Want To Renovate Your Home but Don’t Know How To Fund It? Try These 4 Tricks

Want To Renovate Your Home but Don’t Know How To Fund It? Try These 4 Tricks
  • Opening Intro -

    Do you want to renovate your home but have no idea how to fund it?

    There's a good reason to renovate after all.

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Renovating your home has the potential to significantly increase your home’s resale value. It also makes your home more comfortable to live in even if you don’t want to sell it right now.

If this is where you’re at, there’s good news. There are a number of creative ways for you to find the cash for your renovation project.

In this blog post, we’ll take a look at four ways homeowners can find some extra cash for the renovation they’re planning.

Get a Line of Credit

If you’ve already paid off your home’s mortgage, then you might want to consider taking out a home equity line of credit (HELOC) instead of a second mortgage.

The benefit of this is you get to enjoy the advantages of having equity in your home without having to take out a loan.

Additionally, you can typically work with the bank to get the perfect amount that you need for the renovation and a little buffer for unexpected expenses like accidentally breaking a mirror while renovating the bathroom.

Consider a Home Equity Loan

If you’ve been paying on your home for a while now, then chances are you have some equity built up. That equity could be converted to a home loan that you could use toward your renovations.

The advantage of a home equity loan (or second mortgage) is that you can usually get a lump sum of money all at once. This allows you to knock out your renovations in one go, so if you’re getting ready to sell, this option may be attractive to you.

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RIFI Cash-Out

Finding a side gig is a great way to make some extra cash for that renovation. Aside from the fact that it doesn’t cause you to rack up any debt, it can be a way to make new friends or business contacts to spend your spare time doing something interesting.

Side gigs can include delivering pizza or groceries, becoming a dog walker, or making a creative hobby like painting or writing, pay you money to name but a few.

Find Ways to Earn Extra Money

Finding a side gig is a great way to make some extra cash for that renovation. Aside from the fact that it doesn’t cause you to rack up any debt, it can be a way to make new friends or business contacts to spend your spare time doing something interesting.

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Side gigs can include delivering pizza or groceries, becoming a dog walker, or making a creative hobby like painting or writing, pay you money to name but a few.

Save Up for It

Oftentimes, we spend more than we realize. It might be that if you take a close look at your budget, you’ll find some ways to cut out some extra purchases and expenses.

For example, maybe you can stop eating lunch out and start taking your lunch to work. You can put that money aside for the renovation. Going this route means you must be patient.

It’s not a quick money-earning scheme, but like the second job option, it does mean that you won’t have to borrow money to pay for your renovation.

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When it comes to getting the money for the renovation, you have the option of borrowing or the option of earning some extra money and saving up the money you have.

Knowing which option is best for you boils down to knowing why you want to do the renovation and understanding the benefits of each financing option. Once you know the answer to these questions, you’ll be in a better position to decide which financing route to take.

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Image credit: how to fund home renovation by envato.com

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