Why should you consider obtaining a home improvement loan to increase the value of your home – especially if you live in Colorado? In certain areas of Colorado, we’re experiencing a shortage of median priced homes for sale. If your home is currently valued at or below the median range, a home improvement loan could greatly increase the value of your home.
You can then either put your home up for sale for a higher price than you would have been able to before obtaining a home improvement loan or simply hold on to your home for now and enjoy the new improvements you’ve made to it because of your home improvement loan.
Reasons to Obtain a Home Improvement Loan
- Improve the value of your home without using the equity of your home.
- Some loans can be obtained for as short a time as five years or as long as 30 years.
- If you’re making significant improvements on your house, such as adding a pool or refinishing your kitchen, home improvement financing is the way to go.
- With a home improvement loan from us, your mortgage balance can exceed the home’s purchase price or current appraised value. This allows you to pull out extra cash to pay for the renovations.
Home improvement loans combine a construction loan and a mortgage into one low-rate loan that can fund the entire purchase and renovation project.
Ways to Use Your Home Improvement Loan
There are several ways to renovate your home beyond the kitchen, bathroom remodel. Here are several ways:
- Removal of lead-based paint
- Decks, patios, porches
- HVAC systems (Heating and air conditioning)
- Landscape improvements
- Basement completion
- Basement waterproofing
- Septic or well systems
- New kitchen appliances
- Washer/Dryer upgrades
- Roofs, gutters and downspouts
- Plumbing and electrical upgrades
- Minor kitchen or bathroom remodel
- Add carpet, tile or wood flooring
- Install new windows or doors
- Weather stripping and insulation upgrades
- Disability improvement
- Energy efficient upgrades
You can have a single fixed-rate mortgage and up to $35,000 cash out for improvements with an FHA 203(k) Home Improvement Loan.
If you’re a current homeowner, the FHA 203(k) Refinance Loan can help you rehabilitate and improve your home. Need to make your home handicapped-accessible? Replace your roof or upgrade your kitchen? These types of home improvement projects can raise the value of your property and allow you to customize as your needs change
If you’re looking for a mortgage, we would love to talk with you. Please call us so my team and I can serve you: 970-685-4003.