What is a renovation loan?

Dated: October 19 2020

Views: 13

Several years after the housing bubble in 2008, the Nashville market bounced back and has steadily been increasing -- it's booming right now! As a result, though, prices for homes in the Nashville area are skyrocketing. Unfortunately, this poses a problem for many natives in Nashville. 

A contributing factor, salaries and wages in the Greater Nashville area have not been equally increasing with the rising prices of homes. 

There are many Nashvillians who would like to sell, however, a large majority of them opt to stay in their current home, or continue to rent, because they will have to spend much more money to ultimately get a smaller house with less land, fewer amenities, and possibly in a less desirable area.

In addition to pricing and affordability being a stumbling block, there is usually a list of wants and needs that home buyers have when looking for a home. Maybe the buyer wants a three-bedroom & two-bath home, close proximity to Downtown, certain appliances & conveniences, or to live within a certain area of a school. It can be difficult to check off all of these needs while staying within a certain price range.

While it may seem impossible to find all of these wants in a home, fear not! A renovation loan could make it possible.

There are several benefits to renovating:

1. You can do what you want.

Make your home look just like the one you saw on Pinterest.

2. Get into the neighborhood you want.

If you can't find your dream home in your dream neighborhood, look around at older homes in the area that could use a little TLC. Buy a home at a lower price point, and add the amenities and upgrades you want while saving money on a new or already renovated home.

3. Increase the value of your current home.

Prepare your home for the market and make top dollar by renovating it.

4. There are many improvements that can be included.

There are various guidelines that apply to renovation loans, however, there are no required improvements or restrictions on the type of renovations. 

Let Music City Experts help you find your renovation home. Give us a call! We'd love to hear from you. 615.815.1295

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Holden Parker

Meet Holden. Holden is a licensed REALTOR® and serves as the Director of Marketing at Music City Experts. He’s the face behind social media, blog articles, website content, and graphic design for t....

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