Maybe you’re buying a brownstone that needs serious work before you can move in. Or maybe you already own your home, and want to put in a new kitchen to raise the property value. Either way, you know it’s going to take some serious cash.

Renovation loans are an option, but are they the best option? We asked two of our Brownstoner Services pros, Barry Koven and Adam Dahill, to walk us through the pros, cons, whys and hows of getting a renovation loan for your home project.

Barry Koven, Renovation Loan Specialist

Renovation loans can be used for a home being purchased or one that’s already owned. With a renovation loan, you can borrow money to fix up a home you already own. If you’re buying a home, you can add the repairs into the home mortgage with one loan, one down payment and one rate for both the purchase and renovation amounts combined.

Renovation before and after photos from Sweeten.