This Article Amount Spent Renovating Homes Reaching Record Highs – Mortgage Lenders Give Advice first appeared on PRBuzz.com
Spending on home renovations is expected to reach a record 327 billion by the end of 2017 according to this Harvard study. THe costs of materials, flooring, and contractors adds up more quickly than homeowners can keep up with. To meet the demand, as well as keep home renovators on top of costs, leading lender ABLEnding offers advice to make the most out of home revisions.
Home renovations are investments that add equity and value to an existing home. That being said, dumping money into a home does not equate to successful renovations. Before securing a mortgage loan, a budget is one of the most important aspects in renovating homes.
Home renovations can easily become a bit off more than you can chew situation. First, ABLEnding advises, before visiting your mortgage broker, make a budget. It is possible to invest too much and not get that money back later after a home sale. Look around the homes in your area – will your renovation fit in with the other buildings in your community? A million dollar renovation in a low-income area is not always going to pay off.
Get Quotes. As part of creating a renovation budget, determine the approximate costs of materials, contractors, and get an idea of the final amount. This guide from realitor.com gives a comprehensive list of renovations and their approximate costs.When hiring contractors, get multiple quotes from different companies to assure you are getting the best value.
Do some of the work yourself. If you are handy cut costs by performing some of the work yourself. Un install your own cabinets, teach yourself how to complete some of the smaller tasks by researching home renovations. DIY is a great way to cut costs.
Get your mortgage from a certified lender. When securing your mortgage, consider the reputation of the company, check out their reviews, and make sure they have a high level of customer service. You want to choose a lender that will be able secure the best interest rates and the right loans for your home project.
Prepare for your Mortgage. Once you’ve decided the budget for your renovation, chosen your lender, and filled out the paperwork, start saving. Mortgages themselves tend to be a more financial savvy alternative to other loans. However, by paying your mortgage off ahead of time you’ll be able to keep your interest rates low and lessen the overall amount you spend on the project.
Turn a costly home renovation into a long term investment with a mortgage from a certified lender. Read more about mortgage interest rates, the process of securing a mortgage, and the amount you may qualify for at individual lender websites like Ablending.com.