Making improvements to your home is a great way to boost its overall value while creating a more comfortable, livable space. For many Austin homeowners, remodeling also provides a great way to control energy costs and cut down on utility bills. Unfortunately, many homeowners feel overwhelmed by the costs associated with a remodeling project. If you’re considering remodels or upgrades but don’t know if you can afford them, take some time to explore your financing and savings options.
Exploring Financing Options for Home Improvements
It’s no secret that many home remodeling projects carry hefty price tags. Whether you want to put in a new air conditioning system or need to have a bathtub replaced, you’ll likely need to work with a professional who can complete the work on your behalf. While you will have to pay for the services of a professional, it’s important to remember that you do have great financing options.
Homeowners who want to pursue private financing for a home improvement project should check first with their local credit union or bank. Local lending institutions tend to offer better deals on home-improvement loans than national institutions. Ask your banker if rates are expected to fall or if there are any upcoming loan promotions that might fit your needs. Some homeowners even work with mortgage brokers to finance home improvements.
Some homeowners who are looking to make energy-efficient improvements by installing new HVAC systems or replacing older appliances will be able to take advantage of municipal rebate or incentive programs offered by their utility companies. Of course, HVAC systems and many other home appliances can be purchased with manufacturer-backed financing, which tends to offer low interest rates and generous repayment terms.
Choosing Home Improvements That Fit Your Financing
In addition to carefully weighing your financing options, you should also consider how to best budget for home improvements. If your home is eligible for assistance through the Department of Housing and Urban Development (HUD), you may be able to secure help via an FHA Title I loan. Be sure that you understand the terms of any loan that you take out, as there may be restrictions on the type of work you’re allowed to complete with loan money.
It’s also important to prioritize those improvements that will matter the most to your family. For example, choosing an efficient HVAC system not only helps you cut down on energy costs, but will also ensure that you can stay comfortable in your home no matter what it’s like outside. If you’d like to explore your home improvement or financing options, please make an appointment with us today.