Home Services Unlimited provides their expectations for crowdfunding as a way to finance home renovations.
Manassas, VA -- (ReleaseWire) -- 11/07/2014 --Crowdfunding is a growing trend to make home renovations more affordable. Homeowners are raising money from friends and relatives to renovate their home, and the idea is catching on.
With more than 30 years in business, Home Services Unlimited, a certified home renovator in Virginia that specializes in bathroom remodeling and basement refinishing, believes the trend is, generally, a good one. While initial investors in the existing sites are mostly funding new projects, Home Services Unlimited suspects it will not be long before remodeling will emerge on the scene.
“Bathroom remodeling in Virginia may look very different financially in as little as five years,” says a representative from Home Services Unlimited. “Crowdfunding is giving more people the opportunity to turn houses into homes.”
There are several websites available that allow users to create an account for a project and market their idea to their network. Anyone who wants to “invest” in a renovation project or even a down payment on a new home can go to the site of their choosing and submit a payment through PayPal. Most sites allow donors to give money anonymously or publicly. The sites make money by requiring a minimum donation and charging a minimal transaction fee.
Popular crowdfunding sites strictly real estate-related include FeatherTheNest.com, HatchMyHouse.com, and DownPaymentDreams.com. Engaged couples are beginning to add this type of crowdfunding to their wedding registries. Newly married couples and families are creating accounts and asking for donations instead of holiday and birthday gifts.
One potential problem with the trend is first-time homeowners are required to demonstrate financial viability, and money from crowdsourcing sites may create issues during the mortgage process. Another problem is that if a potential home owner does not meet the traditional financial requirements, proving he or she can finance a home after the initial investment will likely be difficult.
“It’s an interesting idea, and we’re curious to see how crowdfunded home renovations works out,” says the representative.
For more information about Home Services Unlimited, please visit: HomeServicesUnltd.com.
About Home Services Unlimited, LLC
Home Services Unlimited has been offering home improvement and renovation services in the Northern Virginia area for over 30 years. They specialize in bathroom remodeling, basement finishing, and house painting in addition to other general contractor services. From basement finishing in Ashburn, VA to bathroom remodeling in Fairfax, VA, Home Services Unlimited provides contracting services for many renovation projects that yield a high ROI for consumers. Furthermore, Home Services Unlimited offers their services at affordable prices, including financing options, to meet their clients’ needs. Home Services Unlimited is bonded, licensed, and insured, in addition to being an EPA Certified Renovator and a member of the Better Business Bureau.