5 Ways You Can Fund Your Home Improvements


Most homeowners have a list as long as their arm of improvements that they want to make to their property. These things could be as small as replacing the doorknob in the upstairs bathroom, to adding a whole new extension. Regardless of the job, they all require some funding, and this is often what stops homeowners from completing any big renovation projects. There are, however, several ways in which you can fund your home improvements, meaning that money doesn’t have to be an issue.


Of course, if you had savings, then it’s unlikely for you to be looking for ways to fund your home improvements, but hear me out. Even if you don’t have the money now, that doesn’t mean you don’t have the ability to save some for the future. Unless your home improvements need to be completed as soon as possible, you have plenty of time to get some cash together in a savings account for when you’re ready.

Credit Cards

If you only require a small renovation or only have a few jobs on your list, then credit cards could be the perfect option for you. Even if you have big plans for your home, you could still use your credit card to pay for material, like wood or tiles, or even pay your contractor using your credit card. You are often charged for using your credit cards, however.

Home Improvement Loan

Improving your home with a personal loan is another relatively simple suggestion. It is likely to offer you more money than most credit cards can, and you don’t have to take out any money from your home itself. It has an interest rate, like a credit card, but once you have the money in your account, it’s yours, and you’re not charged for using it.

Home Equity Loan

A home equity loan (HEL) lets you borrow a set amount of money, which is secured by the equity in your home. This money is then given to you in one lump sum, much like any other loan. You then just need to pay this money back, like you do your mortgage anyway.

Home Equity Line Of Credit

A home equity line of credit (HELOC) allows you to borrow money if and when you need it, once again, secured by the equity in your home. Lenders will approve applicants for an amount of credit and will deduct this amount from what you have already paid off your mortgage. You can usually spend these funds however you want (up to your credit limit, of course), but some have guidelines and restrictions that you have to follow.

Just ensure that you pay back any money you owe. Otherwise, you could negatively impact your credit rating, and have court action brought against you, and could even risk losing your home, as well as any other assets you may possess. However, once you’ve got your cash sorted, you have no excuse not to turn your house into the home of your dreams, so get planning what you’re going to do first.


About Author

Ben is a follower of Christ, a rabid computer geek, small business owner, and breaker of things. He is married way above his station in life and has three wonderful children who have made driving him insane their mission in life.

Leave A Reply