Funding Your Next Home Remodel or Project

Home projects are an ongoing event for homeowners, whether a home is newly purchased and needs some remodeling or if a home has been lived in for decades and is in need of repairs. The cost of the remodel or project is always a top concern. Keep the following information in mind when brainstorming the best way to fund your next home project:

Financing

Most people who finance home projects do so because making payments over a long period of time makes more sense than paying big chunks of money up front. If you turn to a bank for the loan, apply for a home equity loan or a personal loan. It’s wise to shop around for the lowest interest rates. If opening a new credit card is a feasible option, you may be able to take advantage of promotional advantages (such as zero-percent APR for 12 –15 months). Remember that certain home improvement stores offer their own credit cards too, which sometimes come with discounts off the initial purchase, saving you even more money.

Grants

When a property needs repairs in order to maintain a safe and livable quality, government grants may be available to fund the project. The grants help cover the costs of material and labor in order to remedy a situation such as bad roofing installation or major issues with wall siding. This type of funding normally requires the homeowner to meet certain income qualifications. Usually, the grant would only have to be paid back if the homeowner sells the home within a set amount of years. This is to prevent people who flip (fix-up and sell the home on a short time period) from utilizing grants to pay for home improvements that lead to profit after selling the property.

Tax Deductions

Getting a home improvement tax deduction is a possibility for projects that are eligible and follow specific rules and regulations. The project’s eligibility depends on a variety of factors including: state requirements, size of the home, age of the home and the details of the project itself.

For all avenues of funding your project, make sure you are consulting with professionals. Leaving your money and your project in the hands of a certified, credible company is your best bet to avoid a job gone badly. To get referrals for reliable contractors in Southern California, contact Specialized Outsource Solutions any day or time. Call 1.888.589.1868 or fill out an online form.