5 Alternative Ways to Fund Your Home Improvement Project

Very few homeowners start out with the property of their dreams. The vast majority must temper their wants and needs with budget constraints, and often this means purchasing a fixer-upper that needs a little TLC in order to offer the functionality and aesthetic that the owners desire. Of course, you might also be looking to perform a few upgrades that will add value to your home. But first you have to come up with the cash to pay for materials and labor. Many turn to the money they have in savings and credit cards to fund these projects, but this could offer you only limited funding. And while a DIY attitude can save you a lot, there are certain projects that you’ll definitely want to hire a professional for, and that can get costly. Luckily, there are plenty of ways to secure the funds you need to complete your home improvement projects. Here are just a few you might want to consider.

  1. Yard sale. Getting rid of old junk that’s just cluttering up the place is a great way to fund your home improvement projects because it kills two birds with one stone. You’ll have to clear out rooms that are getting remodeled anyway, and sending stuff to the yard, and eventually home with strangers, will save you the trouble of boxing it up (anything left over can be donated). Plus, you can get the money you need to turn your dreams of a new living space into a reality. And anything that’s been boxed up in the garage for more than a year can probably hit the bricks – you clearly don’t have much call for these items.
  2. Auction items. If you’ve ever seen the show ‘Cash in the Attic’ then you are probably aware that plenty of houses have hidden treasures within. Whether you’ve got heirloom furniture that’s been gathering dust in the garage or you don’t know what the heck to do with that painting your aunt gave you as a wedding gift, you might discover that these pieces actually hold some value. Sift through your antiques, jewelry, artwork, sports memorabilia, comics, or designer items (clothing, handbags, sunglasses, shoes, etc.) to find the ones that might be worth something. Then take them to an auction house to sell or post them on an auction site like eBay. You could walk away with enough dough to fund your project and then some.
  3. Store credit card. Many home improvement stores like Home Depot, Lowe’s, and others offer store credit cards, and for the renovation junkie these can be a major boon. The reason is that they often provide incentives, such as discounts on purchases, cash back annually, or other types of rewards that will help you to pay for your projects. And they tend to comes with interest rates comparable to your standard credit cards. The trick, of course, is to pay them off as quickly as possible to avoid spending a lot more than you intended on your purchases.
  4. Home equity line. This is a go-to option for many homeowners that don’t have extra cash on hand for improvements. There are generally restrictions on how the money can be used, and you need to read the fine print to make sure you get fixed interest rates (especially now, with rates at rock bottom and nowhere to go but up). But it’s a good way to use the current value of your home as leverage to add more value.
  5. Dedicated savings account. It’s easy enough to look upĀ savings accounts at RateSupermarket online or ask at your local bank, and opening one dedicated to your projects should help you to avoid spending the money you set aside for remodeling on other things. However, if you don’t trust yourself, put the money into a 1-year CD. Chances are you’ll earn more interest, and you won’t be able to touch the money for a year, so it will be there when you start your project.

Related posts:

  1. 5 Ways to Prevent Home Renovation Projects From Going over Budget
  2. 5 Tips for Starting a Construction or Remodeling Project on Your Home
  3. 5 Benefits of Creating Exciting Infographics for Your Home Improvement Blog
  4. Easy Fall Home Improvement Projects to Save Your Money for Winter
  5. 5 Ways to Keep Precious Valuables in Your Home Safe
Both comments and pings are currently closed.

Comments are closed.