It’s a bit of a tough time for those hoping to remodel their homes. One finance expert was reported by CNBC as highlighting home remodels as taking 50% longer and costing 50% more. While this can’t be said for every part of the country, it’s noticeable how much more materials cost with the ongoing real estate bubble. From your dream kitchen, to your lounge, to your garden, there are ways to find the money you need to add that extra flavor to your home.
Refinancing loans
The most straightforward way is, of course, refinancing. Interest rates remain low, and home loan experts are recommending refinancing be done sooner, rather than later – there has seldom been a better time to trade in equity. According to Reuters, some of the country’s larger financial institutions are even trading in their cash to the federal reserve, and there’s a risk of a reverse – negative interest rates. That means it’s a better time than ever to look at financing.
Re-purposing your home
Luxury doesn’t always have to mean brand new – in fact, looking at what your home has to offer, and flipping it to make a little extra cash, is not a bad thing. Think, for example, of upgrading your wiring for a smart home. Copper is in a little bit of a dip, and has always had a good price in the USA, and stripping old wiring to replace it with fiber optics can net you a little extra cash to put into your redesign. You can also take this approach to furniture – upgrading old pieces of furniture, or constructing your own from recycling materials, can yield fantastic results.
Looking for subsidies
There are a number of works you can conduct on the home that will attract federal and state subsidies. The most obvious of these is renewable energy: there is a huge range of subsidies attached to bringing solar or wind goodness into your home. Similarly, some states offer subsidies for homes that bring weather-proofing into the home. If you can do either while still achieving your goals, do so – it’s a great long-term investment.
With the money, you can commence the remodeling. It’s important to be patient in the current market – there’s a slowdown in manpower and materials. With the money in hand, however, you know the work will be on its way.