How to Plan a Successful Renovation Journey
The best way to kick off your Renovation Journey or home construction is to plan it!
Sounds obvious, right?
One of the most common things we hear from friends, family, and customers that have taken on renovations in the past is that they went over their budget due to unexpected obstacles and unforeseen costs.
We’re here with some helpful tips to take out any of the guesswork that comes with setting your Renovation Journey budget so you can plan for success.
Apply for a pre-approval
A renovation loan, like any other loan, should start with a pre-approval. The online pre-approval is simple and can take as little as 20 minutes. If you would rather have the help of a professional while filling out your pre-approval application, no problem! Our loan officers are experts on the matter and can help you through the process right from the beginning.
But wait, it gets better! Our common sense lending philosophy allows us to consider a variety of factors, as every renovation is different than the next, and a customized approach is often in order. This approach allows us to keep the renovation process as simple as possible, depending on the scale of your project.
Determine your budget
Your pre-approval will help you get comfortable with a monthly payment, no different than a purchase or refinance. Once you determine that figure, along with any additional cash you have add to the mix, we can help you back into your budget. Loan Officers can also offer insight on improvements that offer the best return on your investment based on past experience and appraisal reports.
Plan within your budget with the help of the experts
Think of us as your renovation partner, not just your lender! We can talk you through points that might be overlooked such as the resale value your renovations can provide, the value of other homes in your neighborhood based on appraisals from other transactions, and upgrades that make the most sense for the home value range in your area.
When you’re ready to start planning your Renovation Journey, make your first stop at Great Midwest Bank. We’ll be there to help it goes smoothly, from start to finish.