Financing Your Renovation: What a HELOC Appraiser Is Looking For in a New York City Co-Op Home

Whether you're renovating to resell or to stay in your home and enjoy your design upgrades for years to come, a HELOC can be a good way to finance your renovation. Though it doesn't come with as rigorous a screening process as a first mortgage, a HELOC does require a bit of paperwork. And once you're pre-approved, the lender will order an appraisal. This won't be exactly like the appraisal when you sold your last home — so put down the grout cleaner. Here's what a HELOC appraiser is looking for.

What Lenders Look for in a Renovation Appraisal

This kitchen renovation, for so long just a gleam in my iPad, is becoming a reality, and that's exciting. I'll be paying for a good deal of it out of pocket, but I'll need to borrow additional funds. Let's take a look at the number-one thing a lender looks for to approve renovation financing: Will the current value of the home support the current mortgage loan amount plus the renovation amount you want to borrow.

Financing and Return on Investment for a Major Kitchen Renovation

Via Berkshire Green

The kitchen renovation I've been dreaming of has finally arrived, and I'll be paying for a good deal of it out of pocket. But adding up cost estimates so far for cabinets, countertops, and appliances, I can see I'll need additional funds. Financing a renovation isn't a topic many home blogs cover, so I thought I'd share my discovery process. Let's take a look at the cost of a major kitchen renovation and the estimated return on investment (ROI).