Learn 6 Best Ways to Finance Your Home Remodeling Project

5. Credit card

Consider using a credit card to finance minor renovations, such as repairing bathroom tiles, rather than replacing your entire plumbing system. Many credit cards have low-to-no interest rates for the first few months, so if it’s a project you can finish in a matter of weeks rather than years, you might be able to avoid paying any interest at all.

Another advantage of using a credit card is the possibility of earning rewards. If your credit card gives significant cash-back or points for spending, this could help you take advantage of those perks.

But, if you aren’t in a 0% APR (annual percentage rate) introductory period, you’ll want to finish your project as soon as possible because credit card charges can be extremely high when compared to alternative financing options.

6. Cash

Finally, if you want to avoid loans, fees, interest, and other costs, you might pay for your home improvement in cash. This solution may be appropriate just for modest tasks.

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Either way, paying out of pocket can help remove the extra costs that come with a loan or refinancing, which may help you stay within your budget. If you intend to pay in cash, you may need to be patient while saving.

Saving your money in a savings account will help you get there faster. With our Online Savings Account, you may even save your money in a bucket specifically designated for your renovation or repair and keep track of how you’re doing against your goals.

You have various financing alternatives to upgrade your house, whether you’ve been planning to construct an in-ground pool for years or you’re suddenly faced with a roof repair that needs to be done right away. With so many alternatives, you can pick one that works best for you based on financial variables (particularly, the equity in your house and your credit score) as well as personal preferences (such as how and when you’ll repay your loan).

From refinancing to personal loans to plain-and-simple cash, you can make your home HGTV-worthy by providing it with the necessary TLC.