Americans spent a record-breaking $424 billion on home repairs and improvements in 2017. This number proved that there is an upward trend in home renovation projects in the U.S., based on estimates gathered by the Joint Center for Housing Studies. Homeowners have many different reasons for investing in updating their properties. Some simply want to make their home more comfortable, while others want to increase their property’s value to sell their home at a higher price in the future. But home improvements often require spending a significant amount of money. If you are thinking of renovating your home but do not have enough cash on hand, there are several reliable ways to raise the money that you need for your project.
Apply for a Home Remodeling Loan
Filing for a home renovation loan will allow you to have the money needed to improve your home. This loan will often be in the form of a personal loan. It can also be a type of mortgage that comes with automatic fixer-upper funds. However, you need to provide some proof that the amount lent to you was really spent on the renovation project or to pay for a contractor.
You may apply for a home renovation loan in your state. If you are working overseas and still want to fix your home, there are still options to help you get the funding you need. You only need to submit several documents to file an overseas loan. These include a copy of your passport, your employment contract, and your employment authorization document (EAD), among others. Once your overseas loan has been approved, you can ask your family members back home to supervise the renovation project while you are working overseas.
Credit Card vs. Personal Savings
If you will only do a minor repair or a small home improvement project, you can use your credit card to pay for it. By using your credit card to finance your home improvement project, you do not need to release a huge amount of money in one go. You can also avail of the zero percent interest rate promo to avoid paying more for the monthly interest. But if you want to avoid paying loans and exorbitant interests every month, you can opt to pay for your home improvements from your own savings.
You might have saved a fraction of your monthly salary on your personal savings account for emergency expenses. You can also use the money to improve your home. This way, you will see the fruits of your hard work in the newly repaired corners of your house.
Looking for funds for your home improvement project can be challenging. It may even take you a while before you can come up with enough money to fund all the repairs you want in your property. But by considering all these financing options, you can have the chance of seeing your dream changes in your home in no time.