New Baby - Need More Room!
Me and my husband just found out we are expecting a new bundle of joy. We have a 5 bedroom split foyer with every room occupied and need more room! Our mortgage balance is fairly low (under $100k) and we were thinking of doing a major remodel, with an additional room, remodeled master bedroom and kitchen. Iím not sure where to start? What type of loan should we be looking for? Construction Loan? 203k? Iím just not sure where to start. Help!
I'd start with the zoning and building dept. and maybe the heath dept. to see if adding another bedroom would even be allowed on your lot.
There's set backs, septic, water, HVAC, added power loads that need to be concidered before doing anything.
There is no sense in going through with a major reno if the neighbourhood doesn't warrant the upgrade. So thats where you start.
If your home is already currently worth the max of the area then your money is better spend on reinvesting on another property. How would anyone know what the remaining mortgage of 100k means when we don't know the property values in the first place. You could have a ton of equity or very little?
If the homes in your area are worth much more than yours, then a reno would be a wise descision. Construction loan...equity loan...re mortgage...speak with your mortgage specialist about which is the best fit for your needs and don't be afraid to negotiate your percentage rate.
Congrats on the newcomer
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