Making upgrades to your home can improve its safety, but these types of upgrades aren't always cheap. If you're avoiding these upgrades due to the cost, keep in mind funding options are available. These funding options can make some projects more affordable.
Weatherization Assistance Program
The Weatherization Assistance Program is available for households with incomes below a certain threshold. This program provides services to help improve their home's energy efficiency and safety regarding heating, cooling and electrical usage. This program can also be used to replace older, less efficient and potentially unsafe appliances with new ones.
Home equity loan
A home equity loan lets you use the equity you've built up in your home to pay for home safety improvements. Keep in mind the amount you can borrow depends on how long you've owned your home, since equity builds up over time. You can choose between a lump-sum home equity loan, which typically has a fixed interest rate or a revolving line of credit.
A revolving line of credit allows you to use funds anytime you need it, which is helpful if you're planning to do multiple projects in the near future. This type of home equity loan typically has an adjustable interest rate.
FHA 203K Loan
This type of loan can be used to cover the cost of home repairs needed to improve safety. For example, you might use this loan to replace an old and worn roof or to replace corroded pipes or outdated wiring. You'll need to meet certain requirements to qualify for this type of loan.
Grants
Grants are available to help eligible homeowners make safety improvements to their home. Some of these grants include the VA Specially Adapted Housing Grant, HUD Community Development Block Grant Program and HOME Investment Partnerships Program. These grants are only available to those who meet certain requirements, such as income levels. Keep in mind only a limited number of grants are typically available.
Financial assistance for seniors
Some programs provide financial assistance for seniors who need to make upgrades to their home to improve safety. For example, the Area Agencies on Aging offers funding for modifications and repairs for older Americans, which helps ensure seniors can live in safe housing.
About the Author
Judy Szablak
With over 30 years in the industry, Realtor Judy Szablak has been on national television for her real estate expertise on the HGTV Network, featured on Martha Stewart Living Radio "Morning Living” , NPR radio as an expert real estate panelist, It’s Relevant News channel, and quoted in the Wall Street Journal for her in depth knowledge of Fairfield County Connecticut real estate.
She was also on the local NPR radio station (WSHU) as a Fairfield County CT real estate expert. Judy has provided multiple online respected news sources with her real estate expertise including The Daily Easton, The Daily Weston, The Daily Fairfield, The Daily Stamford and The Daily Greenwich, as well as in print in the New York Post. She is a weekly Real Estate Columnist for WestportNow.com, another real estate column "Real Estate With Judy” is syndicated through Hearst CT Media Online and seen in The Connecticut Post, The Danbury News-Times, The Stamford Advocate, The Greenwich Time, The Hour, Fairfield Citizen, Westport News, Darien News, New Canaan News and the Wilton Villager.
Judy is also the author of the book, The Art of Buying or Selling a Home, available at all major book retailers. Additionally, Judy has been nationally recognized in a number of national real estate trade magazines, some with distribution to over 1 million members. She was featured in Real Estate Today as early as 1994 for her commitment to, and implementation of technology in real estate. Judy appeared in the Certified Residential Specialist Magazine, as she provided advice on marketing strategies and ethics in the article titled "Marketing Makeovers.”
Judy was also featured in REALTOR® Magazine, regarding image enhancement for Realtors. She was again featured in REALTOR® Magazine, in an article on "Achieving Flow” and operating at optimal peak performance. In another article in the same publication, Judy offered guidance to fellow real estate professionals as she explored the topic of implementing and maintaining personal websites. She has appeared in The Council of Residential Specialists Magazine, which featured her ideas regarding technology. Additionally, Judy authored an article on marketing and technology for the Certified Residential Specialist (CRS) Online Magazine. On two occasions, in 2015 and 2017, she appeared as a featured agent in Top Agent Magazine. I have a few other websites- www.TheCtrealtyBlog.com www.CtHomesAndRealEstate.com www.BestWestportHomes.com www.ThePetitePowerhouse.com www,SzablakConsulting.com
