Whether you’re planning an entire home renovation or just want to fix some minor problems, you may need to find funding for your project. These sources can range from unsecured personal loans to specialized home improvement grants for low income homeowners.
In addition to these funding options, you can also consider cash-out refinancing. A cash-out refinance replaces your existing mortgage with a larger one and you receive the difference in cash, which can be used to pay for renovations. This is best for homeowners that want to improve a property they plan to keep long term and can afford to repay the new loan over time.
Home improvement grants are government-sponsored financial aid that can help defray the cost of expensive upgrades, repairs and improvements. There are dozens of county, state and federal programs that provide this financial support for a variety of circumstances. However, these grants are highly competitive and typically require specific documentation for eligibility.
In addition to these grant programs, there are several local programs in the City of New York that provide funding for homeowners to make essential repairs and modernize their homes. For example, NYC has the RESTORE program that provides emergency and other necessary repair services to income eligible homeowners who need help fixing plumbing issues that pose a risk to their health or safety (such as leaking roofs and clogged toilets) and need assistance connecting to newly installed water and sewer lines. In addition, there is the Targeted Home Improvement Program that supports critical repairs for homeowners in disinvested neighborhoods.