Purchasing a home is one of the biggest financial investments a person can make. Although most people cannot afford a fully renovated or new-build home upfront, there are several programs that will loan you money, or in some cases, pay you to renovate your home.
With so many of us who WFH, or who work from home, our homes are a big factor in our business success. These renovations can truly be the difference between our business flourishing or flopping.
Renovations not only affect you, but your neighborhood and the economy as well. There are qualifications that must be met to be approved for many of these programs, so it is best to research each program or idea to see which might be best for you.
Below is a list of nine home renovation programs and ideas to maximize your home’s value.
1. HUD Title 1 Property Improvement Loan
If you have limited equity, this loan is a viable option. The Department of Housing and Urban Development offers loans up to $25,000 for single family homes and up to $60,000 for multi-family homes. These loans can be used for many different improvements to make your home more livable, from accessibility for the disabled to luxury swimming pools. The loans can be used for DIY projects or to pay a contractor.
2. 203(k) Rehabilitation Mortgage Insurance Program
This is a great option for those on a tighter budget. These loans can be used in conjunction with the Title 1 Property Improvement Loans to finance repairs and improvements. This can be anything from painting the exterior of the home to installing energy efficient windows.
3. Section 504 Home Repair Program
This program offers loans to low income homeowners making less than 50 percent of their area’s median income. This loan can be used to repair, improve, or modernize a home. The loan has a low interest rate of 1 percent and can be paid back over the course of up-to 20 years.
4. Community Development Block Grant Program
Unlike a loan, a grant doesn’t have to be repaid. This program provides annual grants to states, cities, and counties. The grants can be used on infrastructure or housing rehabilitation. This is a great way to make your overall neighborhood better. The funds are allocated at the discretion of the government.
5. Low Income Home Energy Assistance Program
This federally-funded program helps homeowners pay for all things energy efficiency — whether it be bills or making energy efficient repairs to their homes. Eligibility varies by state.
6. Weatherization Assistance Program
The Department of Energy funds this program to help reduce the energy costs of low-income families. This program pays for weatherization services to increase the energy efficiency of homes, saving families an average of $283 per year on energy bills.
7. VA Rehab and Renovation Loan
This loan provides veterans with a way to repair their homes with no money down. The loan caps out at the property’s estimated value once the improvements are made. It is important to note that this loan cannot be used for cosmetic repairs. The repairs must help homeowners improve or maintain the safety or the livability of the home.
If you do not qualify for a loan, publicly-funded charities often can help with home improvements. Many times if you can pay for supplies, volunteers will come make the repairs for free. Below is a list of charities to contact if you need home improvement assistance.
- Habitat for Humanity
- Rebuilding Together
- The Home Depot Foundation
- Operation Homefront
9. Insurance Policies
Oftentimes, insurance policies will cover more than scary emergencies, like flooding, fires, and earthquakes. Look into filing claims for missing shingles, flooding from a leaky toilet, and damage from fallen tree limbs.
Overall, there are plenty of ways to renovate and revamp your space with little to no money down. These renovations can lead to a better well-being for you and your family.
The free infographic below from Hippo insurance is a great resource for programs and improvements that give you the most bang for your buck.
From the Coach’s Corner, here’s a myriad of real-estate strategies:
5 Tips for Non Pros to Make Money in Real Estate — Are you looking for an additional source of income, for instance, to boost your retirement assets? Real estate is still a viable option for making money for non pros.
9 Secrets for Success in Real Estate Investing — Whether you want to work with investor partners or go solo, real estate investing can be a profitable business. But success requires more than just the old expression: location…location…location.
11 Tips to Negotiate Your Commercial Real Estate Lease — Depending on your locale, commercial real estate is either readily available or hard to find. Either way, it requires due diligence and skills to negotiate the best commercial real-estate lease.
Tips for Telecommuters to Optimize Home Internet Service — The lifestyles and careers of millions of Americans have, of course, changed as a result of the coronavirus crisis. If you’re a remote worker, and if you have children at home, your home Internet service might need to be optimized. Here are five tips.
Real Estate – Ensure a Perfect Home Tour for Your Clients — If you are in real estate, you’ve likely altered a lot about your business over the past year. COVID-19 has changed everything, and real estate is no exception. A checklist will help you sell more.