Best Home Renovations to Boost Your Selling Price with a Construction Loan

December 20, 2024
edcurrie

Selling your home is a significant decision, and making strategic renovations before listing it can considerably increase its value. Construction loans offer a flexible and practical way to finance these upgrades, ensuring your property is market-ready and attractive to potential buyers. Let’s explore some of the top renovations that deliver high returns and how construction loans can help make them possible.

Renovations That Add Value

Entry Door Replacement (Steel)
A new steel entry door not only enhances curb appeal but also boosts security and energy efficiency, providing a fresh look for the home’s entryway.
Manufactured Stone Veneer
Adding stone veneer to your exterior gives your home a high-end appearance and increased durability, making a lasting first impression on prospective buyers.
Garage Door Replacement
A stylish garage door improves curb appeal, enhances functionality, and signals quality craftsmanship to potential buyers, adding value to the front of your home.
HVAC Conversion/Electrification
Upgrading or converting your HVAC system ensures the home remains comfortable while improving energy efficiency and reducing maintenance costs, making it more attractive to buyers in the long term.

Financing Renovations with a Construction Loan

Renovation costs can add up quickly, but construction loans are designed to help you finance and manage these projects efficiently. Here’s how they work:

Home Renovation Loans
These loans include renovation costs in your mortgage, spreading payments over the life of the loan. Loan amounts are typically based on your home’s future value after the renovation, determined by an appraiser. This option is ideal for projects like kitchen remodels, system upgrades, or custom additions.
Home Equity Loan (HELOAN)
This allows you to borrow against your home’s equity as a second mortgage. With fixed interest rates and predictable payments, this option is ideal for larger, one-time renovation projects.
Home Equity Line of Credit (HELOC)
A HELOC allows you to access a portion of your home’s equity with a flexible draw period. This option is perfect for ongoing renovation expenses or projects that require phased funding.

Why Choose a Renovation Loan?

Renovation loans offer the unique advantage of transforming your home into a buyer’s dream without requiring upfront cash. Use these loans to:

Update key areas like kitchens and bathrooms.
Upgrade essential systems such as electrical, plumbing, and HVAC.
Improve accessibility or structural elements.
Add luxurious features like new flooring, windows, or even a pool.

Ready to Boost Your Home’s Value?

At Ed Currie Mortgage, we specialize in renovation financing that meets your specific needs. Whether you’re upgrading to sell or making improvements for long-term value, our team is here to guide you through the process and help you achieve the best possible return on your investment.