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Basics of Home Renovation: A Movement to Protect Low-Income Communities
Home renovation is one of the best things you can do to protect low-income communities long-term. Homes occupied by owners or tenants who maintain the building boost the value of neighborhood property.
Statistically, low-income neighborhoods have a higher concentration of Black, Latino, and other minority populations. The investors of those communities are primarily white.
The ideal is to decrease the negative aspects of a low-income community without gentrification that compromises its unique cultural values.
A Cyclical Problem
It is a complex problem but put simply: Foreclosed houses tend to be prevalent in low-income neighborhoods where homeowners can no longer afford the mortgage. Investors are able to buy the properties.
If an investor pays a low price for a foreclosed home and repairs it, they can sell or rent it out for a profit. This model benefits the investor and the neighborhood because it increases the value of the property.
Too often, the investor himself may be absent, or an outside company buys a cluster of homes to flip. “Flipping” is popular for a quick sale, but usually only addresses cosmetic repairs.
When inspections find that the home violates current building codes, the new owners often cannot afford to repair the structural issues. Then they are forced to foreclose again, and the property continues to deteriorate, often leaving it vacant.
Empty homes are linked to higher crime rates, and they lower the property value in the neighborhood.
Members of the community can help this problem by investing in their own neighborhood’s property and selling or renting it for an affordable price to other members of their community.
Common Major Repairs
The most common major repairs are structural. A few include roofing or siding replacement, electrical maintenance, removing water damage, and plumbing replacement. These repairs tend to be more expensive, but they are crucial to preventing future disasters.
They don’t need to break the bank. There are many websites dedicated to things you can do yourself, while some things need to be left to professionals. But some businesses, like the Dominion Roofing Company in Canada, make it easy to get quality work without an enormous cost.
Creating a budget is crucial before starting work. You don’t want to run out of money halfway through. Make sure to leave room for the unexpected. There are loans and grants out there specifically for home renovation.
You need to find a reputable, independent building inspector. These inspectors are experts in current local building codes and can you on what to repair and in what order.
Basics of Home Renovation: Final Point
It may seem silly to invest in a neighborhood that you know has a low property value. A growing movement of this would stop investors who have no real interest in the well-being of the community.
It is imperative that the properties are occupied and well-maintained. Here are three things you need to be aware of before renovating a home.
Home repair and investment within the community is one of the most effective ways to protect the cultures of low-income communities.