Hello World! Welcome Friends! If you have been thinking about renovating your home, or adding an extension to the site, you might have also been considering how you plan to finance this little venture. Renovating your house is not a small job, nor is it easy to do.
However, if you are sure that you have the right financing and you use websites such as Compare Credit, you’ll be able to ensure that you have enough money for this project of yours to get off the ground. If you think about upgrading your home but you worry about the cost, it can help you to know what your options are when it comes to financing home renovations. Below, we’ve got all of the ways that you can finance a home renovation of your dreams.
Use the Equity That’s Already Existing in Your Home
One of the most popular ways to do home renovations is to access the equity that you have in the house. If you have already paid off a portion of your home loan or your home has increased in value over the last few years, you can pull the equity out and borrow against your home to renovate. It’s a really smart idea to do this because you can then up the value of your home with the value of your home! Of course, you must think about talking to your mortgage adviser first, as they will be able to tell you if this is a possibility for you and how much equity you have in the house in general.
Look At the Redraw Facility
If your home loan has a redraw facility against it, you can redraw any extra funds that you have been paying towards the loan to find a home renovation project. You can usually access the extra funds that you put in to pay off your loan, which has been over and above the minimum monthly repayments. It’s a convenient way that you can spend money on your project, but make sure you have accounted for any fees that may be involved.
Take Out a Personal Loan
Should you already have a decent credit score, you might think about taking a personal loan to fund your home renovations. If you’ve already paid off the home loan or you don’t want to go through the hassle of refinancing, personal loans can help.
Use A Credit Card
If you don’t have the equity, you may be able to use the credit card already in your wallet. And interest free or a low interest credit card could offer you much more flexibility to purchase the materials that you need for the renovation. Be careful about the right set repayment periods on your particular credit card and speak to your bank if you have any queries. Whatever you do, don’t overcapitalize. You don’t want to be renovating a house if you know it’s not gonna increase in value and you don’t want to borrow too much if you know you can’t pay it back.
Click the links below for any posts you have missed:
Planning to Invest In a New House After Your Retirement: 7 Things to Consider
Choosing Between Refacing and Replacing Kitchen Cabinets: What You Need to Know
6 Helpful Pros and Cons of SPF Roofing
The Benefits of Being a Member of a Home Servicing Club
What to Look for When Purchasing New Pots and Pans
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Toodles,
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