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Remodeling Loans

Remodeling projects have become increasingly common as today’s homeowners seek to improve their homes and either stay put or sell at a higher price. Given the flattening of home prices today, more homeowners are opting to remodel and stay put, while those seeking to sell are choosing their projects more carefully.

Certain home remodeling projects increase a home’s value while other improvements aren’t easily recouped when selling. For example, kitchen remodeling projects are still a good move and while the latest trends in stainless steel appliances, cherry cabinetry and granite countertops continue to be in demand by homebuyers, a $10,000 Viking stove may not make sense unless the buyer is a gourmet cook.

The trends in home improvement projects that convert most directly to sales are best reflected by current buying trends, information about which should be sought from real estate professionals rather than interior designers. Another typical home remodeling project, bathroom renovation, is trickier since taste varies from person to person. For example, a fancy whirlpool tub is not everyone’s ideal way to bathe.

The most important question, of course, is how to pay for remodeling projects. Remodeling loans, better known as home improvement loans, either maintain or increase the value of your property and can include repairs, a new kitchen or bath, an extension of your home or other general property improvements. Any undertaking that increases a home’s appraised value or sales value is considered a home improvement.

First Mortgage Loans that include home improvement loans that are given against your first mortgage by your current lender. Second Mortgage Loans include Home Equity Loans or a Home Equity Line of Credit. Refinancing your home by securing a lower mortgage rate would help you to secure cash for remodeling. Unsecured Loans are personal loans and don’t require you to have equity in your home or borrow against the value of your home and are available at differing rates to those with either good or bad credit ratings. Finally, Government Grants are made available through the Federal government for low income families for home improvements.

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