When you’re making changes to the home, the costs can quickly add up, but don’t give up on making the improvements and investing in your property. There are some easy and affordable ways to finance your next renovation.
Look for the Special Deals
Some home improvement chains have their own credit cards and some great financing options. You can avoid interest for 12, 18 and even 24 months if you spend minimum amounts. If you’re doing the work yourself, buy the supplies on the zero-interest special and spread out the payments.
These special financing deals are also available with major credit cards sometimes, so you can still have the work contracted out. The interest accrues on many of these deals and is simply deferred. If you don’t pay the balance off in the time allowed, your account is charged all of the interest at once. Make sure that you pay enough every month to have the charges paid for by the end of the term.
The Home Equity Loan
Home equity loans are a great choice if you’re going to add value to the home with a kitchen renovation or new bathroom. The payments can be spread out over 15 or even 20 years, and the interest is tax deductible. This is a good option if you’re investing in a larger project and having contractors do the work.
A Little at a Time
Space out the renovations over a few years. One year you might invest in all new windows. Once those are paid for, you can have the siding replaced. It will take longer to create the look you’re dreaming of, but you won’t become buried in debt. If you’re going to spread out the changes and the payments, then start with home improvements that will also reward you with better energy efficiency ratings, like new windows or a better air conditioner.
Not all people are comfortable with rolling debt into their home for any reason. If you’d rather avoid the home equity loan, then take the time to shop around for your renovation deal. If necessary, you can even consider a Cash 2 Go title loan. Talk with your credit union, local banks and even your major credit card companies to see who’s offering the best interest rates and repayment plans.
Use Rental Tools
One way you can really cut expenses is to rent specialty tools rather than purchase them. This is an especially good option for people who only plan to use the tools once. Many specialty home renovation tools, like tile saws and angle grinders, can cost a small fortune. Skip this expense and go for tool rental if you aren’t a professional or frequent home renovator.
Whether you go with zero-percent specials or leverage your house against the loan, make sure you can pay the loan off in a timely manner to maintain your finances. If you’ve been dreaming of changing something about your home, you don’t have to worry about the cost anymore. With these smart financing options, you can make the changes you’ve been dreaming of.