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Your complete guide to building a barndominium!
When building a barndominium in Michigan, one of the most commonly asked questions is how to find a builder.
We are actively gathering a list of General Contractors that build barndominiums in each county across the state of Michigan.
Why Mykala Mortgage?
Don't take our word for it,
hear what our clients have to say!
What are the pros and cons
of a barndominium?
A barndominium is a term used to describe a unique type of building that combines a barn, garage or workspace with a residential living space. Barndominiums have become increasingly popular over the past few years, as they offer a unique blend of rustic charm and modern comfort. However, as with any building project, there are both advantages and disadvantages to building a barndominium. In this article, we will explore the good, bad, and ugly aspects of building a barndominium.
How much money do I need to buy and renovate my home?For eligible and qualified borrowers, you can put as little as 3% down on the home and renovation cost combined.
What if I already own my home and want to renovate, is there a wat I can add my costs into my mortgage?Yes. If you already own your home and are thinking it is time for renovations, you can potentially refinance the renovations into your current mortgage.
What can/cannot be financed with a renovation loan.The proceeds from financing are to be used for renovations on an existing dwelling and cannot include the demolishing or building of a new dwelling. Personal property cannot be included, with the exception of appliances.
How do I know what renovations will/will not add value to my home?When renovating a home, it is important to know which renovations will or will not add value to your home. There are many resources available, and we have provided a video with more in-depth information about value adds. However, your real estate agent is your best resource as they will have specifics with the area and property.
Who can do the renovations for my projects?Any licensed contractor can complete the renovations for your property.
Are renovation loans only for First Time Home Buyers?No. Renovation loans can be an option for anyone and are not strictly for first time home buyers.
What does the renovation loan process look like?You will first want to reach out to our team for a pre-approval. This will give you an idea of where you are as you begin the house hunt. You will then find, or a team member will recommend, an agent and contractor to work with that will collaborate on a property and the renovations you have envisioned. Once you find a property and you receive an accepted offer, you will finalize your renovation plans, and begin the process of closing on your house. Lastly, let the renovations begin!
How long is my pre-approval good for while I am looking for a house?Your pre-approval is good for 30 days once it is issued. If you have not found anything within those 30 days and would like an updated letter, you can give us a call and we can update your file as necessary.
How/Where do I start to get more information about my potential renovation loan?The first step is to reach out to us for your questions and receive a pre-approval. This will give you an idea of potential property and renovation costs would work just for you.
Do you have more questions???