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Published On: Wed, Mar 25th, 2015

Financing Home Renovation Projects

Is it easy for homeowners to get the financing they require in order to carry out certain upgrades? The National Association of the Remodeling Industry (NARI) performed a survey in order to answer some of these questions. NARI surveyed contractors from different parts of the country in order to obtain their opinion on some of the issues their customers face when sourcing for financing for home renovation projects.

The association conducts quarterly reviews of the home remodeling industry where they try and educate the consumers as well as legislators and regulators on the remodeling industry. They offer credible information that can be relied upon by industry experts as well as consumers to make sound remodeling decisions.

photo Alina Ku-Ku via Shutterstock

photo Alina Ku-Ku via Shutterstock

The results obtained from this survey showed that most contractors thought that it was not ‘very difficult’ for their clientele to secure financing to remodel their properties. In fact, none of the contractors indicated that it was ‘very difficult’ to get financing. Only 30% indicated that it was either easy or very easy for their clients to obtain financing for home remodeling projects. “Despite improving conditions in the real estate market, financing has been challenging for many buyers and for homeowners planning large-scale renovations,” according to Eric Gonchar, a New York real estate attorney.

According to the contractors who participated in the survey, most of their clientele were unable to get financing because of lenders who were being overly cautious. 27% of the surveyed contractors indicated that most of their clientele were unable to get financing because the upgrade was too expensive compared to the home’s value. That is, the cost of the project compared to the home’s value was a big problem that hindered most clientele from getting the financing they needed to perform major upgrades. Only 11% of the surveyed contractors indicated that their clientele were unable to get financing due to poor credit.

The survey also showed that most of the clientele looked for financing from banks and credit unions. 96 percent of the contractors who had participated in the survey indicated that they accepted checks as a form of payment after completing their work. The others, estimated at one quarter, had accepted credit cards, loans from banks or cash from their customers. Only 6 percent of the contractors who had completed the survey indicated that they had helped in arranging financing for their customer.

Overall, it’s important to note that NARI’s survey indicated that the home remodeling business conditions had experienced a strong growth in the third quarter. “We have seen a surge in demand for cable railings and increased interest interior designers and architects working with clients on home renovations,” said Ihab Barrawi, President and CEO of BuyRailings.com, a manufacturer and retailer consumer and commercial decorative railings.

There has been increases ‘quarter after quarter’ in almost all sub-components which are used by NARI to measure remodeling activity. For any homeowners who are looking for contractors to hire, you can find professionals at NARI. The remodelers are highly trained to follow professional code and ethics and are likely to offer the highest standards of quality, integrity and honesty when conducting remodeling work.

If you are looking for home renovation in India, HouseJoy offers the best services. Don’t forget to make use of HouseJoy coupons if you hire them.

Guest Author: Lolita Di

 

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