Netter Real Estate Inc
Richard Bocchieri, Netter Real Estate IncPhone: (631) 848-0748
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Big Projects: How to Find Funding

by Richard Bocchieri 08/09/2020

Photo by Analogicus via Pixabay

After settling into your home, you start to notice a few things either need to be retouched or completely overhauled. The biggest issue that a lot of homeowners run into is the money for the project. Even after assessing whether the project is a DIY or you’ll need a professional, funding still comes before action. Here are a few funding options to consider before you begin your home improvement projects.

Borrow from Your Future: 401(K)

A vast number of traditionally employed homeowners have a 401(K). Often, an employer will deposit funds into this account just as the employee does, but did you know you can borrow from it? If your housing project requires a little more than what you have in your savings account, try taking a little from your 401(K). Remember, even though it’s your account, it’s not free money. You will have to put it back once you’re able, and if you separate from your current company, you may run into a few extra fees if the money isn’t returned within five (5) years.

Government-Backed Improvement Loans

There are a few different types of government-backed loans that allow you to improve your home. You just need to identify the category your home improvement falls under. If you’re looking to do a few moderate improvements, try the 203K loan. These loans are great if you’ve purchased a preexisting home and have a few hefty renovations to cover. You can even add this loan to your mortgage payments.

If your home improvement project happens to fall more along the “greener” side of things, such as heating/cooling, water-efficient landscaping, energy reduction systems, etc., you may be able to apply for a PACE loan. These loans are pretty easy to get approval for, can often receive tax credits and may be sold to your next buyer when you decide to move.

Home Equity Line of Credit (HELOC)

Have you been in your home for a while? Maybe a HELOC would be the best method for you to finance your home improvement projects. Since your home has accrued equity over the years, you’ll be able to secure the loan by using it as collateral. These loans are often suited for long renovations or projects that may require a few extra stages.

If your home improvement projects end up with a longer price tag than you were expecting, don’t fret. There are several other ways that you’ll be able to cover the cost, including tax credits and grants. If you’re prepping your home to sell in the near future, chat with your agent about the best renovations, improvements and repairs, as well as, how to fund them.



About the Author
Author

Richard Bocchieri

Welcome to Long Island Living at its best! The South Shore of Suffolk County is a suburban area that runs along the shoreline of the Atlantic Ocean. Homes in this area consist of primarily residential properties. This area tends to be diverse in culture and income as it varies by hamlet, village or town. Residents along the South Shore have access to many beaches, parks and recreational activities. I pride myself on my honesty, integrity, hard work and personal service. My first career was in education, starting as a teacher then finishing as a guidance counselor and achieving my Master’s and two PD's. In 1986, I began my real estate career. In a sense, I am still an educator and offering guidance; this time I am outside of the classroom educating my clients on the selling and purchasing processes; which have become so complicated recently and guiding them safely through the confusing and ever-changing real estate market. It is very satisfying to me to help people with not only the greatest financial asset in their lives but their greatest emotional asset; where they celebrate holidays, raise their families and live their lives. I take the needs of my clients very seriously and as a result, I am proud to say, over 90% of my sales are the result of referrals and recommendations. Primarily, my areas of service are the Townships of Babylon and Islip on Long Island’s beautiful South Shore, near pristine beaches and wonderful boating, yet only 55 minutes from Manhattan; truly the best of both worlds. I'm a graduate of the Real Estate Institute and am certified as a Senior Real Estate Specialist. I also hold a license as a Notary Public. Please feel free to call or visit so I can help you fulfill your real estate dreams. I am a Full Service Licensed Real Estate Associate Broker and provide the following: Free appraisal Rental Mortgages International relocation services Sales Home warranty New homes Free school report Water front specialist Notary public Please feel free to call or visit so I can help you fulfill your real estate dreams.

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