Wednesday, November 15, 2017

StockSnap
Do you often find yourself looking at big houses, having lots of work done and wondering how their owners can afford to make changes all the time? Or hear your friends and family talk about extensions they are having or big decorating jobs they are planning in the future, knowing that their jobs mean they couldn’t afford such an expense? Do you want to make some changes to your house, but find yourself unsure of how you could ever afford it?

Well, you’re not alone. Many of us have constant urges to make changes to our homes. We want to make improvements which will keep it warm and safe. We want to replace things that are broken and old, and we want to change our d├ęcor. Many people finish one room only to start making plans for the next almost immediately. While a little paint job or a change in accessories are cheap and easy, larger changes and improvements can get very expensive; it’s thought that the average new kitchen costs around $20000. But, that doesn’t mean that you can’t make changes. Here’s a look at some of the options available to you when it comes to financing your home improvements. 

Save

If you want to make some changes without getting into debt, the best thing to do is simply save and only spend what you can afford. Ask your employer about 1099 forms to help you manage your income, and set yourself a budget. Try to pick up some overtime at work, or look for ways to make extra money online. This money is in theory extra to what you normally live on, so can all go into your home improvements fund. Put this money into a high-interest savings account to get the most from it. 

Ask for Help

Another option is to ask your family for help. Most of us hate asking family for money. But, if your home desperately needs work and your family can afford it, they may be willing to help you out. Even if you wanted to pay them back with interest, it’ll be significantly less than you’d pay a bank.

Re-mortgage 

For large home improvement jobs, often the best way to raise the money is by refinancing your home. Essentially borrowing on your house to improve your house. Mortgage refinancing doesn’t necessarily have to mean borrowing more money. If the interest rates have changed significantly since you got your current deal, changing to a new deal could lower your payments and free up some money.

Take Out a Loan

Personal loans often have higher interest rates than mortgages, but if you don’t want to use your home as collateral or change your current agreement, it can make a good option. Just make sure that you shop around for the best deal, and never borrow more than you can afford to pay back.

Pay with Credit Cards

StockSnap
Credit cards can have even higher interest rates and shouldn’t be used to make large payments. However, they are fast and easy to use for smaller home purchases. 

0 comments:

Post a Comment

Feel free to share your thoughts. I would love to hear from you too.