Her Money: Renovation Loans

RENOVATION

MONEY

BY SONYA HALL WITH ATLANTIC BAY MORTGAGE

Sonya Hall is a Mortgage Banker with Atlantic Bay located at 1702 LOANS A LOW-INVENTORY SOLUTION East Arlington Boulevard, Suite C in Greenville, NC. For more info visit the website, www. SonyaHallMortgage.com or call 252-320-7922 (Ext 5644).

The high-demand housing market, filled with bidding wars and a low inventory of newly constructed homes, spilled over from 2020 and into 2021. However, across the country, local markets are starting to normalize.

A renovation loan is a resourceful way to upgrade an existing property to accommodate new homeowners’ wants and needs. People with the appropriate credit can take advantage of the loan to modernize an outdated home and make it their own. It transforms the not-so-perfect home you just purchased into your family’s future for the next 30 years.

Maybe you want a suite attached to your home so your mother-in-law has a space all her own. Or maybe you want to install or update the heating and cooling systems. Repairs you want to see happen are included, too. No matter the property, a renovation loan spins your recent purchase into your dream home with all the fixings.

Let’s say you stumble across a place during your home-buying search that doesn’t quite measure up to what you’re looking for. However, your agent informs you that, while not perfect, the home is in a fantastic school district for your children.

First, you should identify all the things that need to be fixed. After that, the fun part begins. You get to put together your wish list of things that aren’t in the home, items that need repairing, and what should be changed outright.

Don’t forget: It’s rare, if not impossible, to find a home with everything you’re looking for. So, the renovation loan lets you upgrade the property rather than losing out on your desired amenities from the get-go.

Given the current times, houses that stay on the market for more than two weeks attach a sort of negative stigma to themselves. If nobody is purchasing that home while the market is so hot, there must be something terrible about the property, right? Just remember, the renovation loan can fix any physical nagging issues for a home. You can even refinance your current loan to one of the renovation loans, and the contractor will start working on the home within 30 days of closing.

Most people are unfamiliar with the loan, but it’s a great option for anyone looking to gain peace of mind with the home they think they “settled on.”

Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452. attributed/sourced AtlanticBay.com

April 2022 April 2022

Her - Magazine 17