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“Projects with a strong return on investment, like upgrading siding and a deck, are probably going to be worth it,” says Valdes - Arizona bathroom renovation. When it comes to home financing options for renovations, there are three primary options homeowners should consider: government-backed loans, conventional cash-out refinancing, or a home equity line of credit.

Together, they submit their renovation plans with the loan application. Renovation funds go into a custodial account, from which the contractor can request and withdraw funds. A construction specialist manages the loan, releasing funds as the work is completed. Homeowners must have at least 10% of their appraised costs in cash, to cover any contingencies that may happen during the construction.

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Homeowners can perform upgrades on a home at least one year old, and this covers many common renovations: structural upgrades, replacing floors, upgrading to energy conservation improvements and more. Cost of renovations must be at least $5,000, and payments are managed by a construction specialist who oversees the contractors and their work.

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Because borrowers must meet FHA loan guidelines, this option is great for those who have at least 3. 5% for a down payment, a credit score of at least 620, and limited equity in their home. Homeowners must have at least 20% or more equity in their home. Funds are paid directly to the homeowner, and can be used for any purpose, ranging from do-it-yourself upgrades to those from a licensed and bonded contractor.

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For homeowners who have a clear plan for their renovations, a cash-out refinance can be a great way to add value while taking advantage of historically low interest rates. Before starting any renovation project, do your research on other homes in the neighborhood. If building a deck, a fence, or another architectural upgrade helped increase their property value, it could be an indicator of how a renovation could build your wealth.

Home equity lines of credit work like a credit card: homeowners are free to spend against the equity of their home as they see fit. These lines of credit come with a variable interest rate — if the prime rate goes up, you could be paying more to the bank for your project.

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An alternative way to fund home renovations can be a personal loan, if you have good enough credit and can negotiate an attractive APR. A personal loan may be especially attractive to fund a relatively minor expense such as fixing a leak or getting new appliances. Another option to fund home improvements that do not involve major renovation can be a credit card.

Besides standard credit cards, which might give you reward points or airline miles for your expenses, you can choose a co-branded card from home improvement or furniture chains. The Lowe’s Advantage Card, for example, offers discounts on certain purchases made at Lowe’s stores and no interest for six months on purchases of at least $299; the Home Depot Credit Card offers similar terms.

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The IKEA Project Card is an example of a card that may be attractive for those who are looking to fund a renovation project without applying for a loan, since it offers 0% APR for up to 24 months depending on the amount purchased. APR jumps to a hefty 21.

While borrowing against your equity can be an easy way to create the home of your dreams, it can also come with costs and downsides. Before talking to a mortgage officer, look at your overall budget carefully to determine how much you can afford, and how much value it will add to your home overall.

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By taking a step back and evaluating all your options, you can determine which route is best for your personal situation.

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Home Owners, Property Investment, Renovation What is one of the quickest and most effective ways to add value to your home? With housing prices increasing, a lot of Australian homeowners have found a way to increase the value of their property by renovating. remodel your bathroom. Renovating can make a property more valuable and can be a more cost effective way to own a better house without having to move.

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The most common areas that people renovate are often the kitchen and the bathroom, as they tend to offer the greatest return on investment. A bathroom makeover might include a structural change, maintenance and painting, and the cost could vary depending on the work, material and labour involved. According to a , the average cost of a complete bathroom renovation in 2015 ranges from a price of $4500 for a budget bathroom upgrade to $24,000 for a premium bathroom overhaul.