While most homeowners are excited by the idea of renovating their homes, the thought of financing their renovation projects can be particularly exhausting. Thankfully, with a little creativity and a little research, you’ll be able to find financing options that meet your needs and fit within your budget.
Five Ways to Finance Your Remodel
Remodeling is often pricey but it can be affordable with the right financing solutions. Read on for five ways to finance your next remodel.
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1. Use Cash
Cash is one of the best methods for financing remodels. If you have the time to save up, relying on cash as your financing option of choice gives you the ability to pay upfront for all your remodeling needs. It’s best to put your cash into a dedicated account for renovations in order to ensure the rest of your finances are separated.
As it’s important to have a solid amount of savings stowed away, it’s a good idea to avoid tapping into your savings for your remodeling projects. It’s recommended to have 3 – 6 months’ worth of expenses covered in your savings account, so keep this in mind before draining your savings for your remodeling projects.
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2. Get a Home Equity Loan
Home equity loans are another viable option for funding your remodeling projects. Homeowners that are ready to remodel can qualify for home equity loans with longer repayment timelines. This way, you’ll be able to use a larger loan for more extensive remodeling projects without having to rush to repay them.
- While home equity loans typically have longer repayment times, qualifying for a home equity loan isn’t always easy. Expect to apply several months in advance of your home remodeling projects to ensure you have time to qualify and receive the loan before your next renovation begins.
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3. Pay with Credit Cards
Credit cards are another popular financing choice for homeowners that are looking to renovate. If you’re in need of fast financing, credit cards are a great quick fix. Convenient and easy to apply for, credit cards come in handy for weekend projects that just won’t wait.
When considering a credit card for your future home renovation projects, be sure that you’ll be able to pay the balance down within 20 days. As credit cards have higher interest rates than other financing options, failing to pay your balance off completely every month will take a toll on your credit score and wallet.
It’s best to avoid using credit cards for larger innovation projects. If you are looking for a bank to help finance your project consider looking in your area. For example, if you live in Omaha you would look for an Omaha credit card that fits your needs.
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4. Get a Personal Loan Online
In need of a personal loan? Thankfully, many homeowners can qualify for personal loans online. Thanks to peer-to-peer lending, anyone can borrow up to $35,000 online.
Various online platforms offer fixed rates and fixed terms for borrowers that agree to make automated direct payments. With an approval process that takes only a few minutes and no prepayment penalties, personal loans are an attractive financing option for homeowners looking to fund their renovation projects.
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- If you’re looking into personal loans to fund your next renovation, remember to check that you’re getting the best possible rate that you qualify for. With an average or high credit score, you’ll be able to easily qualify for and receive your personal loan.
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5. Ask Your Bank for a Loan
If you’re more traditional and want to avoid looking for loans online, consider borrowing a loan through your bank. Banks typically have fixed interest rate loans, making them another solid option to use to finance renovations.
As you research the best bank loans, watch out for higher interest rates as well as any banks that penalize you for paying the loan back too soon.
Remodeling your home doesn’t need to put you in debt. Keep in mind that the right financing options for remodeling will depend on your renovation timeline as well as your financial standing. Remember these tips as you search for the most cost-effective ways to finance your home remodel.
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