Hi Friends! As our home project is well underway with lots of progress happening this summer, PRAISE, we thought it might be helpful to talk to you about some of the backend work including how we financed this big endeavor. It is the largest financial commitment we have ever made, one that took lots and lots of consideration and planning, and Brian Sr. nailed it on the execution.
There were lots of moving parts involved, we had to purchase the home in its current state, plan for the cost of construction, and sell our current home. I wrote more about why we decided to make this move and the timeline here but to summarize quickly for the sake of context:
We found this home in December. The location was perfect and it was just the kind of fixer-upper we were looking for. The house had just been raised in compliance with FEMA regulations (beach houses in our area have to be a certain height off the ground for flooding precautions) and we could essentially build from the foundation up.
We were able to get our pre-qualification letter in a short time, and make an offer on the house. We did this in just a couple of days. Our offer was accepted and then the real work started. We sold our house, found the perfect rental home, and closed on our new home and construction loan in about 3 months.
It was an intense process, but my husband, Brian handled it all so I could focus on our growing family and work. Citizens Bank has been a huge help in making this all happen. Citizens Bank offers a number of resources for people looking to build a home, buy a home and/or explore financing options to help tackle some home improvement projects - in our case, all three :) The Citizens representatives are amazing, they are extremely knowledgeable and helped us to find the perfect lending solution based on our families needs.
I asked Brian to share some thoughts on the process and he came up with five tips:
Your home is such a huge milestone, from achieving home ownership, to renovations and having cash for the unexpected. There are so many great lending solutions available to help on your journey. When you’re ready to make your dream home a reality, Citizens Bank is ready to bring it home!
A home equity line of credit can be the right financial cushion to make sure you’re made ready for anything. If you think you might be ready for the next step, learn what you’ll need to apply for a HELOC with this application checklist. We have a team ready to help with all your home borrowing needs. Simply call 1-888-333-1206, or click here to learn more.
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