Exploring ways to finance rebuilds, renovations
With Hawaii’s home prices continually increasing, you may opt to renovate or rebuild your house instead of buying a new home. Whichever option you choose, you should consider the following factors:
Condition — Do you just want to give your house a cosmetic makeover or do you have issues where simple cosmetic fixes aren’t enough? For renovations, you can add new fixtures, upgrade appliances, and update your plumbing. Rebuilds are necessary for bigger fixes, such as issues with the foundation or the fundamental layout.
Space — If you want to add a significant amount of space to the house, you can either add an accessory dwelling unit (ADU) or rebuild. If you want to keep your original house intact and have enough room to expand your house on the ground level, you can build an ADU. If you want to add another story to your house, you can rebuild.
Budget — How much money can you commit? If the house doesn’t need rebuilding, renovations can be a cheaper option, such as updating an old bathroom or fixing your windows. Rebuilding requires a huge financial investment—once you demolish your house, you can’t get it back. You’ll also have to ensure that you have enough money to complete the rebuilding and for additional expenses. If you run out of money during a rebuild, you’ll have only a partially-built house.
Neighborhood – What type of homes sell well in your neighborhood? Is your existing home close in value to the highest-valued home in the neighborhood? If not, you may consider rebuilding. Are brand-new homes in your neighborhood in demand?
Whether you renovate or rebuild your home, you can finance your home improvement with a home equity line of credit (HELOC). CU Network Services (NMLS 375459) is a wholly owned subsidiary of Hawaii Central Federal Credit Union, federally insured by NCUA. Membership at Hawaii Central Federal Credit Union is required. CU Network Services is a full service mortgage company specializing in real estate loans and offers a no-cost HELOC with a quick turnaround time and payments spread over 30 years.
Call 529-4599 for a no-obligation appointment or stop by the office at 715 S. King St., Ste. 100.
CU NETWORK SERVICES
ADDRESS 715 S. King St., Ste. 100, Honolulu