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Financing a Home Modification

July 22, 2012 By 12 Comments

At some point in your life, it may be necessary to modify your home. You may have a family member who needs a lower sink, wider doors or a specialized way to get up the stairs. Paying for a home modification could cost you a lot of money, but there are ways to work up to the costs so it’s not such a bad hit on your wallet.

Trim Your Budget

One of the best ways to find extra money to put a stairlift in your home, or pay for some other home modification, is to trim your budget. There are many ways to find extra cash. You can reduce your spending in any category. If you buy a coffee before you go to work everyday, just eliminating one coffee each week will save you hundreds of dollars in a year. One 3 dollar coffee times 52 weeks is a savings of 156 dollars. Do you spend too much on cable tv? Just by calling your cable company, you could save an extra 20 dollars a month. That’s an extra 240 dollars a year. Making these small changes can make a big difference.

Look for Help

There are many organizations that will help you through the thought process required to update your home. One in particular is the resource at Hud.gov. The department of Housing and Urban Development, or HUD, has even published a guideline on the best practices for modifying a home. They provide builders and developers with the technical guidance on how to comply with accessibility requirements of the Fair Housing Amendments Act of 1988.

Dream Big

Once you have figured out how you will finance your home change and the technical aspects to make it work, dream big! A home modification can also be viewed as lifestyle design. For example, Hitachi Mini Excavators could be used to modify the exterior of your home. These are ideal for tight narrow sites. I remember watching an episode of Extreme Home Makeover. The ABC show profiled a family with a son in a wheelchair that could not reach the sink. And boy did this episode make me cry.

grommesh family

The little boy was just living his life and wanted to help out. They even donated their old home to one of his friends! You can change things a little or you can update your home Extreme Makeover style. Just think big!

Have you ever had to remodel your home?

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About LaTisha Styles

"Money is a tool. Use it to get where you want, but don't let it control you."

Writer, runner, competitive as heck. Love to laugh and make others laugh. Focused on helping you build success and stay motivated along the way. Start investing now and let’s build wealth together.

  • Anonymous

    Agreed, you can never think too big. That was a sweet story of the boy.

    • http://YoungAdultFinances.com FinancialSuccessforYoungAdults

      Yes, I really loved that episode.

  • http://squirrelers.com Squirrelers

    That’s a great story about the boy.

    Agreed on dreaming big. As for remodeling, I haven’t had to do anything major before. Probably could have in my last place, but I didn’t want to spend any money, so I just dealt with what I had:) Maybe spent a $5,000 on repairs/upgrades, that’s it. Nothing was related to any special needs.

    If I had to remodel, particularly for special needs, I’d try to do so in a way that both serves the special considerations at hand, while still being ok for later resale. Needless to say, if push came to shove, needs come first.

  • http://prairieecothrifter.com Miss T @ Prairie EcoThrifter

    This is very timely since my hubby and I were just discussing planning for a house renovation. These are great suggestions, especially the one about asking for help. This is definitely something we will do to make sure we do the job right and don’t cut any necessary corners. We also want to make sure we have the finances and legalities in place ahead of time.

  • http://onecentatatime.com/ SB @ One Cent At A Time

    I have made it a point to re model our future first home before you move in. I need some advice as to the costs towards that. Can I cover that in mortgage itself? Or I need to take out a HE loan?

    • http://youngadultfinances.com LaTisha Styles

      That’s a good question. I think it depends on the amount of debt to equity that you will have in the house. If you only need 50% LTV (loan to value) then I’m sure the bank won’t mind throwing in another 10 or 20% for modifications. But if you are already 80% or 90% LTV it might be a little harder.

  • http://retireby40.org retirebyforty

    Dream big? Sorry to say this, but that is a terrible advice. Home renovation cost a lot of money and take a lot of time. If you’re hiring a contractor, it’s better to dream within your budget.
    Remodeling a kitchen will cost anywhere from $15k to $50k. Make sure you have the fund before starting the project.

  • http://novelinvestor.com novel investor

    If you’re the handy type, there’s nothing like turning something small into a do it yourself project. It could significantly lower the costs plus the bonus learning process involved. You can also sign on a few friends with the promise of free food and drinks after it’s done.

  • http://www.frugalconfessions.com Amanda L Grossman

    I am all about dreaming big, but with a realistic budget. And renovations tend to balloon out of control even with small dreams!

    Still, I love Extreme Makeover Home Edition–so inspiring, and the show definitely has the budget to dream big.

  • http://thecollegeinvestor.com Robert @ The College Investor

    Man, remodeling your home can add up quick. Especially as you get going and run across unexpected repairs. I would also make sure that you add a nice buffer in to be on top of those costs.

  • http://freedom48.net Julie @ Freedom 48

    We don’t undertake any home renovations unless we have more than enough money set aside for it. Renovations always cost more than expected (and take longer than expected), and i”d never be willing to go into debt for it. I agree with the previous commenter that “dreaming big” is not good advice. Dreaming big can mean the difference between a reasonable/affordable home renovation, or one that’s done with the best of everything… and costs a small fortune!

  • Peter@finance care

    Agreed with Julie renovations always cost more than expected but a well planned renovation and reputed contractor can mange cutting in cost cutting.