There are many things to think about when planning a renovation. You must decide on layout, materials, color schemes, etc. You will also want the project to withstand wear and tear – it is an investment, after all. The following are a few MA property renovation considerations to help plan your next endeavor.

1. The Internet as a Resource

There is an abundance of tools on the Internet. Refer to sites such as houzz.com for inspiration. This specific website allows you to look through photos of interesting interior and exterior designs. Search for images by room or space and save specific ones for future reference.

2. Browse through Sample Color Options

Color can be a good thing, but use them carefully. Determining how you want to feel in a room will facilitate your color selections. If you want to have an energizing kitchen, look into a bright red or yellow and then balance it with a grounding neutral tone. To create a soothing environment, start with cooler blues or greens. Some sample palettes combine varying colors and include photos of spaces with those different colors.

3. Exhibits & Show Rooms

Examine materials in person if possible. You can determine the quality of different materials and its utility in a particular application. Be sure to thoroughly try items, wiggle the parts, and think about how it will be used in your home. This may validate your choices or prompt you to change them entirely.

4. Keep Resale in Mind

When future buyers view your home, it is important that they can envision themselves living in the space. Using features lacing general appeal or are not easily altered can negatively impact your resale value.

5. Choose Long-lasting Materials

Since you are investing in your home, you may as well make an investment that will last. Strong materials will exhibit less damage, require less maintenance and remain in good use for a longer time. Selecting materials that stay in good condition through the time you sell your property will lead to a better return on investment.

These MA property renovation considerations are a good starting point for your project. Consult with your custom remodeler or design professional for specific advice and ideas. Be sure to take your time, perform your research and have lots of fun!

 

Renovation loans from HomePath facilitate buying of properties that need repair. The expense of renovations can be rolled into the loan principal, making buying the house more affordable. Below is some useful information on renovation loans from HomePath.

Listings that Qualify

HomePath loans only apply to Fannie Mae owned properties. There are normally a wide range of lenders approved to offer HomePath loans. Houses needing minor to moderate renovation may also qualify for special renovation loans from HomePath. This is typically noted within the listing details.

Who Can Use HomePath Loans

Beyond the listing being eligible for HomePath loans, buyers must also meet certain guidelines. Specific criteria can vary by lender but typically includes income and FICO score requirements. Speak with your lender for information on this.

Specifics on Renovation Loans From HomePath

Renovation loans from HomePath include some great terms. Buyers may put down as little as 5%. Additionally, the funds can be personal funds, a gift, a grant, or even loaned from designated approved organizations. Fixed and adjustable rate options are available. Another cost saving term is that no mortgage insurance is charged. Lastly, it is possible for sellers to make contributions towards closing fees.

An appraisal is perfoemd to determine what the value of the property may be once work is done. The amount of the mortgage will be based on the purchase price plus expense for repairs. Renovation expenses can be as high as $35,000 or 35% of the end value.

More On HomePath Loans

When looking into purchasing a Fannie Mae property that qualifies for HomePath, you should contact an authorized lender as soon as possible. Your lender can furnish more comprehensive information on whether you qualify for the program and what the loan costs will be. This will help you decide if the property will be financially optimal. For additional details on this and other related programs, contact Peter DaMore at Law Offices of Peter T. DaMore Jr. at 781-229-7900 or pdamore@ptdlaw.com.