Whether you’re planning to remodel your bathroom, redesign your kitchen, add a new mudroom, reimagine your home with an addition, or build a new one, The Cleary Company Remodel-Design-Build Team is here to help connect you with the answers to the questions you have about financing your renovation project.
We field many different questions from our clients on their projects. One of the biggest questions revolves around finances. Our home remodeling financing expert, Natalie Moore, Loan Officer at Huntington in Columbus, Ohio, shares the most asked financing questions and the answers that will hopefully be informative when planning your next home renovation project.
Q&A with Natalie Moore, Loan Officer, Huntington
Natalie Moore, Loan Officer NMLS ID:728210, has been in residential mortgage lending for over 20 years. Although she is diverse in all aspects of residential lending, she specializes in new construction and renovation lending. Natalie is very involved in the building community. She is a past Board member of the BIA of Central Ohio, Ohio Mortgage Bankers Association as well as the Past President of the Columbus Mortgage Bankers Association.
When should I start looking to finance my remodel in Columbus OH?
The sooner, the better. Even though you may not have finalized plans for your project, it’s good to start the conversation and get an idea of what the financing options are. The best way to do this is to become pre-approved. There is no cost to you to do pre-approval with Huntington. Pre-approval will help lay out the financing options you have to consider when completing your project.
What types of financing are available? Can they be combined?
The two most common means of financing a renovation project are:
- Home Equity Line/Loan – utilizes the current equity you have in your home, based on how the property currently looks.
- Renovation Loan – utilizes the “as-completed” value based on what the home will be worth once all the work has been completed.
Although these are two different options, they generally cannot be combined. However, a HELOC can be utilized in multiple steps.
What information and documentation do I need to obtain financing?
In addition to a completed mortgage application, you will need to provide income and asset documentation. Qualification at Huntington is generally no different than a traditional mortgage, except for providing the contract, project specs & final plans for your project. These documents aren’t needed to gain an initial pre-approval, however, will be needed once you’re ready to proceed with the finalization of your financing if you choose a Renovation Loan.
How do I know what ROI to expect from my home remodel, once completed?
This depends on several factors. If you plan to be in your home for 5+ years after the remodel, you may be more likely to see your home increase in value and your return to be better on what you’ve invested in your property.
The Cleary Company Remodel Design Build in Columbus, Ohio refers their clients to Remodeling magazine’s annual Cost vs Value report as a resource when looking at ROI (return on investment). For over 35 years, this annual report compares the average costs for popular remodeling projects with the value those projects retain at resale. ROI estimates in this report can help a homeowner decide if a project is worth their investment.
Want to Learn More?
Aaron Enfinger, COO at The Cleary Company Remodel-Design-Build sat down with Natalie to ask these questions and more. Watch their conversation below!
A big thanks to Natalie for her continued support to help educate consumers on their options for financing their home remodeling projects! You reach out to Natalie to begin the conversation by calling 614-264-4154. You can also connect with her on social media. Find her professional profiles on Facebook & LinkedIN for the latest financing information in the remodeling and building industries.