Whether you just bought your first house or have lived in it for decades, the thought of giving it a makeover is exciting and daunting. You love the idea of putting your own stamp on things, but how should you pay for it?
Whether you use loans or a renovate card, there are several ways to pay for a home remodel. It all comes down to the one that works best for your project and budget.
To help you get started, let’s look at 4 of the best ways to pay for a home makeover.
One of the easiest ways to pay for a home makeover is with your credit card. Plus, you get more bang for your buck if your card offers reward points for every dollar you spend.
But since credit cards tend to have higher interest rates than other forms of financing, make sure you have a plan and budget to pay it off quickly.
If you want to outsmart that interest rate, apply for a new credit card that offers a 0% introductory APR. If you pay off the card before the introductory rate expires, you never have to pay interest on your makeover.
A traditional way of paying for a home remodel is by borrowing on your home’s equity. You can go about that by either taking out a line of credit or getting a lump sum in a loan.
Borrowing against your home’s equity usually offers a lower interest rate than you can get on a credit card or personal loan. Plus, it gives you access to larger loan amounts for those bigger projects.
If you don’t want to tap into your home’s equity or don’t have enough, taking out a personal loan is another way to go.
The better your credit score, the lower the interest rate you can lockdown. Plus, most personal loans are unsecured, which doesn’t require you to put your home up as collateral.
It’s always best to shop around for the rates and terms that fit your budget. Your bank or credit union is a great place to start. Or online lenders often offer competitive rates and may give you quick access to the funds.
Using cash is the cheapest way to pay for your home makeover. That’s because there’s no interest rates, fees, or extra charges that come with it!
Since most people don’t have instant access to the funds required, you will need to create a plan to save money. But the payoff means you won’t owe anyone a dime.
One way to find extra cash to stash away is by refinancing your mortgage. If you’re able to get a lower interest rate, you can pocket the savings to pay for the remodel.
If you can’t save up enough in the time you need, consider combining cash with another form of financing. It will cut down the amount of money you have to pay back.
It’s time to give your home the makeover it deserves. Whether you use a renovate card or personal loan, you’ll have the peace of mind knowing you picked the right financing option for you.
Looking for local experts to help you with the remodel? Be sure to check out our Specialists section!
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