In today’s economy and the current state of the housing market, most people find themselves remaining in their homes longer rather than trying to sell. As a result, many homeowners find the idea of engaging in some home remodeling an attractive alternative.
Unfortunately, financing such undertakings can be quite difficult, especially if the remodel job will be an expensive one. This can stop a remodel project from even getting off the ground. The good news is that home improvement grants are available to make your remodel job a reality.
A remodeling grant is a form of governmental financing provided with the distinct purpose of funding repairing and bettering people’s homes. Since it is a grant, repayment of the money is not required. What is even better is the fact that this particular type of grant does not bring with it all of the bureaucratic red tape that comes with most other types of federal grants and benefits.
A federal home improvement grant will typically be approved and funded under the following conditions:
a) the house that is the subject of the grant application has been shown to be inhabitable if it does not undergo renovations;
b) the renovations of the property are necessary due to a disability of a person living in the home; or c) the homeowner is 62 or more years of age. To confirm that the prerequisites of the grant exist and that renovations are indeed necessary, a professional home inspector will be send to the house.
Obtaining a home improvement grant can be just what the doctor ordered for those who do not have tons of cash at the ready. However, there are some negative aspects of such a grant. If your remodeling project is to add a luxury enhancement, such as a pool or an extra room, then you will not be eligible for this type of grant.
This type of grant is perfect for those homeowners whose homes are in dire need of repairs which the homeowner simply cannot afford. Examples of such issues for which a grant could be awarded are plumbing problems, mold, roofing issues, or insect infestation.