As we spend more time at home, it is important to keep our living spaces fresh and inviting. Your home should be a welcoming space, not just for guests, but especially for you. Simple DIY projects can help with this, and we’ve got some of the latest trends to help you update your home. You may also be considering major home renovations to your home. We can help with those too! Read on for some DIY tips and our solution for financing your next home renovation project.
70’s Inspired Color and Design
Avocado, amber and other vibrant earth tones, along with wood paneling and shag carpets are finding their way back into home décor. Easy-to-implement DIY projects can be as simple as painting, new carpet or paneling a wall. According to Malka Helft of Think Chic Interiors, we will be seeing more of the 70’s:
“Seventies decor and colors are back. We will be seeing more terracotta, sage and mustard colors as well as mid-century furniture trademarks — peg legs on cabinets and tables, teak wood tones and highly textured fabrics.”
Bigger home renovations may require larger purchases or hiring a contractor. Paneling an entire room, new furniture or remodeling an outdoor space to the 70s minimalist design are probably more than DIY projects. To see entire houses with 70’s inspired ideas, check out this video from Mansion Global!
Accent with an Element
This year’s trend of copper accents for the home can range from a simple light fixture to furniture and beyond. Copper tones will add a warm glow to your home, whether you use it in DIY projects such as replacing doorknobs and adding a copper teapot on the stove or hiring a contractor for a complete kitchen renovation or bathroom renovation. Find lots of DIY ideas for adding copper to your home here.
Copper is an eco-friendly, natural, and recyclable resource, and as environmental impact concerns increase, the use of copper as sink, tub and even countertop material has become more common. Major home renovations such as entire kitchens or bathrooms may be best left to a contractor who is familiar working with these materials.
Biophilic Design Grows Bigger and Bolder
Biophilic design, another trend for this year, means incorporating nature into your home. Think plants, plants, and more plants in 2022! Beginning in 2020, we saw people began to integrate more indoor plants into their décor. This trend has continued and is now growing to include more varieties and larger plants which almost take over a living space, even incorporating biophilic living into the design of a home. Click here to see how you can transform your indoor space into an outdoor oasis with the simple addition of plants.
If you are looking to do a large biophilic design project, such as a live plant wall, increasing the size of your windows, or adding a skylight, it is probably best to hire a professional. While adding potted plants is a simple solution for biophilic living, changing the structure of your home is not. A licensed contractor should be involved whenever structural changes are being considered in a large home renovation project.
Financing Your Renovations
Whether you are looking to complete your own DIY projects, or if you have bigger plans for your home, we are here to help! A 203K Renovation Loan offers you the opportunity to dream big and create the home renovation you have always wanted!
What is the 203K Loan?
FHA 203(k) renovation loans are part of the larger Federal Housing Administration (FHA) mortgage program. They’re federally backed and designed to help borrowers who would benefit from flexible credit and debt-to-income ratio requirements.
While the application of the funds you receive are wide-ranging, there are some requirements you’ll want to consider with FHA 203(k) loans:
- Are only applicable to primary residences
- Focus on repairs and structural changes
- Establish an escrow account that holds the money for your contractor
There are two kinds of FHA 203(k) renovation loans: The limited – formerly known as the streamline 203(k) – and the standard.
FHA 203(k) limited: As the name may suggest, this loan caps its funding at $35,000 and will help fund cosmetic changes. You can think of these changes as ones that can be made while you’re still living at home. For example, you can fund new carpeting, a fresh coat of paint, or appliance purchase and installation.
FHA 203(k) standard: These loans fund major home renovations or structural changes that cost at least $5,000. The cap varies depending on the community, but you can replace, construct, or demolish different parts of your home with this loan option. With this home renovation loan, you can think big. Examples of projects you can take on include:
- Add a new room to your home
- Kitchen renovations, bathroom renovations, and other commonly used room renovation
- Energy-efficient upgrades
- Plumbing and electrical upgrades
Benefits of a Home Renovation Loan:
- Simplicity – Wrap the costs of home renovations and a home loan into one easy payment.
- Refinance – Improve your home and reformat your mortgage payment.
- Customization – Turn a less-than-perfect house into a home that fits you and your needs.
To learn more about our 203K Renovation Loan visit Home Renovation Loans. Let’s work together to keep your living space fresh and inviting!