4 Options For Financing Your Next Home Project

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You’re sitting outside on a warm evening and instead of enjoying the scenery, all you can do is imagine how many things you want to change in your outdoor space. 

 

You need new seating. Those patio bricks are falling apart. The yard needs some major TLC. Perhaps it’s your kitchen that’s in desperate need of new appliances or a bathroom remodel that years overdue. 

 

Home improvement projects are the top of the list for many homeowners and yet the finances required to make them happen can often hold people back from making major progress. Instead of being overwhelmed with how to make your home projects a reality, take some time to explore these four different options on how to finance them.

1. Start a dedicated savings account for your project. 

 

This option takes a little time and patience but can be a relatively low-risk way to save a good amount of money and see your progress each week. First, develop a budget for your project. Then, start by putting just a small amount of money in a dedicated savings account each week. On weeks where you have extra cash, bump up the amount you’re saving. If circumstances change and you really need that cash flow, it will be readily available and can always be spent for another purpose. 

 

2. Open a new credit card with a generous introductory offer.

 

Many credit card companies offer 0% for an introductory period with new accounts. Do some shopping around and find a few options to start with. Read all of the terms and conditions carefully and select one that will offer you the best rate. The key with this option is to be prepared to pay the card off in full each month or at the least, by the end of the introductory offer rate. 

 

3. Consider taking out a personal loan.

 

A personal loan is just that — a loan that can be taken out for nearly any reason. It’s typically not difficult to qualify and can even be done pretty quickly online. If you’re not sure how to apply for a personal loan or if it’s the right option for your circumstances, always consult a trusted friend or advisor first. 

 

Personal loans can be a great quick solution to get the cash you need. When taking this route, you’ll just need to be prepared to make consistent monthly payments on the debt. 

 

4. Go about it the old fashioned way.

 

You’d be surprised how quickly loose change can add up when you’re committed to saving for a project. Set a jar on your kitchen counter and drop in all of your loose change at the end of the day. Have an extra dollar or two in your pocket? Add it in the jar. When you can visually see the money each day, you’re more likely to be motivated to keep saving. 

 

Making home improvements is one of the most rewarding parts of home ownership. It can be incredibly satisfying to dedicate time and resources to making the improvements and then enjoying the perks of your new outdoor space, a new room addition, or even a brand-new kitchen! By considering all of your financing options, you’ll be able to fully enjoy the fruits of your labor, knowing you went about it the right away. 

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