Imagine you could finally get that new bathroom, kitchen or ADU that you've always wanted, but have been putting off because of lack of funds. It turns out that most homeowners in Houston are not waiting, and neither should you.
If you thought the recent reno-revolution was no more than hearsay, think again. A recent report from the Joint Center for Housing Studies of Harvard University confirms that in 2018, Americans spent a record $340 billion on home remodeling, an increase of over $25 billion from the previous year.
There is an even bigger increase of over $50 billion expected for 2019, and Houston is one of the states with the highest expected rise.
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How exactly are all these homeowners getting the funds to improve their homes? The Houston renovation wave is being fed, for the most part, by a surge of new as well as previously known financing options.<@funnel<
Although this option has been around for a while, competition among banks has recently led to better terms and lower interest rates. This has become one of the best ways to finance your project if you’re looking for an option that's quick, easy and secure.
These are new, unsecured loans that you can get approved fairly quickly. Once approved, you should receive the funds almost immediately. The interest rates are mostly fixed, but some offer variable rates. The return period for personal loans usually spans between 1 and 7 years. The two main things you need to know are: how much you want to borrow and, more importantly, how much you can afford to pay back each month.
These are home improvement loans that allow you to borrow up to a certain percentage of your home's value minus what you owe on your mortgage. This is an easy option to qualify for and requires no money down. It’s best suited for borrowing larger sums with relatively low interest rates as well as for longer terms- which makes it the most popular option for a major project.
Many contractors offer financing packages to customers who are unable to pay the full cost of a project upfront. This method is convenient as you can pay over a specified period of up to 12 years. Many contractors will also offer an interest-free option.
An important financial advantage to consider when contemplating a remodel is the considerable increase in property value that you gain when improving your home. In many cases, the rise in property value is equal to or higher than the cost of the remodel.
One of the most surprising trends in Houston is that homeowners are finding their ideal financing option by asking an expert – no, not their office buddies. It turns out that home improvement professionals are also home improvement financing experts who are well versed in all the different options, and are in the best position to guide you through them in an unbiased way.
If there's a part of your home you've been thinking about upgrading or remodeling, then it's time to dip into the barrel and take your home to a new level.