Let’s be honest, renovating your home is an expensive task. It generally takes a lot of careful planning and time, and costs can add up quickly. Today we’re going to focus on some ways you can pay for home renovation bills, and whether it’s replacing your furniture, replacing your flooring, or a complete overhaul of your décor, we’re confident these tips can help financially.
Don’t worry, none of the methods we’ll discuss today involve payday or high-interest loans. With that, here are 4 ways you can get extra money for home renovations:
- Try stock trading
- Start budgeting and saving extra money
- Consider getting a loan or a line of credit
- Take out a second mortgage
Try Stock Trading
Stock trading is something you can focus on in your free time to earn extra cash for your dream renovation. Not only that but there are services out there designed by trading experts that aim to help newbie traders with minimal knowledge of the stock market. For example, the Mindful Trader, is a trader alert service that sends you great trading opportunities directly to your inbox and is the perfect service for those looking to make passive income.
Start Budgeting and Saving Extra Money
If renovating your home is your main goal at the moment, you should funnel all of your spare income into a home renovation fund. Ideally, you can save a few hundred dollars per month this way. While it will be tricky to get everything done quickly, you can at least cross something off of your list every few months or so, such as buying a new couch or table. These staples can be expensive, but if new furniture is your main goal, you can replace something old with something new at least a couple of times per year.
Consider Getting a Loan or a Line of Credit
Most banks have the option of acquiring a personal loan, taking out a line of credit, or applying for a low-interest credit card. If you’re confident you can pay off your debts relatively quickly, you can speak with a financial advisor at your bank about your home renovation goals and that you would like to get them done as soon as possible. If you have a decent credit score and regular employment and income, you have a great chance at securing financial help from your bank.
Take out a Second Mortgage
Many people take out a second mortgage to help cover the costs of home renovations, and while this may seem like a risky endeavor, the rates are often lower than what you would pay with a credit card or a line of credit. With a second mortgage, you can cover costs for a longer period and won’t have to take spending breaks to save more money. This means you can likely get your renovations done faster than you would with other cost-effective methods.
As we’ve mentioned, the interest rate for a second mortgage will be fixed or variable. Now, it’s worth noting that you should make this decision with the help of a professional who has your best interests in mind. Do not entertain selfish lenders or suspicious advisors and be sure to consult the internet for advice from other people who have used this method to pay for home renovation costs.
If you are looking to do some major home renovations, it is always a good idea to see how you can build up some extra cash. Home renovation projects might run over expected budgets so having a little cash to fall back on always helps!
About The Author: Adam Garcia: Adam has had a passion for finance and investing since the beginning of high school which led him to found TheStockDork.com as a resource for all investors. Prior to starting TheStockDork.com, Adam founded and operated an Investor Relations Firm. When not frantically optimizing the site, Adam enjoys spending time with his wife and 3 children as well as all things outdoors.
Image by Lorenzo Cafaro from Pixabay
- Additions and New Construction
- All Exteriors
- Customer Service
- Customer Stories
- Design & Planning Show
- Educational Resources
- Extreme Makeover Home Edition
- Fashion Show
- General Remodeling
- Green Living
- Handyman Home Services
- Home Decor
- Home Entertainment
- Home Improvement
- Home Improvements
- How to Tips
- In The Community
- Off-the-Wall Remodeling Stories
- Social Media
- Tips & Tricks