What are the hottest home renovations for the summer?
What are the hottest home renovations for the summer?
Summer is a good time to get some things done around the house, but where are you going to get started? And better yet, where is the money going to come from?
If you’re ready to get going, Guaranteed Rate Affinity could help with a home renovation loan.
Best home renovation ideas for summer
Add a pool
Nothing says summer like being able to cool off and lounge around your own swimming pool.
Pools are a significant investment and could increase the value of your home. Adding a pool is also a process that can take a good amount of time to complete.
The average cost to install an in-ground pool is about $65,000, so you’ll first want to consider how much you can afford. Then you’ll need to explore financing solutions. A Guaranteed Rate Affinity loan expert can help you understand options that could help you get started on this year’s addition to your family’s summer fun.
Build a deck
You can expand your outdoor living and entertaining space with a new deck. Constructed with natural and synthetic materials, a deck could add value and style to your home, as well as give you a great new spot to hang out when the weather warms up.
Expect the average cost for a new deck to be in the range of $8,000, though the size of your deck, location of your home and the materials you choose could alter the price significantly.
Renovate your kitchen and bathrooms
If that old kitchen needs new cabinets and countertops, and if your bathroom’s shower has seen better days, this could be a good time to get to get some work done. Kitchen and bathroom updates are among the most common changes homeowners make, and they’re also among the most expensive. Fortunately, these upgrades could add lasting value to your home, so they’re investments worth making.
Upgrade paint and flooring
Curb appeal improves dramatically with new paint to improve the look and durability of woodwork, siding, brick and other outdoor hardscape areas.
Paint prices have increased significantly in recent years. Labor costs and supplies also could add dramatically to the cost of updating the appearance of your home.
You can expect the average painting job with labor and materials to cost about $3,000, but the size, location and condition of your house could
How to get a home renovation loan
Home renovations can get expensive, and scrounging up the cash to fund these projects could take a long time. Guaranteed Rate Affinity’s home improvement loans and other options provide the financing you need to make repairs, revamp living areas or add energy-efficient upgrades.
FHA 203k loan
Offered by the Department of Housing and Urban Development (HUD), FHA 203k offers you a single fixed-rate loan that covers both the purchase or refinance and renovation of a property. These government-insured loans can be huge assets to both new and long-time homeowners who want to make necessary home repairs and improvements.
HomeStyle® or Choice® Renovation Mortgage
Offered by Fannie Mae and Freddie Mac, these conventional renovation mortgages could help borrowers make repairs and renovations with one mortgage, rather than a second mortgage or other costly financing methods. Plus, interest rates for these types of loans are often lower than a personal loan or credit card.
VA Renovation
If you’re a veteran or an active service member, you can take advantage of a VA renovation loan. The benefits of this type of loan are significant, including no down payment requirement or mortgage insurance. Eligible borrowers may be able to qualify for a low rate as well.
Cash-out refinance
A cash-out refinance allows you to tap into the equity that you’ve built up in your home. When you use this type of home loan, you’re essentially trading your original mortgage in for one with a higher total loan amount. It’s important to note that cash-out refinances use the “as-is” appraisal value of your home unlike the “after-improve” appraisal value does on our renovation loan products.
Home equity line of credit (HELOC)
A home equity line of credit — or HELOC — is a revolving credit line that converts your home equity into funds you can spend on just about anything. Whereas other types of home equity loans offer a lump sum payment, a HELOC gives you a line of credit to pull money as needed for your home renovation project.
If you’re ready to get started and maybe get a little dusty, apply today for a home renovation loan.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.
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