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With the NHL playoffs in full swing, the MLB season underway and the NBA in the midst of an exciting run, it's the perfect time for a man cave. Don't have one? Then you need a plan. You can refinance your mortgage into a renovation loan and remodel that house to include the set up for the perfect man cave.
A renovation loan is one option available to homeowners for financing home improvements. One of the best out of these is the FHA 203k. You could refinance your existing home loan into this mortgage and roll the cost of all kinds of upgrades into the life of the new loan. Doing this adds about $6 to your monthly house payment for every $1000 in improvements you finance. So a $8,000 project would add less than $50 a month to your mortgage.
When you refinance and remodel with the FHA 203k you can pay for minor renovations like a deck, roof repair or re-painting your house. You can also roll the cost of major repairs into it like replacement windows, new plumbing or a new kitchen - including appliances. Are you brainstorming right now about what you can do to get your ultimate man cave ready?
First of all let's be clear: a renovation loan will not pay for the latest LCD-TV with amazing HD pictures. That isn't a permanent improvement to the home, as it can go with you if you move. However you could re-wire a basement so you're ready for the best entertainment system to really make those movies and sporting events pop. You can also finance plumbing - imagine having your own bathroom near your man cave. You could even get a small kitchenette (wet bar, anyone?) in there. The possibilities are nearly endless.
Download "The Complete Guide to Spring Home Improvement Financing" and learn more about the renovation loan option for getting your man cave. Maybe you can finish your project in time for the NFL season and MLB playoffs. Get your free copy at the button below.
(man cave theater: Flickr user gsloan)
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