They do, however, possess the creativity to quickly overcome their challenges. If this sounds like you, read further for ways to finance your home improvement project without going further into debt.
Here are five ways to afford your next home remodel:
1. Save up and pay cash.
Rather than reach for a credit card or take out a small loan, why not save up the funds needed to pay for the upgrades with cash? You can have a set amount automatically drafted from your checking account into a savings account where it accrues interest. When you’re ready to remodel, the funds are available and you walk away from the project with no debt.
2. Rent out one room while you renovate another.
If you have a spare bedroom, why not put it to good use? Having a renter who doesn’t mind some noise can help your home improvement budget quickly. You’ll have extra income coming in to fund your project and other remodeling done in the future.
3. Start a side-hustle that pays well.
You can do many things in your spare time to make money. Offer to pet sit for a family member or friend. Mow lawns. Start a shop that sells your handmade items. Do transcription work online. If you’re willing to hustle, you’ll find extra money with no problem.
4. Do home improvement projects for another homeowner to get the funds and experience needed to complete your own project.
Talk about an experience like no other. Not only will you get on-the-job experience by working through challenges while you remodel another person’s home, you’ll also have extra cash to use for your own home improvement project.
5. Refinance the loan you have now so you’ll have less to pay and more to spend on your improvement project.
You can do this with home loans. VA loans can be refinanced as well. It’s the type of option you can live with because it does allow you to pay for your home remodel without needing to take out a loan against a credit card.
Now that you know how to remodel your next home for less, you’ll avoid overspending on repairs and renovations in the future. You’ll have better control over the costs of a project and keep yourself out of debt. The money that you have left over can help you purchase new furniture or even allow you to throw a party where you show your work off to family and friends.
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