A kitchen renovation for your Willmar-area home is one of the easiest ways to improve your home’s livability and resale value. Kitchen remodels can be as simple or extravagant as your budget and tastes allow. Unless you are completing minor upgrades, you will most likely need access to some extra capital to complete your kitchen renovation in Willmar and the surrounding area. Lake Region Bank has some potential financing options for you.
Tip #1: Get Clear on the Needs and Wants for Your Kitchen Renovation in Willmar
The first thing you need to do when starting a kitchen renovation project is get clear on your needs and wants for your new space. What are must-have upgrades, and what upgrades are flexible? Once you’ve created your list, you can work with a contractor to create a plan that meets your goals.
Tip #2: Set Your Kitchen Renovation Budget
Your budget will likely play a role in developing your list of needs and wants for your new kitchen. Depending on the scope of your project, you may feel you can cover the entire project with cash. But for larger remodels, you will likely need to finance your kitchen renovation project. Whatever final budget you arrive at, add an extra 10 percent to your expectations. Inflation and unforeseen costs and delays can add up quickly during renovation projects.
Tip #3: Understand Your Kitchen Renovation Financing Options
If your project does require some extra capital, Lake Region Bank has several funding options for you. The first is taking advantage of 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 kitchen renovation in Willmar or other remodeling project. If you are making your kitchen more accessible for a family member, the Fix Up Fund has a special program just for these types of renovations.
Otherwise, a cash-out refinance, home equity line of credit, or home improvement loan may be good options 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 kitchen renovation project. Funding a kitchen renovation in Willmar and the surrounding area is simple 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.