HOME RENOVATIONS LOAN
We can assist you with a home renovations loan and help you achieve your new vision.
Buying or building a new home is a long-term investment and commitment. At some point, you will need to spend on repairs or upgrades, and this is where a home loan for renovations comes in. After all, your home is your sanctuary. And it can’t be much of a sanctuary if it has chipped off walls or leaking pipes.
Home renovation is often a costly project. The actual cost will vary depending on several factors. These include your home’s size, your location and the scope of work.
Is It Time To Renovate?
Home renovations need time, money and effort. It is always important to look at the bigger picture.
The most obvious reason to renovate is to improve your living conditions. If the broken fixtures are directly affecting your daily routines or your health and comfort, then it’s time to address those.
Many homeowners also renovate their homes as part of an effort to become more environment-friendly. Installing solar panels and replacing taps and showers with low-flow versions are some of the ways to go ‘green.’
Another reason to renovate is if you’ve purchased a ‘fixer-upper.’ This type of home is usually bought by young couples or families on a budget as a starter home. It requires a fair amount of renovating and repairing.
In most cases, you can live in it as it is. Others buy a fixer-upper and invest in renovations. The intent is to raise its property value and sell it for profit.
Some homeowners who are looking to sell their property also invest in renovations. When done right, it can help increase the sale value.
What Expenses Should You Prepare For?
For an average-sized home, kitchen remodeling could be anywhere from $10,000 to $30,000. A bulk of the cost can come from new appliances and cabinets, among other fixtures.
A new roof can also go up to five digits. If you’re planning to replace your carpet with wood floors, expect it to be at least $2,000 and north of that.
That still depends on how many square feet of flooring you’ll need and the type of wood you choose. Window replacement can range from somewhere between $8,500 to $25,000.
Another major home renovation expense is the contractor. You can always opt to go the do-it-yourself (DIY) route but that takes a lot of time.
And if you’re spending money, you might as well invest in the services of a professional to guarantee a successful outcome. A contractor may charge 10% to 15% of the total budget.
You should also include a buffer in your budget. This will account for unexpected expenses. These include additional tools, food costs (if your kitchen is unusable during the renovation) or recently discovered damage that will require more labor and materials.
These are just rough estimates. The actual cost can be higher or lower. One thing is certain: it’s going to be a significant amount.
Where Can You Get Funding For A Renovation?
Sun Mortgage Funding offers a loan product for renovation so you can renovate, remodel or repair with confidence. Aside from helping you secure a home renovations loan; we can assist in planning the project and handling inspection.
We will set up interim funding for your renovation project. Upon completion, we can help process permanent financing.
Do you need construction funding for home renovations? Get in touch now to find out how we can help.