How To Pay For Home Improvements

by - 9/21/2017 06:36:00 PM

You need to do some work on your home but the funds are running dry. What are your options? Do you carry on living in a half-finished home or do you try and raise some money so that you can finish those home improvements? I am not one for dancing around the topic of finance, we need to stop avoiding the issue of money management and come up with a sensible plan for finishing those home renovations.

Make A Plan And Stick To It

Decide what home improvements you really need to do. Are those home improvements going to offer you the best payoff when it comes to resale value? Kitchens and bathrooms are always worth doing because you spend a lot of time in those rooms. However, these updates can be pricey. A kitchen upgrade costs nearly $20,000 on average!  Look at your kitchen and see if there are any areas where you can save money. Could you update the existing cabinets by painting them and adding new doors? Maybe you could get away with just updating your countertops replacing your backsplash. Look for ways of saving money.

What To Do If You Still Need More Money For Renovations

Sometimes all the scrimping and saving still means we are short of what we actually need money wise. Budget realistically how much you need to finish the renovations on your home. Check that the cost of renovations will still offer good resale value. If it doesn’t offer good resale value then you might want to think about moving home. You could use the money you would have spent on renovations towards a new home.

Refinancing Your Mortgage

If you still want to pay for home improvements then you could consider refinancing your mortgage, can help you secure a HELOC with the lowest rate and fees, and with the most flexibility.

Renting Out A Spare Room

If you don’t want to refinance your home then could you rent out a room? If you have a room that you don’t use then this could be the way to raise some extra cash for those home renovations. However, you need to make sure that you check your state laws. You might want to consider putting deadbolts on all of the bedroom doors. You also need to check that all the household appliances work properly. Once you have researched what to charge for your room, you need to make a written rental agreement. Also, make sure you verify tenants with a credit check.

Save And Save Again

If you can then the best option might be to save. Look at your monthly outgoings and see if there is room for improvement. Look at what your biggest expenses are and see if you can cut them down?  Can you reduce your weekly shopping bill? Could you cancel your cable bill? Also, look at what you own. Do you have anything that you no longer use and could sell to raise some money?

Home improvements can be an expensive business but they can make a massive difference to how we feel about a house. Have you renovated your house? How did you find it?

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  1. Thanks for the great content, love to see more home related content on your site.