Whether you’re hosting a few out-of-towners for the weekend or housing the entire extended family, the holidays can force you to realize how much more space your home really needs. Using a 203(k) loan to combine your mortgage payment with renovation costs is a great way to affordably update your home to meet your needs. Room additions, kitchen or bathroom upgrades, and even a basement completion all qualify for 203(k) financing.
Kitchen Upgrades
Think about increasing your kitchen’s efficiency with an open floor plan. With an eye towards a more sustainable lifestyle, you can upgrade one of your most important rooms with energy-efficient appliances. You can also give your cabinets, walls and flooring a facelift with an updated look to more closely match your personal style.
Basement Completion
One of the many benefits of finishing the basement is that you can make it into a space that fits you: your personality, your hobbies, etc. If creating an additional living space is the goal, consider building an additional bedroom for those holiday stay-overs or everyday guests. Like many renovations and upgrades, having a finished basement may add value to your home!
Room additions
Consider the much-needed space you’ve been longing for solved! Adding a room to your home can create the extra bedroom, bathroom or living area you need to host friends and family during the holidays. Rather than dealing with the expense and hassle of moving to a new house, a room addition can make your familiar space fit your needs.
These projects and more are attainable with the right plan in place. A renovation loan is not only an investment for comfort, but it can pay off in a significant way should you decide to sell. As the nation’s top renovation lender — ranking No. 1 in 203(k) for 201 according to HUD, we know a thing or two about renovation loans. To learn more about how the loan process works, and if your home is eligible, reach out to your local Homebridge mortgage loan originator today.