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To install a basement, the double-wide must first be lifted up and slid onto beams 4 to 6 feet off the ground. The utilities must be disconnected, & the house will stay on these beams while the basement is being constructed. A contractor will then dig out an area for your basement, then pour the concrete and construct the basement. The cost of this project will depend on the rates in your area. If you are borrowing money to finance the project, your lender will tell you if installing a basement is a financially practical & workable option.
Before adding a basement, check with the home's manufacturer to determine how to anchor the home to the foundation. If your home does not already have a place to install basement stairs, determine where you will be able to install them.
If you have owned your home for quite some time or if you put down a good amount of cash when purchasing ,you may be able to use the equity in your home to secure a home equity line of credit (HELOC), & the advantage to taking out an HELOC for home improvements is that generally the interest on the loan is completely tax-deductible as long as it is used solely to make the home improvements.
Another type method of obtaining funding for home improvements is through mortgage refinancing. With interest rates near all-time lows, homeowners with higher fixed-rate or adjustable-rate mortgages are refinancing at lower rates and taking some of the cash out from the principal balance to increase their home's living appeal. Rather than "trading up" to a newer or larger home, refinancing enables homeowners to improve their existing home to their liking.
A home improvement loan may also be secured through a personal loan but most reputable lenders require the borrower to have very good credit, and is based on the borrower's likelihood of being able to repay the loan.
Also, many states and the Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD) also offer grants for home improvement to low-income individuals or to borrowers who purchase/refurbish homes in areas designated for community development or to provide housing for low-income residents.
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