How to finance a home addition

How to finance a home addition in Lansing, MI

Additions come in all shapes and sizes. Before adding to your home, first you must evaluate your options. If you started researching, talking to friends and banks, your head could already be spinning. 

It is exasperating. Additions are costly and often it requires a long-term financial commitment. You may even be thinking that your dream home will have to wait a few more years. 

Lets take it step by step. We will explain everything you need to know about financing a home addition. But first, there are a couple of things you should consider before you call the bank and your preferred contractor. 

Before you call your contractor:

There are three main factors that will help you determine not only what kind of an addition you need, but also the best way to finance it. 
• What do you expect from your addition?

It is likely that you already have a reason to construct a home addition. But we want to encourage you to consider any other possible reasons. When carefully planned, a single home addition can serve several purposes at once. 

For instance, you couldn’t decide upon a space for your home office and decided that a home addition would be your best bet. Perhaps there is something else that you dreamed of that (with a few extra square feet) could find its purpose in your new home space? 

• Is there anything else that needs to be done around the house?
Look up. Maybe it is your leaky roof or a cracked window that has been slightly bugging you? Even if it’s something small, it is better (and more cost-effective) to plan to take care of while the contractors are in the house.

• How soon you need the addition?

Unless your answer is ‘right now’, the question is worth pondering over. Delaying the addition to the near future could give you time to plan the project better and start saving. 


For example, you were debating moving but you decide that adding more living space could save you from the cost and all the trouble of moving to a new city or state. You could start a home improvement fund and start putting away a little bit every month but start talking with contractors and designers right away. 

Best Ways to Finance a Home Addition

As we previously mentioned, you have several options to choose from to finance your home addition. 

Paying Cash

Savings apply to only a small portion of home additions because you either had to be specifically saving for such a project or you have to dig into your saving account. Needless to say, the upside of paying with cash is that there is no long-term commitment.
 
However, the downside is also obvious – you must pay a sizeable chunk from your savings account. Not to mention, that with an average cost of a $40,000 on a home addition, finding the required amount may also be a problem. 

Via Credit Cards

Financing a home addition with a credit card is a much more popular option. Your credit is divided into minimum payments and with some financial institutions you can even get 0% interest rates (for the whole credit or a certain period). In addition, if your credit is approved, you also receive promotional offers at a number of retailers. You have an option to increase the credit if there is a need. 

The advantage of credit cards is that is perfect for smaller projects that are easier to pay off during the 0% interest period. Also, you have many options to choose from.  
The downside of paying with a credit card is a potentially higher interest rate.
 
Home Equity Line of Credit or Loan

In simple terms, this is a new mortgage on your house. Meaning, that you will have to handle a new monthly bill. Similarly to credit cards, you have a myriad of options, but this case is more appropriate long-term because a home equity loan payments can be divided through up to 30 years.

But the disadvantage is potentially higher rates, a new monthly bill and various costs and penalties depending on each financial institution. 

Title I Loan

This a viable option if you are planning a small to medium home improvement project. The maximum loan is $25,000. These loans are insured by the Federal Housing Administration. That’s why it is one of the favorites for private lenders. You should consider this type of loan because it can be spread out over 20 years. 

The downside of a title I loan is that the approval heavily depends on your credit score. And while lower rates compared to equity credit loans is a possibility, loans exceeding $7,500 require house as a collateral. 

Cash out refinance

Ideal for bigger projects, refinancing your mortgage will not add an extra monthly payment to your bill. Instead, it will replace your current mortgage. Depending on your current equity on the house, you may end up with a little longer payment period and a minimal increase (or even a decrease) in your interest rate. 

The upside of using a cash out refinance to pay for a home addition is that it allows you to take on large home renovation projects. 

However, there is also a downside. As it is not a new line of credit, refinancing decisions, rates, handling costs and other details depend on your current bank. 

Why Brunette partnered with Synchrony Financial

In every endeavor Brunette Home Improvement strives for the best customer service. That’s where Synchrony Financial excels. Our clients who depended on Synchrony to finance a home addition project, praised their friendly staff and their outstanding personal finance platform. And a big bonus goes to Synchrony’s 0% interest rate as well as their promotional offers. 
If you want to know more, please visit our Financing page on the Services tab. 

Hard time deciding? Talk to Brunette

We know that discussing financing your projects is probably not your favorite thing in the world. Especially, having read about all the options out there. 
‘What to choose?’ 
‘How not to make a mistake?’
‘This is such a commitment. Should we even build an addition?’

Trust us, we have seen the rainbow of emotions people go through when they start thinking about financing a home addition. We can help. We have helped thousands of families and businesses in Michigan. 

If you feel stressed, lost, frustrated or overwhelmed because you need to make a decision, call us. We will schedule a free consultation, tell you how families in similar situations financed their home additions and give you honest advice. 
No commitments. Just a talk. Call Brunette Home Improvement today! 

How to Choose a Roof: Roofing Contractor Lansing Tips

Have you noticed that when a person is grateful about their fortunes, the most common thing they will be thankful for first is having a roof over their head? Naturally, having a roof symbolizes having a home - a place you can feel happy and protected. 

And there’s nothing worse than the threat of losing this feeling of safety. 

That’s why choosing a roof is more than a symbolic choice. It is an extremely important and, often, an overwhelming decision. You want it to be an issue of ‘set it once and forget’ rather than be coming back with yearly repairs just because of one wrong piece of advice, low quality materials or poor workmanship. 

So, in this article we will look into what you need to know when picking out roof materials, discussing your project with the contractors as well as guarantee your decisions will not be coming back to haunt you. 

Keep in mind, that if you have any questions, you can always contact us.  

A word of caution before you choose a roof

When it comes to roof systems, the technologies are constantly evolving. However, the market is filled with contractors pushing their preferred options because of the commitment quotas to manufacturers or because of the lack of expertise. These options are not necessarily the best for your home when it comes to quality and/or price.

Get ready before reaching out to a contractor, you will hear different opinions about all types of roofing material, manufacturer and even the best color. Funny enough, sometimes even from the same person. 

When you feel like giving up on finding the right contractor, that’s when you end up overpaying. Or even worse, you may listen to someone who doesn’t have your needs at the top of their priorities. And that only has one outcome – a costly headache for the next several years. 

Here’s arguably the most important piece of advice you will hear that will apply to any project. First, pick a contractor you trust. Whether it is Brunette, or anyone else, make sure that they have proved themselves over time. And ask questions. Ask every question you have, even if you consider to be extremely basic. A contractor that won’t help you then, surely won’t be when your roof starts to leak. 

Now, let’s move on to actual roof materials. 
Here’s what you need to know about purchasing a roof:

A quality roof is more than quality shingles. It is a system consisting of shingles, proper roof deck protection, ridge caps and a drip edge. And even nails. Yes, nails. Your roof will serve you 10, 20, even 30 years. In return, you must make sure all parts of the roof system are work together perfectly. 

Your roof starts in the attic

Before you consider what kind of a roof you want, start by investigating your attic. Improper insulation will result in mold, bad odor, reduced roof longevity and even potential damage to your health. 

So, before you make any decisions, do some attic detective work. While it is advisable to ask your contractor to do an in-depth analysis of the attic which will reveal any ‘trouble spots’, you can get a general understanding of its state on your own.

A small matter of color

Out of the dozens of shades you can use for your roof, you will probably start by considering what looks best in a blend with your siding. In this case an expert designer (like ours) could do all the work. 

Note that the darker the shingles, the more of the Sun’s heat your roof will absorb. This will result in higher temperatures in your attic. While it is a minor issue, it is worth considering, especially combined with the state of the attic insulation. 

Your roof is a long-term investment  

New roofs can be pricey. In fact, even a relatively small repair may set you back a $3,000 or more. However, for this exact reason you should look to get the best quality roof you can afford. It will continue to protect you in any kind of weather for decades. Besides, repairing your roof every couple of years will only be more expensive. 

WHY USE BRUNETTE AS A ROOFING CONTRACTOR?

The easiest way to guarantee your investment results in worry-free roof is to dedicate the roofing job to top professionals.  

During our 30 years of building roofs in Lansing, we've seen contractors come and go. It is imperative to choose someone who is going to be there for you for the years to come. Our expert team will take care of everything, so you don’t have to worry. We will be there for you to help pick the right design, the right materials and guarantee the longevity of your roof.
Brunette’s team of certified professionals are on top of every trend and technology in the industry. We will perform an in-depth analysis of your entire roof and explain your options in a language that you can understand.  

ROOFING CREDENTIALS
- Tenured Select Master Shingle Applicator
- 5 Star contractor
- Preferred contractor
- Top of the house contractor
- Angie's List Superior Service Award winner
- Thousands of satisfied customers
- 50-year non-prorated shingle warranties available
- Integra Roof System Storm Plus Protection
- Home Builders Association of Lansing member

We would argue, that no other home improvement project is as vital of getting right from the first time as a roof. Not even taking into consideration the harsh local winters here in Lansing, MI. We can skip the fact that a roof is a focal point of any house. However, when you measure the energy-efficiency and the cost of even one mistake, it doesn’t compare to any other part of your house (besides the windows). 

If you are unsure about the materials or don’t know how to finance a roof, contact Brunette Home Improvement roofing contractors of Lansing for advice. Free of any commitments. Our designers and project managers will come for a free consultation.