Preparing for Your Home Renovation

Installing new flooring? Updating your kitchen appliances? These home improvement projects are a great way to refresh your home.

Maybe you’re planning to add a room to your house, convert an attic or basement into livable space, or reconfigure the layout of your home. If so, here are some tips to consider in your home renovation planning:

Choose the right contractor

Selecting the right contractor impacts the success of your project and your overall enjoyment with the renovation experience. Contract price and quality of project vary from contractor to contractor. That’s why we recommend you interview several contractors to compare bids. Then, select the contractor who makes you feel the most comfortable. Investigate your contractor before signing the contract: review references and inspect previous projects if you can.

Match the project with the home

Over-improving a home could result in a less than desirable value improvement and negatively impact the functionality and marketability of the home. Choosing the right improvements is very important to your long-term enjoyment of the home.

Monitor the project

As the owner, it’s your responsibility to protect your investment. You should regularly meet with the contractor to inspect the project for quality and adherence to your plans and specifications. Make sure your project is on budget and within the expected time frame. Address any concerns or issues you have quickly. Being involved in the project will help ensure your satisfaction with the finished home.

Financing your home renovation 

Renovating a home may seem like a complicated process. That’s why BBVA Compass makes financing simple with our Renovation Permanent Loan. One application is all you need to begin making valuable improvements to your primary or second home.

Other loan options for renovating your home include:

Home Equity Loans and Home Equity Lines of Credit

Our home equity loans and home equity lines of credit provide financing options for home-improvement projects, debt consolidation, miscellaneous expenses, large purchases, and other unexpected expenses. Explore our home equity loans and home equity lines of credit options today.

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Cash-Out Refinancing

Cash-out refinancing is another way to tap into the equity you’ve earned on your home. This can be a good choice for home-improvement projects as well as other purposes, such as consolidating debt or making large purchases.

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Still not sure which option is best for you? After hearing more about your renovation project, we’ll identify the loan that suits your goals. With financing worries out of the way, you can spend more time being creative with your home updates. Contact a BBVA Compass Mortgage Specialist today!