Remodeling a home into an ambitious new design is a dream, but often an expensive and convoluted process. According to CNBC, home remodeling is
expected to take 50% longer than it has in the past, and to cost 50% more too, putting a stop on many plans made across the country. For ambitious homeowners looking to implement something fresh in their home, there are options to make that a reality. Just like ambitious designs require creativity,
so too does financing the build.
Home loans
The first port of call should be home loans and refinancing. The American market currently remains in a good state, but this may change soon. Despite USA Today reporting looming interest rate hikes, the cost of a mortgage remains low, with low growth in interest rates. Furthermore, as real estate industry veterans Home Loan Expert outline, the modern digital lending ecosystem is reducing the amount of fees and charges levied on homeowners, reducing costs once again.
Attracting subsidies
A quick scan of the EIA website reveals the
huge range of smart energy subsidies you can find across the country. Smart energy as part of architectural design is a huge factor to consider – it’s a way to offset carbon costs, and keep a house energy neutral, and perhaps even energy positive over the course of its lifespan. Looking to implement renewable energy generation and heat retention in your home can help to attract subsidies to offset against costs.
Community action
Some of the most ambitious architectural designs and unique homes have a great deal of cultural significance attached to them. Homeowners looking to achieve something completely new, or perhaps preserve a little bit of architectural-cultural history, can look to crowdfunding to help. For homeowners with a little entrepreneurial spirit, there’s even the potential to turn a build into a tourist attraction down the line. Many of the services used to garner crowd support are also useful in offering benefits to supporters later down the line, and this is something to consider.
Putting a bit of your creativity into funding your build can help you get the full funding you need to create an ambitious and landmark piece of work. Applying your creative talents to all areas of the build and its management can really help you to reap the rewards later down the line.
