If you’ve yet to pull the trigger on one or more home improvement projects, chances are your hesitation is due to the hassle and expense. While we can’t do much about the inconvenience of a bathroom remodel or front porch replacement, we can offer several suggestions for how to pay for these and similar projects. After all, the ability to pay can be the difference between letting home projects linger and finally getting them done.
5 Ways to Pay for Much-Needed Home Improvement Projects
Nobody wants to borrow money to pay for a home improvement project. But if the alternative is a leaky roof, faulty plumbing, or a crumbling foundation, the damage done to your home is worse than temporarily taking on debt. Options include installment loans available online and personal loans available through your bank or credit union. Generally speaking, it’s easier to get approved for loans online than those offered by banking institutions. It’s important to explore all options before choosing the right one to put toward a much-needed home improvement project.
Using credit cards is another option few people want to explore when paying for home repairs. However, like with loans, credit card debt is better than catastrophic structural damage to your home. Assuming the charge won’t be paid off for several months, it’s best to choose the credit card with the best interest rate. Determine the amount it will take to pay it off within three months; if this sum is too much, extend to four or until you see a payment sum you’re comfortable with per month.
Given the urgency of most home repairs, it might be too late to start saving up now. However, if you’ve been putting money aside for a rainy day, consider using it to cover the cost of an overdue home improvement project or a contractor to take care of it if you can’t yourself. Those lacking an emergency savings fund ought to begin building one going forward. That way, when the heating goes out in the dead of winter, or the guest bathroom toilet stops working two days before the inlaws arrive, you’re able to cover the cost fast.
Is there a spare laptop lying around? An old car you’re not driving? Most families don’t have these and other valuable assets going unused, but those that do ought to sell them for cash and put the money towards fixing up the house. It might be hard to say goodbye to the clunker that got you through six semesters of college, but if it means having the cash to pay for more energy-efficient windows, do the right thing and let someone else put her to good use.
There’s a way to use your old car to help pay for home repairs without selling it. Have you ever used Uber or Lyft? If so, consider flipping the script and becoming a driver for one or both of these rideshare services. The sign-up process is easy, and there’s no pressure to do it for any longer than you want or need. What’s more, you’re not doing anything other than what you already do as an experienced driver. The only difference is, instead of transporting your friends and family members, it’s passengers.
Unfinished home improvement projects are often the result of homeowners not having the funds needed to afford the expense. However, given the potential for further damage to your home when repairs go undone, finding the money is a necessity. Fortunately, there are several options for doing so.