By Scott Wilson, CRLE -Certified Renovation Lending Expert

Whether you’re looking to move or not if your home needs repairs or improvements it

remodel cost remodeling loan

Photo by Cindy Funk

pays to make them now.

If you’re looking to move and your home needs repairs it’s better to make them before you sell.  A home needing repairs is normally discounted not only by the projected cost of the repairs but the discount is usually greater in order to attract a buyer and account for their time, effort and energy needed to get the repairs done.  In addition to discounting the price the quantity of buyers who might be interested in your home is reduced.   Fewer buyers have the ability or desire to have repairs made on a home they could purchase.  This is especially the case now because the largest pools of buyers are first time buyers.

The National Association of Realtors NAR reports there are 62 million echo boomers (children of the baby boomers) ranging in age 17-31 and they comprise 31% of the purchase market.  Echo boomers are the product of a technical era and are drawn to everything new and state of the art…IPODS, IPHONES, IPADS.  A home needing repair is not desired by this market.  The best and quickest way to sell your home for the highest price is to create demand for it by making it attractive to the largest pool of buyers…echo boomers.

If you’re not looking to move there’s still no better time to make repairs or improvements.  The cost to renovate in many instances is less than the additional value created by the repairs and improvements. In addition, interest rates are at record lows making the costs to borrow money for renovation the cheapest ever.  That coupled with loan programs that use the value of a home after it is renovated to justify the loan and programs that allow you to borrow more than what the home is worth (no equity needed) make borrowing for repairs and improvements the most flexible ever.

So, whether you’re moving or not it’s a perfect time to repair, improve, renovate, create additional value and enjoy the changes you make with the lowest increase to your monthly housing costs.

If you’re interested in learning more about renovation loan programs available today, email or call Scott Wilson, CRLE -Certified Renovation Lending Expert. or call (720) 932-4749.