(BPT) - A new year is an opportunity to bring fresh life into your home through renovations, both large and small. Want an updated kitchen? A patio addition? New floors? Every homeowner has a different vision for their space, so make 2020 the year your home improvement dreams come true. But where should you start?
Affording your renovations
The cost of home renovations deters many from updating their homes, but there are financing options that can make costs more manageable. Consider a home equity line of credit (HELOC), which gives you the flexibility of a credit line you can access as you need funds for your renovation projects. At Bank of America, you can get a HELOC with no fees to open or maintain it. You pay only for the funds you use.
Now that you have the finances sorted out, what home projects should you consider?
- Replace critical components: A Harvard Joint Center study found that our nation’s homes are aging: 80% of homes are at least 20 years old and 40% are at least 50 years old. This means it’s probably time to repair or replace critical components like furnaces, windows or roofs.
- Bring dreams to life: Home design shows, magazines and websites are inspiring homeowners and giving them glimpses into how others are tackling home improvement projects. Popular projects include bathroom renovations, kitchen remodels and finished basements. Outdoor living continues to be popular too, with many adding resort-like features to backyards, including ponds, outdoor kitchens and landscaping.
- Add eco-friendly improvements: Homeowners are increasingly realizing return-on-investment by choosing energy-efficient upgrades. In addition to smart thermostats, homeowners are installing solar energy systems, low-E windows and other earth-friendly improvements to lower energy costs, improve comfort and increase home value. To decrease their water footprint, many are making small investments into low-flow showerheads and toilets, as well as faucets that reduce water use.
- Accommodate a multi-generational household: The trend of multi-generational households is on the rise, which means homeowners are making improvements to accommodate adult children, elderly parents and other family members. Homeowners are making thoughtful and forward-thinking upgrades, like safety features in bathrooms, updated lighting and improving accessibility throughout the home. Alternatively, many older homeowners are choosing to age in place and are making renovations to their existing homes to accommodate a multi-general household in other ways. Often this means more space to entertain extended family or host grandchildren comfortably. Or simply create the dream home they’ve yearned for.
But, what if you aren’t a homeowner yet?
If you're not yet a homeowner, make 2020 your year to own your home. Upfront costs don’t have to be a barrier.
The Bank of America Community Homeownership Commitment(TM) helps eligible homebuyers with the upfront costs of purchasing a home by offering:
- Affordable loans with down payments as low as 3%, some with no mortgage insurance required
- Down Payment Grant — no repayment necessary — which gives eligible buyers in select markets 3% of the home purchase price (up to $10,000) to put toward a down payment
- A closing cost grant program through which buyers could receive up to $7,500 toward non-recurring closing costs or, in some instances, to buy down their interest rate.
For more information about the Community Homeownership Commitment, HELOCs and other ways to make your 2020 home dreams a reality, visit www.bankofamerica.com.