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Started By
Message
Question about home improvment loan along with land development loan
Posted on 12/3/15 at 3:18 pm
Posted on 12/3/15 at 3:18 pm
Wife and I will be moving into a house with no debt but would like to make some additions on the home. Its a small at most 1500 sq ft house but we want to expand the kitchen and master bath, add an outdoor area with chimney, upgrade cabinets and floors. We'd like to keep that portion under 100k if that's even possible.
Additionally I will have a good chunk of rural property to maintain and will need equipment, supplies, and to build a shop. Was hoping to keep this under 50k
Is there a loan type that would cover everything? Ive looked at USDA loans but I admit I don't know a lot about these types of things.
Id appreciate any info I can get from what to expect in prices on home improvements to financial advice on how or where to pay for this stuff.
TIA
Additionally I will have a good chunk of rural property to maintain and will need equipment, supplies, and to build a shop. Was hoping to keep this under 50k
Is there a loan type that would cover everything? Ive looked at USDA loans but I admit I don't know a lot about these types of things.
Id appreciate any info I can get from what to expect in prices on home improvements to financial advice on how or where to pay for this stuff.
TIA
2
Posted on 12/3/15 at 3:58 pm to FelicianaTigerfan
What is the value of your house? I would think that you could borrow against the value of your house.
Posted on 12/3/15 at 4:09 pm to JamalSanders
quote:
What is the value of your house? I would think that you could borrow against the value of your house.
I'll have to have it appraised but 15000 sq ft house built in mid 90's plus 10 acres should give me enough to borrow against
Posted on 12/3/15 at 5:46 pm to FelicianaTigerfan
heloc
Posted on 12/3/15 at 7:15 pm to ItNeverRains
Huh?
Posted on 12/3/15 at 7:33 pm to FelicianaTigerfan
Home Equity line of credit
is it 1500 or 15000 sf?
is it 1500 or 15000 sf?
Posted on 12/3/15 at 8:56 pm to Wasp
OP says small...that generally rules out 15,000.
Posted on 12/3/15 at 10:26 pm to Wasp
Yea my bad. Hit one too many 0s
Just read up on the Heloc. Sounds kinda like what I'm looking for if the intrest rates are low
Just read up on the Heloc. Sounds kinda like what I'm looking for if the intrest rates are low
This post was edited on 12/3/15 at 10:45 pm
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