Financing a remodel
This is my first time to post on this forum, please forgive me if I ask a question that has already been answered.
My husband and I have recently inherited our grandmother's home. It was built in 1955, and has not had many updates since. There is currently no mortgage or liens on the home. We would like to do a significant remodel on the home, adding square footage in the attic, and adding a garage. Cost of reno between 200K and 250K. The current value of the home is 340K. After reno, square footage would be about 3400. Homes in the neighborhood are selling for 150-170$ per sqft. Our question is, what is the best option for financing the large remodel. Is a new mortgage possible on an inherited home?
Our plan is to live in the home forever. As long as that may be.
Any thoughts or recommendations?