There’s nothing quite like seeing a home renovation come together. It’s these real estate Cinderella stories that are responsible not only for the success of popular HGTV shows like Fixer Upper or Property Brothers, but for much of Richmond’s recent rebirth and revitalization in the past years. And it’s one of the main aspects of this profession that fuels my passion most.
But diving into a renovation isn’t always such an easy move. It can be scary to take on this type of project, understand the loan process, or know what’s feasible and what isn’t.
I recently sat down with Richard Day of Prime Lending to see if he could shed some light on the financial side of home renovation. From qualification to historic tax credits to Richmond’s low inventory, we’ve touched on some of the most important questions you may have when deciding if, how, or why to renovate a home. Let’s dive in:
An quick intro to Richard and renovation loans:
What kinds of renovations could a renovation loan work for?
What type of buying situation and/or properties does a renovation loan work best with?
Down payment requirements:
Contractor licensing requirements:
Project oversight requirements:
How renovation loans can help buyers take advantage of Richmond’s low inventory:
On historic tax credits:
We hope you enjoyed listening and learned a little something along the way! To learn more about renovation loans or get in contact with Richard, visit him here.