If you have seen the HGTV shows Property Brothers or Flipping the Block then you already might understand how home renovations can help an entire community.
By utilizing the FHA 203k renovation loan I have been able to help so many people achieve the home of their dreams. Each home and each instance is a unique case with different homeowners preferring different renovations. And while each home is unique what is similar is how that home not only changed the lives of the homeowners forever, but for the entire community as well.
The first and most obvious way a local community benefits from a home renovated with the FHA 203k is how entire neighborhoods become more attractive. Who doesn’t want their neighborhood to look nice? Renovated homes can create a better sense of pride for everyone in the surrounding area. It is also a plus when someone goes to sell a home.
Second, renovated homes help to increase the property prices of the homes in the community. For most people that is probably the biggest and most direct way that the FHA 203k helps neighborhoods.
For others the biggest thing may be the ability to stay in their home, not have to move, and stay in the same schools. Staying close to friends allows neighborhoods to remain close-knit and strong.
Lastly, FHA 203k renovation projects provide jobs to local contractors. Investing the community and keeping money inside of the community are sometimes great ways to strengthen a community.