Working with Your Lender to Make Home Remodeling Possible

We love the tree-lined streets and walkability of the various neighborhoods in and around communities like Kirkwood, Glendale, Webster Groves, Des Peres, Frontenac and the surrounding areas. These vibrant communities feature beautiful homes along with great places to eat, shop, live and work. And of course, we have many top-rated schools right in our backyards.

There are few places that can surpass the charm of living in this area, but as much as you love your home and neighborhood, you may reach a point when your home no longer suits your family’s needs. For many, the first thought may be to buy a larger or more updated home. Yet when you consider the prospect of moving and leaving your beloved neighborhood behind, venturing into the unknown isn’t something you welcome.

That’s why remodeling has become a top choice for many homeowners just like you. Today, we’ll explain why a call to your lender is a wise first move as you consider your home remodeling options.

Your Lender Can Help Maximize Your Home Remodeling Budget

Many homeowners mistakenly believe that doing a major remodeling project is not financially viable. Yet there are many neighborhoods in the Central St. Louis corridor that not only buck the average-rate-of-return statistics that many consider when remodeling, but that also have a history of experiencing substantial increases in property value after the remodel is complete. In one case, an addition resulted in the home doubling its value, even after the cost of the addition and interior remodeling was factored in. This is important because the value of your home post-remodel can be a key factor in determining the financing options that are available to you.

How can you know what to expect for your home? Your lender can help provide insight.

Trisha McConkey

Trisha McConkey

Trisha McConkey, Vice President, Construction Loan Specialist with Associated Bank, is a lending professional with many years of experience working with RIGGS’ clients to secure funding and make their dream homes a reality. She knows the various neighborhoods where homeowners can maximize value, and advises clients on the most appropriate financing for each particular situation. Trisha recently shared following tips with us:

  • Talk with your lender sooner rather than later. Trisha notes that the earlier a homeowner involves the lender in the process, the less stressful it will be for all parties involved. The initial call can take as little as 30 minutes, and allows everyone to understand the ultimate goal and assemble a plan for the best funding options available for you and your home. During your initial call, you’ll learn that you may not be limited to the current equity in your home when it comes to financing a home remodeling project. There are construction loan options that allow you to expand your budget beyond current equity based on the anticipated, increased value of the home after remodeling is complete.
  • Get pre-approved. Just as with buying a new home, Trisha suggests getting pre-approval for your remodeling project. This will help guide the way in terms of the budget, the amount of funding you have available, and what your monthly payment will be once the loan is secured. Your lender will help you through the pre-approval process so that you can begin to identify how your project will take shape.
  • Call RIGGS. Once you’ve been pre-approved, Trisha recommends that you contact RIGGS to begin preparing the scope of the project based on the available budget. Because RIGGS is a design-build remodeling firm, we have the ability to design the project and make all selections according to the budget. This process differs from traditional construction methods in which an architect draws plans and then goes out to bid for the construction – which can lead to budget and timeline overages. The RIGGS way keeps projects within budget and on time.
  • Complete the project in one step. Many homeowners are tempted to piece together a major renovation project, but according to Trisha, this isn’t the wisest route to go. First of all, it ends up being more expensive because trades are coming out multiple times to do the work. Doing it as one large project creates less disruption for your family, and allows your lender and contractor to maximize the budget. A design-build remodeling company like RIGGS manages all aspects of your project from start to finish, creating the value and livability of your dream home.

Our goal at RIGGS is to ensure that you have the information and resources available to make wise decisions for your home. Working closely with lenders like Trisha helps you avoid getting into a project you cannot afford, or limit yourself in your scope of work only to realize later that you had access to more financing than you originally thought. Getting a lender involved as soon as you start to dream about your renovation can make all the difference in creating the home of your dreams, and increasing the value of your home.

Thank you, Trisha, for sharing this great advice with us. If you have any questions about remodeling your home and what options may be available for you, please contact RIGGS at 314-821-7646.