Maximizing your home's value

by Sean McCarthy

Your home is one of the biggest investments you’ll make in your lifetime.

If you need money to make renovations, you’ll want to find a reputable financial institution that understands your goals and can help your dreams to become a reality. BayCoast Mortgage Company is a wholly-owned subsidiary of BayCoast Bank, a longstanding community bank with more than 170 years of service to the people and businesses on the South Coast. With low inventory in a very competitive real estate market, more people may be considering renovating their current home or adding an addition instead of buying a new house. BayCoast Mortgage can help provide the right financing for your project.

“Many people’s homes have increased greatly in value as prices have risen dramatically in recent years, which gives them the ability to borrow more for improvements than they might realize,” says Dan Briand, President and CEO of BayCoast Mortgage Company. “But at the same time, the inventory of current homes for sale is low. Homeowners who may need a bigger house as their families grow now face intense competition and limited choices among the few properties on the market. The reduced inventory has fueled bidding wars and multiple offers, often above the original asking price. An alternative strategy may be to renovate your existing home. We offer a variety of loan products, depending on the loan amount you need, to affordably finance home improvements.”

For larger projects, such as the construction or renovation of a bathroom or living space, BayCoast offers a construction loan, where you can borrow against the future value of your home once the project is completed. This type of loan may allow the homeowner to borrow more to improve their primary residence, second home, or investment property.

Another option for financing is a Home Equity Line of Credit (HELOC). This can be a fast and easy way to finance improvements such as remodeling a kitchen, installing a new roof, or whatever the need might be. With a low introductory rate, a HELOC allows borrowers to obtain a loan for up to 80 percent of the home’s value, usually with no closing costs and the ability to access the credit line at their discretion.

For smaller projects, a home improvement loan may be a great option to make renovations that could also increase the value of your home. A qualified homeowner may borrow up to $25,000 for improvements. This is a short-term loan with no fees.

If you’d like to go green, BayCoast offers energy efficiency loans to improve your home’s energy consumption and lower your utility bills. HEAT Loans are interest-free for installing qualified energy-efficient improvements in homes or rental properties, and may include weatherization, heating and hot-water systems, solar power, central air-conditioning, and more.

BayCoast Bank and BayCoast Mortgage Company are proud to help homeowners living in Southeastern Massachusetts and Rhode Island with their renovation financing. BayCoast Bank and its affiliates also offer a family of services that can assist you with your overall financial wellbeing – from banking and lending services to insuring and investing.