We all need to do home improvements eventually. Home improvements can be stressful for many reasons, but many homeowners don’t enjoy them due to the cost. Even a small home improvement project can get extremely expensive. This isn’t something most people can afford without making a plan for how they’ll manage to pay for it. Fortunately, there are a few different ways for homeowners to finance their home improvements.
Check out these eight unique ways to pay for your next home improvement.
Find New Ways of Saving Money
For some projects that can wait, you might be able to save up the money yourself to pay for it. While there are many ways of getting the funds you need, if you can manage to pay for it yourself, that’s even better. If you’re planning a renovation that you want to try and pay for yourself, look into new ways of saving money you haven’t thought of. Maybe there are areas in your life where you can cut costs that you haven’t thought of yet. Waiting a while for your home improvement if you think you can save up enough money for it is likely to be the best way of funding home improvements if it’s possible.
Start a Side Job
If you want to finance your home improvement by yourself, but saving up with your current income isn’t an option, you might want to consider getting a temporary side job. There are many options today for side jobs that won’t take up a ton of your time and don’t require any experience. If you need a little extra money for your home improvements and have some free time, doing this for a little while might give you the extra money you need. Of course, this also only works if your home improvement project isn’t urgent and can be pushed to the side for now.
Get a Home Equity Line of Credit
A home equity line of credit is similar to using a credit card for your home repairs and uses your home as collateral. Because of this, you need to have available equity in your home to get a home equity line of credit. With a home equity line of credit, you can get access to the funds you need as you need it. This is especially helpful for longer projects where the cost of the project is likely to change over time.
Take Out a Home Equity Loan
Like home equity lines of credit, home equity loans use your home for collateral. Whereas a home equity loan allows you to use however much money you need over time, a home equity loan offers you one set amount. If you have a pricey project planned and you know the amount it will come out to, a home equity loan could be a good way to get the funds you need.
Use a Credit Card
Of course, relying on credit cards for anything could quickly get you into trouble. While this isn’t a good option for all homeowners, some can use credit cards for their home remodels. This is very dependent on the homeowner and the cost of the project. If you know you’re very responsible when it comes to using credit cards and have low interest rates, this might be an option for you. For small projects that aren’t very expensive, but you don’t have all of the funds available right that moment, a credit card could work.
Refinance Your Mortgage
Refinancing your mortgage is a common way of getting access to funds and can be used to finance home improvement projects. Refinancing is a great option because you can often refinance for a lower interest rate. Deciding to refinance your mortgage can be a big decision, so it’s important to take your time to be sure this is the best option for you.
Find a Government Loan
You might not realize how many government programs are available to help you fund home improvements. There are many resources out there, and there could be one that applies to your unique situation. You might also qualify for government loans depending on the type of project you have planned. Certain renovations, such as some eco-friendly updates or grants for a new roof, could be eligible for government assistance.
Let Homeowner Funding Help
Most people don’t have the skills and experience needed to do their home improvements on their own, so they need the help of a professional contractor. Getting professional help to find funding for your home improvements can be just important. At Homeowner Funding, it’s our job to help homeowners get access to financing for their home remodels and renovations. As an NRIA program provider, we know all the options available to homeowners and will help find one that’s right for you.
Homeowner Funding is an Owens Corning preferred contractor, and we’re dedicated to ensuring that homeowners get high-quality renovations and repairs. Contact us to learn more about how we can help.