Home renovation is an exciting process, but it has its challenges, too. For instance, budgeting can be frustrating, especially when you realize you don’t have enough money to cover all your renovation expenses.
Design Build Remodeling Group, one of the most trusted home remodeling contractors in the industry, understands that renovation costs can sometimes catch homeowners off-guard. And, while it’s ideal to save up before starting a project, safety issues can be a factor to begin renovations even when you’re not yet 100% financially ready.
Are You Financially Prepared for a Home Renovation Project?
In a recent survey by Discover® Home Equity Loans, only a quarter of the respondents who plan to carry out renovations in the next year or sooner have saved enough to cover the entire cost of their renovation project.
Moreover, nearly two-thirds of these respondents thought their home renovation project would cost them less than $15,000. However, a Cost vs. Value report shows that the national average for a mid-range bathroom remodeling job is $20,420. A mid-range kitchen remodeling project, on the other hand, costs between $22,507 and $66,196 on average. A whole house remodel will cost significantly more.
What are Single-Close, Construction-to-Permanent Loans?
We offer our clients single-close, construction-to-permanent loans to help finance major remodeling projects, specifically additions and whole-home renovations. This financing option can be converted to a permanent mortgage after the completion of construction.
Its advantages include the following:
You can save time and money.
You can borrow up to $2,000,000 for your primary residence.
You can take advantage of low settlement costs.
You only have to pay closing costs once.
You are given up to a 12-month construction phase with interest-only payments.
Fixed conventional loans are available.
Our renovation and new addition contractors carry out the job upfront, and we are reimbursed periodically throughout construction upon the lender’s inspections.
Design Build Remodeling Group specializes in large-scale home renovation projects and guarantees top-notch workmanship. If you want to learn more about our financing options, call us at (443) 230-4070, or fill out our contact form. We serve customers in Eldersburg, MD, and nearby areas.