When planning to renovate your Long Island home, you have a lot to consider. A major project may include replacing a roof system, updating the flooring and installing replacement windows and patio doors. For most of us, we have to consider how to finance a project of this kind. You should consider this Renewal by Andersen of Long Island post with smart buying tips you can use when buying replacement windows to help you save money to help you get the most you’re your money and keep your financing costs down.

There are a number of ways to reduce some recurring expenses after your installation — such as taking advantage of insurance and home security monitoring. Of course, you should learn about all of your financing options before making a decision.

This article will explain some options that don’t include pulling out the high interest credit card or drawing from your 401K to fund your renovation.

Consider Government Grants & Low-Interest Loans

We understand that investing in replacement windows and patio doors is something you should consider carefully. Financial decisions you make today will impact your financial health for many years, possibly decades.

3 Home Improvement Financing Options

#1. People on a tight budget might consider a Housing and Urban Development loan. These loans are specifically for low-income homeowners that otherwise may not be able to qualify for a typical loan package. Learn more by visiting https://www.hud.gov/ to see if you qualify for a HOME Investment Partnership Program.

#2. You may also contact the National Residential Improvement Association (NRIA). The NRIA is an organization that searches for you to see if you potentially qualify for government home improvement grants. It just takes a few minutes to fill out their form, and they will get back to you in a few days to let you know what type of assistance is available in your community. There is no fee to apply, and NRIA is not a lender, so their recommendations do not profit the agency through approved loans. Their assistance includes cost saving programs that will eliminate or reduce your home improvement costs. They may find potential help that includes:

  • Government grants or loans
  • Local, state or federal tax credits and incentives
  • Discount programs.

#3. The United States Department of Agriculture has a program that serves people living in rural areas, and who are addressing health and safety hazards. The maximum grant offered is $7,500. In some cases, replacement windows and replacement patio doors may qualify if you are improving accessibility for residents or visitor-clients to a home office.

Single-family Housing Repair Loans and Grants are only available to:

  • People with very low incomes
  • People aged 62 or older who may not be able to repay a mortgage due to income constraints
  • People who both own and occupy the residence
  • People who cannot obtain traditional loans elsewhere

If you are planning a major renovation, USDA grants and loans may help you pay for projects within the renovation plan that are not specifically windows or doors, thereby lowering your total costs. Learn more on the USDA website or by visiting a local office.

Planning Your Replacement Window Journey

Deciding to update your home’s windows with high-performance double-hung, casement, bay, bow or any of our other replacement window styles doesn’t have to drain your bank account. These three options may give you a break, and allow you get that project started faster, and with less stress.

Let Renewal by Andersen of Long Island Help You Plan Your Replacement Window Journey

We have a full line of replacement window styles and accessories designed to help you maximize energy-efficiency, comfort and affordability. Fill in the short form on this page or dial 1-877-313-9052 to speak to a specialist in your neighborhood today! Be sure to ask your Renewal by Andersen of Long Island replacement window expert about special financing programs the company may be offering at the time of your initial consultation.

 

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