An updated bathroom can make your home more enjoyable and functional. It may also help with resale values. Depending on the scope of your project, you may need to finance your bathroom remodel in Willmar and the surrounding area. Lake Region Bank has some potential financing options for you.
Tip #1: Decide Which Updates You’d Like to Make
Bathroom remodels can be as simple as adding a new coat of paint and updating faucets and towel racks or as complicated as a complete reconfiguration. Moving plumbing around to accommodate new or relocated fixtures can get expensive, as can tiling and investing in luxury bathroom brands.
Tip #2: Set Your Bathroom Remodel Budget
Your budget will likely play a role in refining your list of needs and wants for your bathroom remodel project. Depending on how much work you need to do, you may feel you can cover the entire project with cash. But for larger projects that may require a general contractor or stripping your walls down to the studs, you will likely need to finance your bathroom renovation project. Whatever final budget you arrive at, add an extra 10 percent to your expectations. As we’ve experienced these last several years, inflation and unforeseen costs and delays can add up quickly during renovation projects.
Tip #3: Understand Your Bathroom Remodel Financing Options
If your project does require financing, the Lake Region Bank home loan team may be able to help. Many bathroom remodeling projects may qualify for a statewide home renovation loan program called the Minnesota Housing Fix Up Fund. Eligible homeowners may be eligible for up to $75,000 for a bathroom remodel in Willmar or other renovation project. If you are updating your bathroom to be more accessible for a family member or energy efficient, the Fix Up Fund has special programs just for these types of renovations.
Otherwise, a cash-out refinance, home equity line of credit, or home improvement loan may be a good option for you. A refinance would supply cash in a lump sum based on the equity you have in your home. A refi will change the payment amount and interest rate of your current mortgage. A home equity line of credit (HELOC) or home improvement loan would add a second monthly payment to your household debt, but would also provide a lump sum of cash for you to use on your bathroom remodeling project. Funding a bathroom remodel in Willmar and the surrounding area is easy with the expert help of the Lake Region Bank home loan team. For more information about your options or to start the application process, you can get in touch with our lending team at (320) 235-5900 or fill out our interest form.