Home Federal Blog
How Working From Home Has Increased The Desire For Home Improvement Projects
The traditional boundaries between home and office have become muddied in 2020. Up to 56% of Americans are working out of their home right now. Experts say that many will continue even after the pandemic. In fact, 25-30% of American workers will work from home by the end of 2021 according to Global Workplace Analytics.
With the change from working in the office to working from home also comes a change in how Americans feel about their homes due to the increase in the amount of time now spent inside the house.
People Are Now Choosing to Evolve the Homes
The challenge for these work-at-home employees is that their homes now need to evolve. The pandemic has forced a transition from working at the office to working from home, and they suddenly learn that their house needs to now offer more than just a place to return to at night. Their home must work as their office, their entertainment, a place to cook a majority of their meals, and, if they have kids, it’s also a place to educate and entertain their children. This shift is changing the way we think about our homes.
Many people have opted to embark on home improvement projects or large home remodels. They need to create spaces for:
● A home office
● An area designated for their children to distance learn
● Improved entertainment spaces with upgraded technology
● A work out area
● And even kitchen makeovers, as many people are now cooking and eating the majority of their meals at home.
Home remodels have multiple benefits. Not only do they improve quality of life during occupancy of the residence, remodels add to the value of the home.
Money Saved by Employees Working from Home Help Fund Home Improvement Projects
It’s common knowledge that most companies can actually save big with a remote workforce. They save on equipment, office furnishings, and electricity, as well as smaller items such as coffee, and office supplies. But it's not just the employer who benefits financially, so does the employee. Global Workplace Analytics calculates that an employee who works full time from home saves $5,000 to $8,000 a year due to the cost of commuting, lunches out, wardrobe, and other work-related expenses. Because of this potential savings over time, homeowners are better equipped to pay off their home improvement financing more than ever.
Get the Fix-Up Financing You Need from a Lender You Can Trust
If you're one of the many at-home employees now looking to do some home improvements, there are fantastic programs available to help you finance these projects at a low interest rate. Not all banks are the same when it comes to shopping around for a fix-up loan. Home Federal is a Top Producing Fix-Up Fund Lender for Minnesota Housing Finance Agency known for their deep understanding of the program. This unique loan option allows homeowners in Minnesota to borrow funds for remodeling, repairs, and even energy efficiency projects. Monthly payments are low and affordable, and people may borrow up to 110% of the after-improved value of the home. Loan amounts range from $2,000 to $50,000.*
Beyond the Fix-Up Fund, Home Federal has a broad portfolio of other options for home improvement financing, with a team that thrives on finding the best loan for your unique financial situation.
If you’re suddenly well-aware of some improvements you’d like to make to your house, it’s time to discuss your financing options with the experts. The first step is up to you. All you have to do is reach out to one of our excellent mortgage lenders today to find out your options.
*Fix-up Fund loan applicants may not have a household income greater than $141,000**. They must also own and occupy the property to be improved. Credit and repayment ability are considered when applying for this type of home improvement loan.
**$141,000 is the income limit for the 11 County Twin Cities Metro Area, along with Olmsted and Dodge Counties. All other Minnesota Counties have an income limit of $125,900.