Renovation loans can be used to finance a wide range of projects, including new construction, renovations, and additions to existing properties. They are typically secured by the property being constructed, and the lender will often require that the borrower provide a detailed construction plan and budget to ensure that the project can be completed on time and within budget.

When you take out a renovation loan, you are borrowing money to finance renovations or improvements to an existing property. The specific items that are allowed to be included in the loan will depend on the lender and the terms of the loan.

Generally, renovation mortgage loans can be used to finance a wide range of improvements, including:

• Structural repairs or improvements, such as foundation work, roof repairs, or framing.
• Cosmetic Upgrades such as painting, flooring, or updating fixtures.
• Energy-efficient upgrades, such as adding insulation or installing energy-efficient appliances.
• Adding or Remodeling Rooms, such as building an addition or finishing a basement
• Landscaping and outdoor improvements, such as installing a deck or adding a fence.

It is important to carefully review the terms of your renovation mortgage loan to understand what is and is not allowed to be included in the loan. If you are considering taking out a renovation loan, contact Bill Frierson to get a better understanding of what is allowed and how much you can borrow for a specific project.