Housing inventory has remained tight across Chicagoland throughout the year, making it increasingly challenging for buyers to find a home that checks every box. Rather than waiting for the perfect property to hit the market, renovation financing can help buyers see the potential in homes they may otherwise overlook.

What is renovation financing?

Standard purchase mortgages do not include the funds needed for major after-purchase renovations. Renovation financing allows eligible buyers to finance both the purchase of a home and the cost of approved improvements with a single mortgage. Instead of paying for updates out of pocket after closing, many renovation costs can be included in the financing, allowing buyers to begin making improvements soon after they purchase the home.

Looking beyond cosmetic updates

In a market where inventory remains limited, buyers may find more opportunities by expanding their search beyond move-in-ready homes. A property with outdated finishes, worn flooring, or an older kitchen may have the location, layout, and long-term value they’re looking for — it simply needs a vision.

More flexibility means more options

Renovation financing gives buyers the flexibility to consider homes they may have otherwise dismissed, helping them create a space that fits their lifestyle while increasing the number of homes available to them.

If you have a client who loves the location but not the finishes, connect them with a Key Mortgage loan officer. Together, we can explore whether renovation financing is the right solution to help turn potential into possibility.