Renovation Mortgages

So you’ve found a house you like. It’s in the perfect location, it’s available, and it’s affordable, but it needs more than a little work. Before walking away from the deal, you might want to consider financing the purchase and the repair of that home in one shot by taking out a renovation mortgage in addition to your home mortgage. This is a new financial device.

Combining the loans can save time and money by eliminating the need for two appraisals and closings, and you can often get both loans with rates and terms comparable to a standard mortgage. Like typical home mortgages, renovation mortgages can be variable or fixed rate loans for terms of 15 to 30 years. The amount you borrow can be based on the cost of the renovation project or the value of the finished product, according to Gregory Karabetsos, owner of Greater Pittsburgh Home Equity in Peters Township.

Any home improvement project can qualify, as long as it becomes a permanent part of the property and increases the value. The flipside of the coin: you can’t do the repairs yourself. You have to use a licensed contractor.

Virtual tours are the way buyers are shopping for a new home today. Open houses are a thing of the past. With a virtual tour, you can see every room in great detail. This is especially convenient for out-of-towners or even out-of-country buyers who want to settle in our local communities. The computer has become an intricate part of our business.
- Janet Nassif, Keller Williams

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