My soon to be husband and I own a paid off house that should have a value of about $160,000. We would like to put in about $15,000 in work and then possibly sell it, or we may continue living there. What is the best/smartest way to get the money to fund the repairs/remodeling?
Asked by:Angel
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Save money and pay cash for the improvements.
best way is to pay cash as u go if u can afford it. Another way is a home equity loan or line of credit. And if u think youre going to spend 15000 on improvements better double it since things always cost more than they appear
get a reliable contractor and pay him a couple hundred every other month or get a loan cash or money orders are preferable.
Before you put money into it, decide whether you’re going to live there or not. It is not likely that you will recover the full cost of the improvements if you sell it.
Flagstar Bank has a loan program called “Homestyle Renovation.” I’m not sure what all the rules are to this program, but I know that it’s a loan for making repairs or upgrades to a home. I’m sure it’s like a home equity loan where they loan you money based on the equity in the home.
Contact some local mortgage brokers in your area to see if they work with Flagstar or if they know similar programs.