With the housing market notoriously volatile, studies over the past year have shown that most Americans want to renovate rather than investing in a whole new property. This has been represented across the nation by falling new property purchases from those in the housing chain, as opposed to first time buys. For families, it can be the perfect way of getting the home a much-needed update without resulting in the upheaval of the family and the negative effects associated with it.
In fact, renovation can provide a valuable opportunity for mothers to teach children manual skills, in a fun environment with a clear goal. This helps to defeat some of the boredom that can come with trying to teach skills. It can be expensive, however, posing the question – how do you fund renovations?
The Facts of Renovations
Renovations can be expensive, and this is reflected by the fact that Americans spent $316bn on renovations last year. Generally, it can be cheap, too, but you get what you pay for and for lasting improvements it pays to invest. For many families, improvements can be actioned after years of concerted saving to make sure that they’re done sustainably. However, many families don’t have this luxury but may find that renovation is desperately required. What can you do?
For many families, mortgaging is the option. Either through remortgaging or finding a new deal (something that should be reviewed regularly anyway to ensure that you’re not overpaying or can secure better terms), families can release equity. For those that wholly own their house, the process of reverse mortgaging can release equity in your house for renovations.
Incentives and Subsidies
Federal and state governments will offer subsidies for home renovation depending on your income and where you are located. For example, veteran families can receive home loans for renovation. This varies by state, but families across the country can benefit from home renovation loans if your home is suitable for the various schemes available.
Furthermore, many states now offer specific loans for renovations that will tie in with green technology and overall environmentalism – such as insulation, renewable power integration and eco-friendly gardens and drainage.
Finally, you could consider fundraising, commonly achieved using crowdfunding apps and services. These rely on the charity of friends, family, and those they network with to provide money to a family they think is in need. You can bring this out more with cookie and lemonade sales to bring your family into it. Often, making donations to charity along with your fundraisers can increase the amount of money you bring in for fundraising and give something back to the local community in the process.
Renovation is a marvellous way to get your home looking great again, if for years your home has been neglected or simply requires a little lift. There are plenty of ways to bring in money; start looking now and you and your family could have a home you love in no time at all.