How to Finance Home Improvement On a Fixed Income

Home improvement is a staple in the lives of homeowners. The household has become an ongoing project, and for good reason. We are always looking to upgrade a component of the bathroom or make the living room more homely. Ultimately, the collection of these constant improvements makes our lives more comfortable and, if done right, improves the value of the property for when we decide to sell the house and move on.

There are some great places to start on this path to an improved home, and some major upgrades that anyone can accomplish on any sized budget. For homeowners on a fixed income, whether in retirement, through disability insurance, or some other means, you are by no measure excluded from these exciting renovation projects. In truth, you should be looking into updates more often than others in order to raise the value of your most profitable asset. Here’s how to go about a home improvement project on a fixed income.

Financing Your Venture

Smaller budgets require a higher attention to detail when planning any renovation project. There are two ways to go about approaching this problem. The first is to consider a California reverse mortgage, the other is to take the entire project in stages over the long term. A reverse mortgage is a great way to finance a home improvement project without tacking on costly monthly payments. A reverse mortgage is essentially a trade: you swap the equity you have built up in your home for a cash payment today. Your monthly mortgage payments have chipped away at the percentage of the asset owned by the lender that originally gave you the loan to buy the property — a reverse mortgage is simply a way to tap into that value without selling the home. With this liquid capital, you can make major improvements to the structure, increasing its value. Then, when it comes time to sell, you will be able to pay back the loan amount and take the profit made on the improved value.

Reworking Your Garage

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Starting with the garage is always a nice change of pace. The storage potential of your garage is likely being underutilized, and a large space here is one of the major draws for new home buyers. Adding another bay to space or seeking out a simple garage door spring replacement, Portland, Oregon, can really add new life to this often neglected component of your home. With the added space and revitalized garage door, you can start parking your second car indoors or utilize the additional area for hobbies. You could start a band with your buddies, do work on classic cars, or install a small home library. The possibilities with newfound garage space are endless, and all of these endeavors will be protected because of a new garage door. Get rid of that old door and add a set of drums to your expanded space to see what a difference it can make.

Working on the Kitchen

Another great target for renovation is the kitchen. Homebuyers love a brand new kitchen complete with large tile flooring and marble countertops. You will love it too — these features make for a kitchen that anyone would enjoy cooking in. You could even add the smaller details like a magnetic knife strip, a bar for hanging pots and pans, and a built-in spice rack. All of these little details inspire culinary creativity and excite prospective buyers.

Changing up the Living Room

Another great focus of remodeling is the living room. Swapping out old windows and floors for a new hardwood and large double glazed invitations for natural light will brighten up your living space, making the entire home feel like new. As before, these small changes also act to draw in more prospective buyers down the road when it comes time to move.

Considering a remodel is in the cards for any homeowner, no matter your financial circumstances. Planning ahead and utilizing the equity power already embedded in your home are great ways to get the ball rolling and increase the homeliness of your living space while energizing its resale value in the process.