Justin Hopkins Discusses Outside the Box Ideas to Rehab or Purchase Property Using a Renovation or Construction Loan.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-justin-hopkins-mortgage-loan-officer-with-huntington-bank/
In a market where home values are increasingly important, homeowners are constantly seeking ways to enhance the appeal and worth of their properties. Recognizing this trend, leading financial experts today shared invaluable insights on how renovation mortgages can be a strategic tool in increasing home value.
Renovation mortgages offer homeowners the unique opportunity to finance their home improvements through their mortgage, allowing for potentially significant increases in property value without the immediate out-of-pocket expense. These financial products can cover a wide range of renovations, from kitchen and bathroom upgrades to energy-efficient installations and smart-home technology.
Key Tips for Utilizing Renovation Mortgages:
- Focus on High-Return Projects: Experts recommend prioritizing renovations that are known to offer the best return on investment (ROI). Kitchen and bathroom remodels, adding square footage, and energy efficiency upgrades are among the top suggestions.
- Smart Financing Decisions: Homeowners are encouraged to carefully consider their financing options. A cash-out refinance or a home equity loan could unlock the equity already built up in the property, providing the funds needed for impactful renovations.
- Plan with Resale in Mind: While personalizing a home is important, experts advise keeping potential buyers in mind. Renovations that appeal to a wide audience can help ensure the home sells quickly and at a higher price point when the time comes.
- Consult Professionals: Before embarking on renovation projects, consulting with real estate and renovation professionals can provide valuable insights into which improvements are most likely to increase home value in a specific market.
- Incorporate Energy Efficiency: Making a home more energy-efficient not only reduces utility bills but also can significantly increase its value. Upgrades such as solar panels, energy-efficient windows, and smart thermostats are attractive features for today’s eco-conscious buyers.
- Embrace Smart-Home Technology: Installing smart-home technology, such as security systems, thermostats, and lighting, can make a home more appealing to tech-savvy buyers and increase its overall value.
- Don’t Overlook Curb Appeal: First impressions matter. Enhancing the home’s exterior through landscaping, fresh paint, or new siding can dramatically improve its curb appeal and, by extension, its value.
Justin explained: “Strategically utilizing renovation mortgages can significantly enhance a home’s value, making it a worthwhile consideration for homeowners looking to sell or simply improve their living space. As the housing market continues to evolve, staying informed on the best practices for home improvement financing will remain crucial for maximizing property value.”
Video Link: https://www.youtube.com/embed/IwfYQrTyw5s
About Justin Hopkins
He has been a Mortgage Loan Officer since 2020 and has helped many individuals and families purchase and refinance their homes. He offers an array of mortgage products including renovation, and construction to go along with the conventional and FHA, VA, and USA products.
Learn more:
https://linktr.ee/justin.hopkins | https://www.linkedin.com/in/justin-hopkins-75115b19b
