Clever Ways to Fund Your Next Home Renovation

Clever Ways to Fund Your Next Home Renovation

Home renovations can be necessary for several reasons. Your home might no longer be practical for you and your family, or wear and tear has made it essential to prevent further damage. Your family may even just be ready for a change. Deciding to undertake renovations can be easy, but coming up with the money can sometimes be more challenging. If you’re unsure how to fund your next home project, you might like to take some of the following steps. 

Organize Your Finances

The first step to funding a home renovation is understanding your financial situation. Pay down debts or consider debt consolidation to make your repayments more manageable, and see if you’re able to reduce your weekly spending to build up your savings. The more money you can save each week, the easier you might find it to reach your project funding goals. 

Spread Out the Costs

The average kitchen or bathroom makeover can cost thousands of dollars, which can be a significant sum of money to come up with at one time. While you might not be able to reduce the associated costs, you might be able to make them more manageable by purchasing the materials and fixtures you need over time. 

For example, you might buy a toilet that you can keep in storage and purchase a new vanity unit or shower weeks later. You’re still buying everything you want, but without stretching your budget in a single pay cycle. 

Take Advantage of Sales

Renovation businesses frequently hold sales to clear out old stock and make room for new stock. Keep an eye on promotional ads for local renovation stores to see if you can purchase the tools and materials you need at discounted prices to save money. While it might take you much longer to perform a renovation than you anticipated, you might spend far less than you thought possible, making up for any time inconveniences. 

Shop Used

There’s no reason why you can’t secure well-priced renovation materials at local businesses, but there’s also no harm in seeing what’s available on the used market. Many people offer leftover materials for sale on social media at bargain prices. 

For example, you might only need a few pieces of wood to finish a wall or half a tin of paint to paint a small fence. Rather than purchasing such products brand new, you might be able to acquire them for a fraction of their retail price from private sellers. 

Rent Out a Room

Funding home renovations can be challenging when you’re on a limited income. Sometimes, you might wonder whether you need to earn extra money to ensure you’ll eventually be able to have your dream kitchen or new carpet

If you have a room in your home to spare, consider advertising for a lodger. You might earn several hundred dollars per month giving someone a roof over their head, and you can put this money toward much-needed renovations. 

Funding a home renovation can be challenging, but it doesn’t always have to be as hard as you think. By shopping smartly, renting out a room, and spreading out your costs, you might discover that it’s much more manageable than you first thought.

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Jacky Chou
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