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Use a Cash-Out Refinance For Quarantine Projects

Use a Cash-Out Refinance For Quarantine Projects

We’re all stuck inside right now.  If you’re looking around the house and deciding that there are parts of it that you want to change, there’s really never been a better time to get it done.  Do-it-yourself projects abound in this situation.  The best way to fund these efforts is with a Cash-Out Refinance.

Word of caution: all of these projects assume you have a basic level of competence and can perform the tasks described.  These are not all going to be for weekend carpenters.

If you’ve always wanted to re-do your floors, you’re not going to have a time when people are walking on them less, or that people that don’t live there will pop by and see your home in disrepair.  This is the time to tear up that carpet from the 80’s and replace it with some beautiful varnished hardwood.  Even though this isn’t a one-day project, it’s still something that you can do yourself if you’re motivated.

If you’re aching to add a bathroom or bedroom, go for it!  Using a Cash-Out Refinance to pay for all of the materials can help you increase the value of your home, and at the same time, make it the home you’re not upset to wait out the quarantine in.  Just make sure that you’re going to finish this project – a half-remodeled bathroom or partially installed bedroom can kill your home’s value.

It’s also a time to clean.  If you own a power-washer, go to town on your fenced and siding, or clean the grossness off of your patio or deck. 

When planning your budget, remember – nothing costs what you think it will.  Home improvement projects, no matter how well-planned, can balloon after the initial planning phases.  Make sure you don’t start right up against your budget.

Don’t forget to leave some budget room for these type of SNAFU’s:

  • The project outgrows your original plan. If you have to tear down walls, you could have a bigger project than you planned on if any of the walls you want to remove are load-bearing. If you’re going to knock down walls, hire an architect or professional to examine the home before you start.  Don’t ruin your home with lack of planning.
  • You find poorly done previous work. Not everyone is cut out for DIY projects.  You can find anything from poorly poured concrete to jury-rigged wiring in your walls and home.  While this can help you in the long run making your home safer and more valuable, it can stretch your home improvement budget to fix these other mistakes.
  • You bought appliances that don’t fit the home. When you buy a fridge or sink or bathtub, there are factors to consider.  Does it fit in the space provided?  Will it work with your current plumbing/wiring/gas setup?  If you don’t take these into consideration, you could end up with more work and expense than you planned on just to make the new appliances work.

Right now, with mortgage rates at all-time lows, it’s the time to refinance your home.  The best part of a Cash-Out Refinance?  You can skip 2 full months of payments after you close!

Call the best mortgage lender in Colorado, Drew Brockmire’s Colorado Loan Experts Team in Denver at 303-359-6634 or visit TheTrustedMortgagePro.com to apply now. Colorado Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Colorado Loan Experts.

Andrew Brockmire

Andrew Brockmire

After 24 years of helping clients from each era either Buy a new home or Refinance an existing one, I have concluded that the most valuable thing I could provide to them is education. In today’s environment of technology there can be many different informational sources both good and not so good to learn from, when either buying, refinancing or selling a home.

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