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News and Updates

Renovation Loans During Hurricane Season

Two Ways Renovation Loans Can Help

Sunshine Home Loans E-News

In this active real estate market inventory is thinning rapidly and it s getting harder and harder for buyers to find homes that meet all of their needs. As time goes on, buyers are going to become frustrated with their lack of choices and it s going to be challenging to keep your clients interested in the market.

Now that we ve just suffered through hurricane Irma we re all dealing with the additional frustration of minor home damage. The problem we re having is insurance claims take time and finding and hiring a reputable contractor takes longer. Active listings, new listings and pending sales can be affected/delayed due to the homes in question having damage from the passing storm.

A great way to help your clients not only stay shopping but also find just what their looking for is to let them know that they do have the option to do a Renovation loan. Let s say they keep finding great houses but in each one the kitchen is outdated. Or, nothing in the area they re looking in has a pool and they desire one. Or maybe it s the perfect house, but, it s well known the roof sustained damage from Irma and needs replacement.

Buyers and Sellers do not have to wait to list or buy just because Irma caused a few issues with their properties. A Renovation Loan can help your buyer find a great home, and allows them to renovate or repair it AFTER closing, not before. A Renovation Loan will allow Sellers to list their homes now without having to wait to complete the repairs themselves.

Here s just a few examples of renovation possibilities:

General Uses

  • Outdated kitchen or bathrooms
  • Pool addition
  • Install new appliances
  • Replace AC unit
  • Painting and other cosmetic improvements

Hurricane Uses

  • Outdated kitchen or bathrooms
  • Roof needing repair or replacement
  • Replace pool screen enclosure
  • Replace flooring due to flooding
  • Upgrade to hurricane windows / doors
  • Upgrade electric for whole house generator

There is no need for any buyer or seller to be frustrated. Renovation loans can help everyone achieve their goal of getting to the closing table as quickly as possible!

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As always, feel free to contact us at any time for personalized loan scenarios for you and your clients! Please Call (321) 757-5009.

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