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Posted by MDM Realty, Inc on 7/3/2018

If youíre trying to decide whether itís best to move from your current home or to make the necessary improvements on the home, itís not an easy decision. One thing you may have to consider is how to get the capital in order to have those home improvements done. 

Thereís a variety of options available to you in order to secure a loan to renovate your home. Whether you need to renovate the kitchen, build out from your current property, or replace the heating system, thereís ways that you can get the money to complete these necessary updates. 


One thing to consider about any of the options discussed is that you donít want to be paying for home improvement loans until you need to update everything once again. If youíre preparing to sell your home, making improvements is a wise choice, as it can increase the return that youíll get on your home. 

Donít Run Out Of Cash


 If you cannot complete the improvements that you started, you may not be able to get another loan to complete them. You can typically borrow between 80 and 90% of your home equity. The downside to refinancing your home or taking out home equity lines of credit is that youíll need to pay closing costs once the loan is approved. In other words, youíll need to put out some cash in order to get some cash. 

Use Your Own Cash

If you have some cash saved up, itís wise to just do one project at a time. This can take some time, but can be more economical in the long run. If you donít need to complete your repairs in a hurry, then using your own savings is a good idea.

Refinance Your Home

If you would benefit from a lower interest rate, refinancing your home can be a great option. As long as the cost of repairs doesnít exceed the number of years that the updates will last, refinancing makes sense. 

Home Equity Credit Line


If your mortgage is locked in and working for you, home equity lines of credit are always a good option. You can draw money out as you need it and pay it back as you go. You wonít need to pay interest until you use the money and the loan is good for 10 years. The downside is that if you donít make the payments, you could lose your home.   

Home Equity Loans

This type of loan allows you to borrow a fixed amount and then pay back the loan with a fixed monthly installment. A 15 year term is typical of this type of loan.


Construction Loans


A construction loan can be used to build a house or to make large-scale renovations. These loans are short-term and not always easy to find access to. Not to mention that they are heavily managed and perhaps the least popular option presented here. 


FHA 203K Loans


This type of loan is generally used to purchase a home that is in need of much repair. The downside is that youíll need mortgage insurance for the entire life of the loan. Less complicated repairs often offer a more streamlined FHA loan of up to $35,000. 


FHA Title 1 Loans


These loans provide up to $25,000 for home improvements. The money is insured by the federal government and can be obtained from approved lenders. Homeowners donít need access to equity in order to get one of these loans and they are available in 20 year terms. 


These are just some of the options that are available to you as a homeowner seeking ways to get cash to make improvements to your home. You can tap into other types of personal loans including credit cards. Really, you need to do whatís best for your finances. Itís good to know that thereís options available to you to improve your home.




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Posted by MDM Realty, Inc on 1/31/2017

When was the last time you examined the lighting in your hallway? For home sellers, you may want to consider revamping the lighting in your hallway. By doing so, you can brighten up your hallway, and ultimately, help make your home more appealing to prospective homebuyers. So what does it take to improve your hallway lighting? Here are three tips to consider: 1. Add Lighting Controls. Although you may already have a light switch to control your hallway lighting, incorporating a dimmer switch or occupancy sensor into your hallway may prove to be a great option to enhance your hallway's overall appearance. A dimmer switch ensures you can brighten or dim your hallway as much or as little as you choose. The added control provided by a dimmer switch enables you to create a certain ambiance that you can share with homebuyers when they check out your residence. Comparatively, an occupancy sensor detects when a person walks through a hallway automatically. This sensor may serve as a distinct feature in your home, one that may help your residence stand out in the eyes of homebuyers. 2. Incorporate Wall Sconces. For home sellers who want to impress prospective homebuyers the moment they enter a hallway, wall sconces may serve as ideal additions. Wall sconces come in many shapes and sizes, allowing you to select lighting that matches your hallway's dťcor beautifully. Also, wall sconces are available that enable you to create both up and down lighting that can give your hallway a one-of-a-kind look and feel. Try to find wall sconces that deliver a sense of balance in your hallway. By doing so, you'll be able to utilize wall sconces that provide a superior mix of fashion and function. 3. Install Track Lighting. Looking to brighten up a long hallway? Choose track lighting Ė you'll be glad you did! Track lighting typically runs parallel to your hallway's walls and offers immense versatility. Therefore, it serves as a wonderful option for those who want to make a hallway dazzle day after day. In many instances, you can change the direction of track lighting with ease, too. This type of lighting gives you superb flexibility, and as such, remains an exceedingly popular option in many homes. When it comes to brightening up a hallway or any other area of your home, be sure to evaluate all of the options at your disposal. Remember, you'll want to do whatever you can to help your residence sparkle, and the right lighting may enable you to transform a dull hallway into an eye-catching one. Lastly, don't forget to consult with your real estate agent before you perform hallway lighting improvements or other home repairs. This real estate professional likely boasts years of industry experience and will be able to guide you as you explore ways to make your home more attractive to homebuyers. Take a close look at your home's hallway lighting, and you're sure to find many great lighting options that you can use to help your residence stand out in any real estate market.