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From Lifestyle Changes to a Loan: How to Afford Your Home Renovation Project

When you’re a homeowner, you’re always looking for ways to improve your residence. That long list of projects you want to do and home renovation work never seem to dissipate entirely. You want to renovate your kitchen and bathrooms, add a deck to the outside or switch out some dated light fixtures. The biggest thing that keeps us all from doing every project we want, whether it’s replacing kitchen appliances Jacksonville FL or doing a room addition, is money.

Thankfully, there are plenty of options available to homeowners when it comes to affording a home renovation project. All it takes is some commitment to a plan you set in advance.

Save Cash, Change the Lifestyle

You may have a way of life where you spend more of the expendable income you have than you would like. What about trying to change up that lifestyle by saving some of it in an account? Start a savings account that is going to be specific to the home improvements you want to have done. When you have extra cash, instead of ordering take-out or going out to purchase something, put it in the account. The more it adds up, the easier it is going to be to afford those kitchen appliances and pay with cash.

Credit Cards

Another perfectly fine option is to use credit cards for home renovation projects. Many of the better cards out there offer you the ability to make large purchases with no interest financing for a period. You want to be wary of using cards with high-interest rates, though, as that can add a substantial cost to the renovation project in the long run.

Home Equity Loan

Do you have equity built up in your home? Equity is the difference between what your home is valued at and what you owe on the residence. If you have equity established, you may take a loan out on that equity and use it to pay for the renovation work. The home equity loan is one of the simplest and most common methods used to pay for restoration work.

Construction Loan

What do you do if you have no home equity? You may want to do an addition to your home, for example, but may not have the equity to get the cash for the work. A construction loan may be perfect for you in this case! A construction loan estimates what the home will be worth after the renovation work is done. This appraised value is considered the actual value of the house, basically creating equity for you that you can then borrow against.

Contractor Financing

The contractors you hire for your renovation work may have relationships with finance companies. This could allow you to finance directly through them to get the job done that you desire.

There are so many options available in the market for homeowners looking to get renovation work done. You don’t want cash to be the one thing that keeps you from that new kitchen, bathroom, deck or kitchen appliances. Check out the various options and work with us at First Coast Supply to get it done!