It’s generally depressing to live in a house that is worn out. It’s even more depressing when you cannot afford the repair costs. Frankly, the prices are often high. You must buy expensive materials and hire renovation experts if you can’t do it yourself. Popular issues to fix include a leaky roof, holes in the walls and the foundation, and faulty pipes. These are problems that may be financially overwhelming. So, you need an alternative when you cannot meet the high costs. Here are four options you should consider:
1. Sell it for Cash
This is the most logical thing to do when you cannot afford the repair costs. You need to identify a home buyer (preferably a property company) willing to pay you Cash for the property. Then, you can use the money to look for a cheaper and easy-to-maintain option. In Texas, most homeowners are considering selling their homes for Cash to home buyers in Houston. They then use the money for affordable and simple properties. You can also copy them and look for a trusted realtor to help you find a buyer.
2. Try a Refinance
You should consider a refinance if you’ve been wondering what to do with a home when you can’t afford repairs and your mortgage is outstanding. This loan allows you to consolidate your existing mortgage with the repair costs. Provided that the prices are regarded as necessary and aimed at improving the property’s value, you stand a chance to get the refinance from your lender.
3. Home Renovation Grant
Several improvement grants are offered to homeowners by the state and local governments. Examples include the Weatherization Assistance, Section 504 Home Repair Program, and the US Department of Agriculture’s Very Low-Income Housing Repair program. The renovation grants are for:
- The disabled
- The elderly
- Low-income homeowners
If you fit the criteria, you can apply for the gift. You can use it to repair and modernize your old-looking home. Since government grants are often given at low-interest rates, the amount of money you will spend is greatly minimized.
4. Home Improvement Financing
There are several home financing options that you can consider. They include personal loans and the Home Equity Line of Credit (HELOC). The former is suited for minor but expensive home repairs, such as faulty pipes and gutters, while the latter is suited for extensive repairs, such as leaky roofs and damaged basements. The problem is that the interests charged are often high, so this should be your last resort after considering the other three.
You may consider putting your home under a living trust, but it’s a good option because the other part will hold the assets, and you don’t need to worry anymore about it. A good thing about living trusts is that you can change the terms anytime. You can click here to learn more about living trusts and how you can benefit from them.
You no longer have to worry about what to do with a home when you can’t afford repairs. Just pick any of the above four options. You know what you need and what can work for you, and thus your decision should be based on urgency and preference.