do not have to use your equity, savings or retirement funds to get the ball rolling.
No Payment Until Closing
You pay nothing until the home is sold.
All of the Extra Profit is Yours to Keep
After you pay back for the renovation, all of the extra profit goes into your pocket.
All of Sharpstown Realty’s experience that went into creating your specific solution means that you will make extra profit.
The Next Step
Contact Sharpstown Realty and we will be happy to perform a free, no obligation market analysis in order to make a plan of action.
No matter your situation we can give you the best results.