Asked by Waitingforwinter, Chicago, IL • Thu Jul 11, 2013
I would like to add a second story to our standard 950 sqft raised brick ranch. I estimate that it will cost around $125 - 150k to do the work. What kind of financing options are there for this type of build? Are renovation loans based on the future value still available? We bought in 2007 close to the top of the market, so we don't have a ton of equity, a little but certainly not $150k! We looked into selling to buy a larger house, but with realtor and taxes/closing costs we'd have to bring money to closing. It seems like building up would take care of our issues. Now only trying to figure out how to pay for it... Are we screwed or are there financing options out there? I know it's not 2005 with banks throwing money at you any more!
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