home improvement

5 Ways To Afford The Home Improvement You Need

Your home never stays still. Whether it’s time start heavy maintenance works, such as changing the roof, or whether you need to babyproof your property, every home needs home improvement. The problem with home improvement is that while it’s a great way to increase the value of your property, it can be quite tricky to find the necessary funding. In fact, unless you’re an avid DIY-er with a keen eye for home projects, it’s best to always pay for professional work. There are 5 easy ways to pay for home improvement.

Home Improvement
Image credit: Jamie – https://flic.kr/p/9PHzgt

1. Use your savings

If you have the cash to hand, the best thing you could do is to invest it in your home. With the right improvements, you can increase the value of your property exponentially. According to momentum.co.za, investing regularly means that you can afford the lifestyle you want, from home extension to care-free retirement. Using a tailored saving portfolio and consulting a financial investment expert like SoFi also means that you can plan your budget, increase your interest return and have access to cash when and where you need it. So if the improvement you’re planning is not urgent, why not save for it first?

2. Use your home

If you’re planning on heavy home improvements, it might be worth checking with homeequitylineof.credit if you can borrow against the owned value of your property. However, there is no guarantee that the funds will come at the same rate than your mortgage, so you need to check the conditions and the time period too carefully.

 home improvement

3. Get a personal loan

If you’re planning major improvements – we’re talking a loft conversion or home extension –, then it’s likely that you will be spending at least 1/10th of your home value. Consequently, a personal loan might just be the way to do it. However, you need to research the different loan options carefully, and especially to calculate your repayment period if you’ve got other loans to repay too. For instance, some low APR loans need to be repaid quickly, which can be difficult for some families.

4. Put it on a 0% purchase credit card

Some credit cards, such as the American Express Platinum card, offer a 0% interest period for up to 18 months before introducing a representative APR. For small to medium improvement works, you can use the credit card and gradually clear the cost during the 0% period. Besides, paying with a credit card means that you can claim the money back from your card provider in case of problems, such as faulty work for instance.  

5. Pick interest-free purchases with cashback value

If you’re keen to clear your credit card debt as soon as possible, you might want to be looking for a card that offers an introductory 0% interest period and an advantageous cashback on all purchases. In other words, you can spread the cost of your home improvement, and you can also get money back on it. It’s a win-win for small projects!

From using your savings to borrowing, via letting the house raise money for its own improvements, there are many ways to make your home a better place. But all home improvements start in the same way: Planning and budgeting first, only then can you decide on how to raise funds.


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