Finding Funds For Financing House Remodeling

Finding Sources For Financing House Remodeling

Financing house remodeling resources for our many house remodeling projects has been a big challenge for us, as we search for home equity funds to meet our "change career housing needs".

They Say The Greatest Challenge In House Remodeling: Finding A Competent And Reliable Contractor

A recent government study exploring house remodeling identified the greatest challenge in house remodeling as finding a competent and reliable contractor.

This, the home improvement study suggested, seems to be the first step to a successful and satisfying home improvement project.

I Say The Greatest Challenge In House Remodeling Is Figuring Out How To Pay For Building Additional Space

I would think that, if most families are like mine, the first step would be figuring out how to pay for building additional space. That we need to add extra liveable space is a given:

• We have an adult son living with us due to disabling health problems resulting in a back injury disability. Of course, he has a big ole yellow Labrador retriever, so even more room is required.
• Now an adult daughter, recently moving to San Diego on her own change career journey, started out her San Diego adventure in a 9 X 10 bedroom in my wife's brother's home. (That room is well used as it was the very room my I used when I was in the process of becoming a chaplain.)

  Since she want more space, she has moved to her own tiny studio apartment. While sharing a house with 2 teenage boys was too much for her, her real reason was to be able to run her own Christian home business as a Mary Kay Cosmetic Consultant.

• My wife's parents are now in their 80's and have had typical senior adult health problems. They live 600 miles from their nearest child, and if they would only do so, should move in with one of their caregiving children.

  Of course the challenge is convincing them they should do this when they are still healthy enough to do so.

So to begin the process of figuring out how to pay for a remodeling project, one should obtain their Credit Report, Credit Score & FICO Score.

Finding the Financial Resources for Home Improvements

I came up with a number of financial sources for remodeling our home, whereby we add a family room through a garage conversion and later add bedrooms and office space by adding a basement to our existing home.

• Why not create a small apartment for adult children and have them help pay house mortgage payments on a house they will eventually inherit?
• And what if the financial assets of aging parents, if there are any, that is, fund the home remodeling project, since those assets will go to someone providing the housing needs of aging parents?

Good logic isn't it. Except that the human will is involved so logic goes out the window. Convincing adult children to give up their independence just so house remodeling costs can be covered usually does not happen.

So I will just have to find other sources for financing house remodeling projects. Our house remodeling needs are a challenging aspect of or change career decision, and is prompting my search for home equity funds that won't break the bank.

And persuading aging parents to come live with one of their children is even more challenging! They are enjoying life to much in their 80's to slow down any.

OK, perhaps it is easier to just talk to someone from Ocean Loans or to call our Option One loan officer or perhaps a local San Diego mortgage broker!

Part 2: An Add On Addition To Home Means Adding An Addition To Home Financing Costs Too