Are you among the growing population of people looking to create a space in their home for their parents or in-laws like a mother-in-law suite? While adding on to your home in this economy can be a scary thought, you don’t have to do it alone. HFS Financial is here to help you get the ADU loan you need to build that much-needed mother-in-law suite. With just a 60-second inquiry, you can be on your way to moving your parent or loved one into a space that is all their own on your existing property.
What Types of Loans Are Available to Build a Mother-in-Law Suite?
When you are ready to begin building your Accessory Dwelling Unit, you have several options available to you. You can, of course, save your money over the years and use what you have in savings to build your mother-in-law suite. If, like most of us, though, your savings won’t entirely cover things, or if you want to keep a cushion in the bank, you have other options.
For one, you could open a credit card (maybe two) and put your purchases on there. This will likely only work if your project is a smaller one and can also come with sky-high interest rates. Most people would not recommend going this route.
Second, you can go through your bank for a refinance on your home or a home equity loan. These interest rates will be lower, but you will be putting your home on the line. Should things take a turn, you could be in jeopardy of financial risk, and the pandemic showed us how quickly this could happen. You will also likely have closing costs associated with these types of loans, which can be a pretty hefty amount.
The best option is to get a personal loan through HFS Financial! Here, you can get your money upfront with no staged funding. Don’t stress about waiting through approvals — you’ll have everything you need right when you need it.
With our 60-second rate checker, you will be able to inquire about your loan options without impact to your credit score. That’s a fantastic way to see if a personal loan is right for you.
When Is the Best Time to Build a Mother-in-Law Suite?
Once you have decided on which loan route to go (we think the choice is obvious), the best time to build your mother-in-law suite is now. There are countless stories of the unexpected happening and people needing somewhere for their loved ones to live immediately. Imagine if you had an ADU already prepared when the pandemic hit. Your mom or dad could have moved right in.
If your loved ones have an injury or health issue come up suddenly, you don’t want to have to scramble in the midst of that to make sure they are taken care of. Even if you do not plan on them moving in immediately, getting started sooner rather than later is always the safest option.
Reach out today to get started on your mother-in-law suite loan. HFS Financial experts are here to help guide you through the process and make sure you have the best loan options for your project. With HFS Financial, “You Dream It, We Finance It.”