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With all of the home renovation shows, blogs and magazines out there, it's easy to be motivated to start remodeling your condominium. A condo remodel can not only make you feel more at home, but it can also help increase your home appraisal if and when you decide to sell.
Before you buy new fixtures, start demolition and begin major home improvements, you may want to check your deed. Many condominiums are a part of what's called a common interest development that is tied together by a document either referred to as the Covenants, Conditions and Restrictions (CC&Rs), Master Deed or Rules and By-Laws. This document disclaims the things you can and cannot do with your piece of property.
Also, consider asking your neighbors and others in the community what past renovations they have completed that were within your HOA (Home Owners Association) limitations. Asking around for examples may also give you feasible home renovation ideas that will help you personalize your space and hopefully increase your home's value.
Typically, those in condominiums own only what is on the inside of the walls. That means the pipes, electrical wiring and other structural materials are considered to be common and therefore are owned not only by you, but also by the owners of the other condominiums in your area.
It's best to check your deed to determine what restrictions you may have with your condo remodel, but here are a few tips to help get you started:
Whether your renovation ideas are big or small, Citizens Bank has great options for financing a remodel that will fit your needs. Our home loan advisors can help you decide whether taking out a home equity line of credit or home equity loan is best to finance your remodel. For more information on home loan borrowing or to start your application, speak to a Home Loan Advisor.
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