If you’ve looked into renovating your single-family home before, you may have initially been deterred by the high cost of materials.
As these price increases continue, many homeowners feel that their dreams of renovation may never come true. Fortunately, there are options available that can help make these costly materials more accessible.
But what is leading to these ceaseless price increases? What makes raw materials so expensive and inaccessible to the average family? We’ll take a look at some of the economic factors contributing to the problem. More importantly, we’ll discuss some of the financial options available for those who need assistance covering the costs.
Ready to learn how you can make your renovation dreams come true? Homeowner Funding has you covered. Read on below!
Why Are Home Renovations So Expensive?
Most materials have an average cost supply chain, meaning they don’t cost an unreasonable amount to produce. However, the “short supply high demand” situation is driving up their prices for consumers.
According to the law of supply and demand, the price of a commodity is influenced by the relationship between how much of it is available and how many people are interested in purchasing it. When the demand exceeds the amount available for sale, you’re left with a “short supply high demand” situation.
Thus, despite the average cost supply chain, the limited availability of these coveted construction materials makes consumer prices quite expensive.
How Can Home Improvement Funding Help?
Even as scarcity continues to drive up the cost of construction materials like lumber and plywood, there’s still hope. You have financing options that can make your long-desired improvements more accessible.
Let’s explore some of the most popular homeowner financing programs that can help you complete your project.
With a homeowner loan, you can have the funds you need to complete your project in advance. Then, you repay the loan in small installments over time.
A homeowner grant functions more like a gift of money that should be put towards a project and does not need to be paid back.
Both of these home improvement financing options are great resources for families who need help covering the high costs of renovation.
What Projects Can Home Improvement Funding Assist With?
Many possibilities come to mind when it comes to renovating a single-family home. But what specific projects would qualify for home improvement funding?
Fortunately, plenty of loans and grants cover various improvement projects. Let’s take a look at three of the most common reasons people decide to take advantage of these resources.
Renovating a kitchen is a project that can get very expensive, even if you’re only making small changes. Kitchens are full of specific plumbing and electrical equipment that tends to require complex fixes, meaning the bill can easily reach tens of thousands of dollars.
Luckily, grants for kitchen renovations are an available and widely used resource for those who desperately need to fix their outdated and dysfunctional kitchens promptly.
If the plumbing in your bathroom is so old that it no longer functions properly, or the cracked tiles create a hazardous environment, you’ll want to have the room remodeled right away. Unfortunately, due to the complicated nature of bathroom plumbing fixtures, these improvements tend to be particularly costly.
Bathroom renovation financing is a practical option that can make these necessary construction projects more accessible. You’ll get the money you need to put in a new sink, paint the walls, or even redo the shower tiles.
Vinyl siding is a practical and efficient way to cover the exterior of your single-family home. Resistant to mold and water damage, it’s an incredibly durable and low-maintenance option that will be a lasting investment.
The scarcity of the materials used to make vinyl siding has caused the price to rise considerably, and it seems that this trend will continue. For this reason, many choose to take advantage of vinyl siding financing to cover the cost of this useful renovation.
Explore Your Funding Options with Homeowner Funding
As the “short supply high demand” situation continues to create price increases for the construction materials needed for single-family home renovations, remember that home improvement funding is a resource that you have in your arsenal with Homeowner Funding.
If you want a professional to help you explore your funding options, contact us today! We’re eager to get you the money you need to renovate your home in 2021.