Stop Daydreaming and DO IT!! Your Summer renovation…

Welcome to SUMMERRR!!!! It is the perfect time for fun in the sun, vacations with family and friends, and....RENOVATIONS!

When the weather is nice is a perfect time to start those home renovations that you talked about all winter. Need a new roof? Want a garage? Must have stainless and granite in the kitchen? Well, Let's talk about it.

Like anything else, these things start with a daydream…………..


HEY! Sorry to interrupt your dream but how are you going to pay for it???

So, let me tell you what prompted me to write this. I was watching one of my favorite shows on HGTV, Property Brothers. Who else watches this show?? Hold for my short review….

This show is pure real estate brilliance. There is no prize, no gimmicks, just pure real estate. It is 2 brothers, (who are both VERY handsome). One is a real estate agent and the other is a builder. The premise of the show is these two brothers take the buyer's wish list and show them a finished home that they fall in love with. INEVITABLY, it is always outside of the buyers budget.
THEN they show them three other homes that need some TLC. Through the magic of architectural software they show the buyers how their wish list can be customized to each home and let the buyer choose.
Property Brothers depicts Drew Scott as a super skilled agent, handling every concern of the buyers with finesse and Jonathan is a project manager extraordinaire, considering how stressful it is to deal with the buyers. As always, there is a happy ending when the show winds up with blissful homeowners and the Scott brothers are satisfied with a job well done. I love this show.

1. Drew Scott is the epitome of a skilled agent.
2. Jonathan Scott is the epitome of a skilled carpenter and project manager.
3. I love that they convince the buyers to rehab unloved properties. They are helping neighborhoods and communites. I am a believer.
4. They are uber handsome.
5. And I love the modern designs they come up with. Not sure who is the driving force on that but the homes always turn out beautiful.

Ok. So I was gobbling up this show not too long ago, and it occurred to me; How and Who is paying for these beautiful renovations?? My mortgage brain is going 90mph just thinking of the ways is could be done. So, I asked.

The question:

@PropertyBrother how are those renovations financed? Reno mortgage? HELOC post closing? cash on hand? #curious

The response: from @MrDrewScott

@lenderdawn every @PropertyBrother episode is different. Depends on the homeowners situation. Some use savings, others finance, some borrow

Fantastic! All options were on the table and those options are available to you as well. So let's chat.

There are renovation mortgages are available for refinancing and purchasing. If you already own the property, you can add your renovations into the refinance as long as it is a permanent fixture and adds value to the property. So if you want that new kitchen, do it!

Also, with a purchase, you find a property that has great bones but needs updating, buy it! If you have vision and can see a pool in the back yard, or a finished basement man-cave, do it!

If you would like to access the existing equity in your property with a Home Equity Line of Credit, (HELOC), you can use those funds like a credit card. Use what you need and only pay on what you owe. This loan is pretty easy to originate, however, you won't get the tax breaks.

And, of course, if you have savings on hand and want to pour it back into your property, do it. There is no better investment than real estate.

There are lots of options. Your lender, (me), will be able to school you on all of it.

As always, if you have a question about real estate, just ask.
@lenderdawn
realtalkaboutrealestate@gmail.com