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Real Estate
Reply to "Property Brothers - big reno question"
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[quote=Anonymous]How do you finance a reno? We are currently undertaking a $100K+ reno, and we are funding it through an inheritance. That being said, the house that we purchased was underpriced (an estate sale that needed a lot of work) by about $100K relative to other homes in the immediate neighborhood. So, we feel that it is not a bad investment. We also plan on staying in the house a long time. You can get construction loans from the bank, based upon the equity you have in the home as well as the potential future value of the home. But, you need to prove these things to the lender. OTOH, if we had purchased a home what was average price for the neighborhood, we would not sink that kind of money into a reno--whether a loan or using personal funds.[/quote]
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