Renovations Make Foreclosed Homes and Lists of Fixer Uppers Efficient

by Donald Hanz on Foreclosure Help

Incentives designed to support energy efficient housing renovations are being offered in Knoxville, Tennessee. Ordinary residential properties, foreclosed homes and dwellings under lists of fixer uppers can all undergo such renovations with the assistance of government-provided funds and services from local renovation firms.

With the number of Knoxville foreclosures for sale continuing to drag the values of properties down, some residents of the city are looking at energy efficiency to cut down on household expenses and save money. Federal funds are provided for the renovations with the help of the Tennessee Housing Development Agency.

According to the agency, the program targets low income residents and households and is also designed to improve the economy of the state which has suffered from huge supplies of Tennessee bank foreclosures. The Knox Housing Partnership is one of the groups involved in the program, with the renovation body handling seven houses to renovate which include foreclosed dwellings.

Properties renovated under the program, including homes under lists of fixer uppers, can require up to $20,000 for the energy efficient improvements to be completed. This is considered a small price to pay by those involved in the program since right after the renovations; a home can save up to 40% in terms of energy consumption compared with other residential properties.

Rich Construction, one of the contractors that support the program, stated that the government-supported weatherization and energy efficiency projects are also benefitting local construction firms that have seen their businesses dwindle from the impact of the housing market crisis and the lack of sale of bank foreclosures.

The firm has so far completed weatherization on 177 houses with the help of the weatherization program launched by the Knoxville-Knox County Community Action Committee. It was able to renovate six houses offered under the Knox Housing Partnership initiative with the help of government funds.

Housing and construction industry observers have admitted that the program has been good for the city and the whole state, particularly with the continuous decline in the business of residential renovations. They added that government support has increased public awareness on energy efficiency renovations, particularly among low income households that own properties purchased through foreclosures or from lists of fixer uppers.