Although your historic home may have been beautiful for hundreds of years, it is now showing its age and you have made the decision to begin renovations. However, old house renovation can be costly! Many programs are available to help homeowners preserve their heritage as well as help with historic home renovation financing. In this article, we will discuss the options available to you before you begin renovating.
Where Can I Find Financial Assistance For Renovations?
Do not despair about your tight budget!! Instead, spend some time researching what options are out there to assist you. Here are some great places to start if you want to find the financial assistance you need to restore your home’s original beauty, especially if you are first time home buyers on a budget.
Renovation Grants
If you are looking for financial options to renovate your historic homes, grants should be the first thing you look towards. The reason is that homeowners can benefit greatly from grants due to the fact that they don’t have to be repaid. One down side, however, is that public and private grants are usually given to properties that will be used to benefit the public, such as libraries or historic office buildings. Private homes rarely receive grants for renovations.
Local Foundations For Historic Home Renovations
If your house is located in an area that has been designated as a city project or in a distressed neighborhood, a local foundation may be able to provide a loan or grant. Local foundations can be responsible for revitalizing entire areas of towns in some cases. It is worth looking into the possibilities in your local area!
Loans With Low Interest Rates
You may be eligible for low interest loans if your home has been designated historic or is listed on the National Register of Historic Places. This is an especially popular option when grants are not available to you.
Tax Incentives
Some states allow real estate taxes to be suspended for several years while you work on renovating your historic home. Some states even offer an income tax credit, which means that you pay less taxes. You could be allowed a tax credit if your historical property generates income.
Loans From Local Societies
Historic home societies in your area may offer revolving loans funds to those who work on historic property, as well as grants and incentives to help you get started with your old house renovation. You can get more information by asking your bank about restoration societies in your region.
Conclusion
Do some research on financial help in your area before you begin work on your historic home renovations. There are many options available to you, but it might take some time to find it since it isn’t the same as simply flipping homes. Be patient! You won’t regret the time it takes once you find the perfect financing option to renovate your historic home.
