fbpx

House Renovation

Best Way To Finance A Home Addition

Financing a home addition can be a daunting task, but it doesn’t have to be. With the right plan and the right lender, you can easily add the extra space you need to your home without breaking the bank. One thing to remember is that in many cases, banks will require you to have a licensed contractor for your home addition.

The 5 Best Ways To Finance A Home Addition

1. Home Equity Loan

A home equity loan allows you to borrow against the equity in your home. This means that you can use the value of your home to secure a loan for your home addition. This is often a good option for homeowners who have a lot of equity in their home and a good credit score.

There are many banks that offer home equity loans, and the best one for you will depend on your individual circumstances and needs. Some of the factors to consider when choosing a bank for a home equity loan include the interest rate, fees, customer service, and reputation. Some banks that are known for offering competitive rates and good customer service include Wells Fargo, Bank of America, and Chase. However, you should compare the terms and conditions offered by different banks and credit unions before making a decision. It is also important to consult with a financial advisor before taking out a home equity loan.

2. Home Equity Line of Credit (HELOC)

A HELOC works similar to a home equity loan, but instead of receiving a lump sum at closing, you are approved for a line of credit that you can draw on as needed. This is a great option for homeowners who need flexibility in how they use the funds for their home addition.

Some other benefits of a HELOC are;

  • Low interest rates: Because a HELOC is secured by the homeowner’s equity in their property, the interest rates on these loans are generally lower than those on unsecured loans, such as credit cards or personal loans.
  • Tax deductions: Interest paid on a HELOC may be tax-deductible, which can help to lower the overall cost of borrowing.
  • Flexibility: A HELOC is a revolving line of credit, which means that homeowners can borrow against it as needed and pay it back as they can. This can be useful for homeowners who have irregular income or unexpected expenses.
  • Credit building: A HELOC can also be a good way for homeowners to build credit, as long as they make their payments on time and keep their balances low.

The great thing is that you can draw the money at the pace of the construction if you addition has a particularly long timeline.

3. FHA 203(k) Loan

This type of loan is specifically for home renovations and additions. It allows you to borrow the funds for the addition and any necessary repairs in one loan. This can be a great option for homeowners who have a lower credit score or a limited amount of equity in their home.

To obtain a FHA 203(k) loan, you will need to follow these steps:

  1. Find an FHA-approved lender: Look for a lender that specializes in FHA 203(k) loans.
  2. Meet the credit and income requirements: You will need to have a good credit score and a steady income to qualify for the loan.
  3. Find a property: You will need to find a property that meets the FHA’s requirements for a 203(k) loan.
  4. Get a property appraisal: The property will need to be appraised to determine its value and ensure that it meets the FHA’s requirements.
  5. Submit a loan application: Once you have found a property and had it appraised, you will need to submit a loan application to the lender.
  6. Wait for loan approval: The lender will review your application and determine if you are eligible for the loan.
  7. Close on the loan: Once your loan is approved, you will need to close on the loan and complete the purchase of the property.

Note that FHA 203(k) loans are intended for properties that need rehabilitation and require the borrower to hire a licensed contractor to do the work and submit the work plans and cost estimates to the lender.

4. Personal Loan

A personal loan can be used for a variety of expenses, including home additions. This type of loan is not secured by your home and can be obtained from a variety of lenders, including banks and online lenders. This is a good option for homeowners who don’t want to put their home at risk and have a good credit score.

5. Construction Loan

A construction loan is a short-term loan that is specifically designed for building projects. This type of loan is used to pay for the cost of construction and is typically paid back once the project is complete. This can be a good option for homeowners who want to build an addition from scratch and have a good credit score.

When choosing the best way to finance your home addition, it is important to consider your credit score, the amount of equity in your home, and your overall financial situation. It’s a good idea to shop around and compare rates and terms from different lenders before making a decision.

In any case, it is always important to consult with a financial advisor or a mortgage expert before making any financial decision. Lastly, if you are in need of a home remodeling contractor in the Chicagoland area, EcoBuild+ can guide you through the entire process.

Home Office Remodeling Chicago

Are You Considering Remodeling Your Chicago Home Office?

As the pandemic continues to impact the way we work, more and more people are setting up home offices to continue their professional lives. If you’re one of the many people in Chicago who are considering remodeling your home office, there are a few key factors to keep in mind to create a functional and comfortable space that will help you be productive, successful, and have an eco-friendly house.

Home Office Layout

First and foremost, consider the layout and size of your home office. If you have a small space to work with, you may want to focus on organization and maximizing storage. This could involve installing shelves or adding a desk with built-in drawers. If you have a larger space, you may have more flexibility in terms of furniture and layout. Consider what type of work you do and what type of setup will be most conducive to productivity. For example, if you frequently have video conferences or need to have multiple screens set up, you may want to invest in a desk with a larger surface area or consider adding a secondary workstation.

Assess The Lighting In Your Home Office

Lighting is another important factor to consider when remodeling your home office. Good lighting is essential for any work environment, and natural light can be especially helpful in a home office. If you don’t have access to a lot of natural light, consider installing additional lighting fixtures or using full-spectrum light bulbs. Proper lighting can help reduce eye strain and improve your overall productivity.

Check the Ventilation

In addition to lighting, proper ventilation is also essential for a comfortable and healthy home office. Fresh air circulation can help reduce the risk of respiratory problems and improve your overall comfort while working. Consider installing a window or adding a ventilation system to your home office to ensure that you have access to fresh air.

How About Ergonomics?

Ergonomics is another important factor to consider when remodeling your home office. If you’ll be spending long hours at your desk, it’s crucial to have a comfortable and supportive setup. This might involve investing in an ergonomic chair or desk, or adding a footrest or wrist rest to your existing setup. Proper ergonomics can help reduce the risk of musculoskeletal disorders and improve your overall comfort while working.

Make Your Home Office Look Great

Finally, don’t forget about aesthetics. Your home office should be a place that you enjoy spending time in, so consider adding personal touches such as artwork or plants to make the space feel more welcoming. A well-decorated home office can help improve your overall mood and sense of well-being while working.

Things To Keep In Mind Before Remodeling Your Home Office

There are also a few practical considerations to keep in mind when remodeling your home office in Chicago.

  • Determine your home office remodeling budget: Before you start planning your home office renovation, it’s important to determine how much money you have available to spend. This will help you make informed decisions about the materials, furniture, and other elements you’ll need to create your ideal home office.
  • Consider your needs and preferences: Think about what you need and want from your home office. Do you need a lot of storage space? Do you prefer natural light or artificial lighting? Do you need a separate room or are you comfortable working in a shared space? Answering these questions will help you create a home office that meets your specific needs and preferences.
  • Plan for future home office needs: While it’s important to consider your current needs, it’s also a good idea to think about how your home office might need to evolve in the future. For example, if you anticipate needing more space or additional features, it’s a good idea to plan for these changes ahead of time.
  • Research materials and contractors: If you’re planning to hire a contractor to help with your home office renovation, it’s important to do your research and choose a reputable company. Look for contractors with experience in home office renovations and read reviews from previous clients to get a sense of their work quality and customer service.
  • Obtain necessary permits and approvals: Depending on the scope of your home office renovation, you may need to obtain building permits or other regulatory approvals. Make sure to research and understand the requirements in your area and allow sufficient time for the approval process. We can help you along the way.

10 Home Office Remodeling Ideas

There are many creative and innovative ways to design a home office that is both functional and visually appealing. Here are a few ideas to get you started:

  1. Create a separate room or space for your home office. This can help you feel more focused and professional, and it can also help you separate your work from your personal life.
  2. Utilize built-in storage solutions, such as shelves and drawers, to keep your home office organized and clutter-free.
  3. Add plants and other greenery to your home office to bring in a touch of nature and improve air quality.
  4. Invest in an ergonomic chair and desk to help reduce the risk of musculoskeletal disorders and improve your overall comfort while working.
  5. Incorporate natural light into your home office design. If you don’t have access to a lot of natural light, consider installing a skylight or adding additional windows to let in more light.
  6. Use color to create a cohesive and visually appealing home office. This might involve painting the walls or adding colorful accents through artwork or other decorative elements.
  7. Consider adding a home office bar or coffee station to help you stay energized and focused throughout the day.
  8. Use wall-mounted shelving or a pegboard to display artwork or other personal touches, such as family photos or travel souvenirs.
  9. Create a relaxing and comfortable workspace by adding a cozy throw blanket or pillows to your home office.
  10. Invest in high-quality office equipment, such as a printer, scanner, and computer, to ensure that you have the tools you need to be productive.


Overall, the key to creating a cool home office is to think creatively and customize your space to meet your needs and preferences. Whether you have a large dedicated room or a small corner of your home, there are plenty of ways to make your home office a functional and enjoyable place to work.
Remodeling your home office in Chicago requires careful planning and consideration of your needs and preferences. With the right layout, lighting, ventilation, and ergonomics, you can create a space that is both functional and enjoyable to work in. Whether you have a small or large space to work with, there are plenty of options to help you create a home office that meets your needs and helps you be productive and successful.

Here at Eco-Build Plus, we can help you remodel your home office and keep your home running efficient. Located, in the Chicagoland area, we can provide you with a quick and easy quote.

Japan construction company eye investment

This design thinking also applies to building better homes for you and the environment. Our response was to apply advanced technology to design and build highly personalized. TheBuilt’s work includes commercial and retail banking projects, financial and investment facilities, corporate interiors.

Continue Reading

How to start Home renovation

TheBuilt’s work includes commercial and retail banking projects, financial and investment facilities, corporate interiors, LEED Certified projects, amusement, data and call centers, seismic and building.

Continue Reading

Scroll to top