Found the Perfect House, But It Needs Some Work?
You know the one: perfect layout, amazing location—but the floors are dated or the kitchen is crying out for a remodel.
Here’s something a lot of people don’t realize: You can actually borrow more money from the bank to cover those renovations!
Depending on the lender, you can borrow up to 20% of the purchase price for renos. That’s not just a little cosmetic touch-up money—that could be enough to completely transform the space.
Forget That $40K Cap You Might Have Heard About
A lot of people think you’re capped at $40,000 for this kind of financing, but that’s not necessarily true. That limit is flexible depending on the price of the home and the lender you’re working with.
For example, if you’re buying a $600,000 home, 20% would give you up to $120,000 for renovations. That’s a brand-new kitchen, new flooring throughout, or whatever you need to make it truly yours.
Why Consider it?
-Make the home move-in ready: Don’t compromise on the things that matter.
–Increase the value: Those upgrades usually add significant value to your home.
-Wrap it into your mortgage: Easier than taking out separate high-interest loans later.
The picture is from a client of ours who used this program. They received an additional $26,684 and was able to transform the house into this beautiful home, and increased the value exponentially.
So next time you see a house with the perfect bones but needs new floors or a kitchen refresh, don’t walk away just yet. See if this program might help you turn it into your dream home.
If you want to know more about how these renovation mortgage programs work, or see if you qualify, let’s chat!