Loans For Buying And Renovating A Home – There are many ways to become a homeowner. Some people buy their first home on a whim. Some make it a little better. Some take it to the studio for a complete overhaul. The latter is the path taken by Gordon T. of Dallas, Texas. Here’s how Gordon turned an old house he inherited into a 3-bedroom, 2-car garage home with the help of a PrimeLending renovation loan.
Gordon inherited the house from his mother and was excited that the home he once lived in as a young man would be his first home in life. However, renovating the house to make it comfortable seemed like a daunting task. You see, his mother had rented the house for a while and it ended up falling into disrepute, which left Gordon a little hesitant as to what to do.
Loans For Buying And Renovating A Home
He discussed his options with his brothers, talking about how it would be easier to move away from the property. When Gordon explored his options, he decided to revive the house with a complete renovation. The prospect knew someone who could help her with financing, and contacted a PrimeLending loan officer she knew she could trust.
The Ultimate Guide To Renovation Loans
After Gordon connected with a PrimeLending loan officer, the project began to gain some traction. Gordon and the loan officer discuss renovation loan ideas that fit your budget and needs. In March 2021, they closed on a 12-month construction loan that would help Gordon create the home of his dreams, complete with a potted plant to relax at the end of a long day’s work.
A construction loan would allow Gordon to demolish an old, existing home in order to build a new one. After closing the construction loan, it’s time to start the renovation project. With the help of a loan officer, they found the right contractor for the job. “My loan officer contacted the contractor six months before the project started,” Gordon said.
A contractor is selected and can begin work with a construction loan to finance the project. They started by demolishing Gordon’s old house, which was a bit sentimental. “I cried when it happened,” Gordon said. “But the contractor told me I had tears of joy by the end.”
Having never done a renovation before, Gordon didn’t know what to expect. A year after the start of the COVID-19 pandemic and at the start of the 2021 winter storm, unexpected challenges have arisen. As building materials became scarce and construction costs skyrocketed, Gordon felt the pressure mounting. “Every time I was worried about a project, my loan officer would give me a reassuring voice and reassure me that it would be fine,” Gordon said.
How Does A Home Renovation Loan Work?
Despite material cost fluctuations and some rain delays, Gordon was impressed with how quickly the construction team worked to build the house. They included plastic plumbing fixtures that could hold up to any winter freeze. The house is complete with gas lines so that Gordon can still have hot water, a furnace and a fireplace if the power goes out.
By March 2022, construction was complete on Gordon’s favorite feature, the dream bottle. After construction, Gordon’s loan officer was able to refinance the newly constructed home into a conventional 30-year mortgage. So even though Gordon had two legs on his journey home, he only had to pay one loan.
Thinking of renovating your home? Talk to a local loan officer about how a refinance mortgage can help you.
Becky Bruning has honed her skills over the past seven years to become an accomplished classics writer and sought-after author with a wealth of experience in the field. Based in Dallas, Texas, Becky has built a reputation as a reliable and talented professional, delivering quality content across a variety of industries. As a digital content writer for PrimeLending, she works to develop and execute content marketing assets that drive engagement and growth. Using her knowledge of copywriting and marketing, she specializes in creating informative and engaging content to create impactful pieces that delight audiences. Becky’s skill set includes a number of skills that make her a valuable asset to any project. His extensive experience in creating SEO-friendly content, creating compelling posts, and writing engaging scripts has made him a go-to resource for improving online engagement. He also has experience in social media management and email marketing, giving him an overall understanding of the digital landscape. Becky holds a Bachelor of Arts in Advertising from Iowa State University. His work history includes roles as a Copywriter, Proofreader for a SaaS startup, and as a journalist, designer, and copywriter for a news publication. Each of these roles provided Becky with valuable experience, helping her to hone her skills and develop her expertise. In her free time, Becky enjoys reading, writing fiction, and making art. Active member of regional writing community to learn from and network with other local writers. Becky is passionate about her work and is always looking for new opportunities to challenge herself and grow as a writer.
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Everything You Need To Know About Financing A Fixer Upper
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A Guide To Renovation Loans For Real Estate Investors
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