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Why Move When You Can Improve?

January 3, 2017 By: Great Midwest Bank
A white wall halfway through being painted blue. A painting roller on a long handle rests against the wall next to a short ladder, a paint can and a paint pan.

As time goes on, families grow, needs change, and the free space in your house seems to get smaller and smaller. Whether you are looking to increase the size of your home or just need a change of scenery, moving is not the only option available to homeowners.

Construction or remodeling can make a significant difference in the appearance of and your equity in your home.

No matter what your reasoning is for improving rather than moving, a community bank is the perfect place to go to get the ball rolling on your home renovation. Community banks offer something that big banks cannot: flexibility. Here are some tips for getting started on the major home remodel you have been waiting for!

[Why Community Banking Matters]

Find a Local Real Estate Agent

A local realtor may be a good place to start to discuss which home renovation project will add the most value to your home. Typically, adding square footage, especially in the form of an additional bedroom, is the best investment you can make in home construction project.

[Tips for Finding the Right Real Estate Agent for You]

Meet with a Local Loan Officer

Next, meeting with your local loan officer will give you the opportunity to discuss the renovation you can afford and how you will afford it. Getting an estimate of what your payments will be and how the project will affect the equity in your home given the location and local housing market conditions can help you determine what the scope of your project really can be.

[Guide to Financing Your Home Renovation Project]

At Great Midwest Bank, we have a few different financing options for your major remodel, including home construction and renovation loans, as well as home equity loans and lines of credit. Your project and your current financial situation will largely dictate which financing option is right for you, but it’s always best to discover all your options.

Our friendly, knowledgeable loan officers are more than happy to review all your options for financing your home improvements. 

Contact us to get your home renovation conversation started!

Posted in  Home Renovation Loans