Home renovation projects can be exciting and daunting at the same time. While the idea of transforming your living space into your dream home is thrilling, the cost of such projects can be overwhelming. This is where home renovation loans come in handy. With a home renovation loan, you can finance your home improvement project without having to dip into your savings or max out your credit cards. In this blog post, we will discuss home renovation loans available through Guaranteed Rate and how to choose the right one for your needs.
Home renovations can offer several benefits, such as:
Increased comfort and enjoyment:
Renovations can help you create a living space that is more comfortable and enjoyable to live in. For instance, you can add more natural light, improve air circulation, or create an open floor plan that makes your home feel more spacious.
Increased home value:
Renovations can increase the value of your home, which can be beneficial if you plan to sell your home in the future. For example, upgrading your kitchen or bathroom can significantly increase your home’s resale value.
Reduced energy costs:
Renovations can help you reduce your energy costs by making your home more energy-efficient. For instance, you can install energy-efficient windows, doors, and appliances that consume less energy and save you money on utility bills.
Improved safety:
Renovations can help you improve the safety of your home by fixing structural issues or installing safety features such as smoke detectors, carbon monoxide detectors, or security systems.
Reduced maintenance costs:
Renovations can help you reduce your maintenance costs by replacing old or damaged components of your home with new ones that require less maintenance. For example, replacing old plumbing fixtures with new ones can help you avoid costly repairs in the future.
These are just a few of the many benefits of home renovations. If you’re considering a home renovation project, it’s important to choose the right type of renovation loan that suits your needs and budget. Guaranteed Rate and Marc Demetriou, SVP of Mortgage Lending/Branch Manager describe your options in the following post:
https://www.rate.com/resources/steps-to-renovation-loan
Post Excerpt:
Not having enough homes for sale has been a problem for years, even before the COVID-19 pandemic. But it was during the first couple years of that health emergency, when many people were forced to stay at home and mortgage rates were historically low, that housing inventory became a crisis. Now there is a historically low number of homes for sale nationwide.
All that time during the pandemic spent at home has made us rethink what we want our homes to be and update our ever-evolving wish lists—be it a backyard, an additional bathroom, better appliances, or just more square feet.
And the problems many potential homeowners are having finding a house for sale that checks all of their boxes has forced them to get creative. There simply aren’t enough homes on the market to meet the current demand. In May of 2023, there were 1.04 million units available for sale. Lawrence Yun, chief economist of the National Association of Realtors® notes that “housing inventory is about a quarter of what it was in 2008.” There simply are not enough homes out there for most buyers to find what they’re looking for in the area they want to live.
For more information around obtaining a personal loan from Guaranteed Rate, please visit
http://www.rate.com/Marcdemetriou
Marc Demetriou, CLU, ChFC, CDLP
SVP of Mortgage Lending/Branch Manage
NMLS# 111118