Financing your new Backyard Home can be accomplished a number of ways.
The first is a conventional construction loan, while not as easy to get as in the past they are still available.
The second and most widely accepted route is refinancing your current home and pulling out money for the construction, this seems to work best since you are increasing the value of your home with the new Backyard Home.
Another option is a line of credit on your existing home or another property. This route is tougher than it used to be, but if you have excellent credit and a steady job you have a good chance of getting the money you need.
The best way is good old cash, if you have the savings available the return on your dollar from the increased value from the construction is something that you may want to consider.
There are certainly other creative ways to finance your project, but these are the main ones that our clients have used. Happy financing!
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