Funding a Much-Needed Home Renovation

If you’re considering a home renovation, then the only thing that’s stopping you from making that call to execute your plan is probably the cost. The last thing you want is to speak to a contractor over the phone and have your heart sink as they give you a quote on how much your renovation might cost. Remodelling your home is expensive and there are very few ways to cut down on the costs.

 

So unless you want to sell your home and buy a new house to avoid paying for renovations, here are a couple of ideas to help you fund a renovation that you might not have considered before.

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Selling old unwanted furniture

 

If you’re renovating your home then you’re probably going to be throwing out or replacing much of your old furniture. Decluttering is one of the best ways to prepare your house for renovations and it’s also a fantastic way to get a bit of extra money to help you fund your project. However, you’ll need to contact a specialised dealer if you want a simple place to sell your furniture, but you might get a better deal if you sell it directly to a buyer instead of going through a middleman. Post your advertisements on websites such as eBay or Craigslist and try to sell off unwanted furniture before you get started with your planning.

 

Financing options

 

Renovations are expensive, but it’s probably not a case of being unable to afford it. The more likely scenario is that you currently don’t have all the money in one lump sum, but you could easily afford it if you spread the payments over a few months. This is when financing options such as bridging finance work wonders. You can get a short-term loan that you can pay off relatively quickly, and you can instantly have the funds to pay for the renovation and get started straight away as opposed to saving up money over several months.

 

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Working overtime

 

Perhaps the most straightforward method of funding an expensive home improvement is to simply work a couple of extra hours. You might be able to squeeze out a bit more money from your employer if you show interest in working overtime, but the alternate option is to freelance using the skills you have at work. For instance, if you’re a graphics designer or a translator, you can translate those services into freelance work to make a bit of extra cash on the side to fund your renovation project.

 

Split your renovation into parts
It might be more cost effective to split your home renovation into separate projects for each room. Instead of paying for the entire house to be renovated, work on single rooms or clusters of rooms at a time. This makes your home renovation costs easier to swallow, and you can start enjoying the feeling of a fresh new home straight away—at least, in certain areas of your house! This isn’t exactly a way to find a home renovation, but it’s still a valid strategy to cut down the costs of home renovation.

*This is a collaboration post

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