Centre Realty Group
Tracy Johnson, Centre Realty GroupPhone: (617) 595-2600
Email: [email protected]

Home safety improvements: What type of funding could you get?

by Tracy Johnson 09/09/2024

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 For example, you might use this loan to replace an old and worn roof or to replace corroded pipes or outdated wiring.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
Author

Tracy Johnson

With over 25 years of extensive real estate experience throughout the Boston and Metro West areas. Combine this with my ability to work smart and to not stop working until your needs are met and you get a broker that will help you make the right decisions when it comes to buying or selling your home.

Let my success work for you. I have been trusted to represent developers, builders, attorneys, financial planners, and many other professionals, selling condominiums, townhomes, new construction, investment, commercial properties, and of course single-family homes. I know your neighborhood.

I’m a problem solver and an excellent negotiator. Problems often arise that can stop a sale. I’ve solved many problems over the years and when I don’t have the answer I find an expert who does.
I offer first-class marketing I guarantee will work for you. I can tell you what you need to do to get your home sold quickly and for the best possible price.

If you are looking for a professional you can trust to help find your dream home or sell your current home, contact me today. If you are not completely satisfied with my service you can cancel any time. I am always available by phone or email, so please reach out to me anytime!
I am committed to getting you, the results you deserve.