Do you long for a new kitchen? Or, is it time to replace the floorboards to get rid of that awful squeak? Home renovation is a big business in America, with $325 million predicted to have been spent on remodeling during 2017. Louisville citizens are shunning the “for sale” signs and replacing them with DIY tools and project plans to make their homes bigger and better than ever before. But, with renovations costing hundreds, if not thousands, and homes needing renovations, how can you fund your next project without going over budget?
You should never go with the first quote you receive from a local building firm or business. It’s always best to call in at least three different companies to provide you with a detailed breakdown of costs. You’ll be amazed at how much costings and even timings to get the work completed can differ.
If you’re looking to do the work yourself, you should compare the prices of tools and equipment at different DIY stores as these can vary considerably, too. When purchasing goods, use a cashback website or card to make some instant funds which can be utilized when you next hit the shops.
Review Your Finances
If your bank balance doesn’t contain the funds to complete renovation work, consider what work needs to be done immediately. For example, a leaking roof needs attention right away. Installing a new bathroom suite can wait a few months.
If emergency work is required or you simply can’t wait, you can consider taking out a loan to cover the cost of renovations. Alternatively, if there are several big jobs that all need to do at the same time, then remortgaging your home may be best as you can spread the cost and pay it back over a more extended period of time.
Selling Goods and Services
Local businesses throughout Louisville are seeing profits rise due to homeowners splashing out on home renovations. Residents love their city; for many, selling up and moving on isn’t an option.
There are, however, other items you can sell to make some money to help pay for your renovation work. Items you no longer want or use can be sold on auction sites to make some spare cash, while an empty driveway can be rented out to commuters during the day to bring in a stream of income. If you’ve got a spare room, you’ve also got the option of renting it out, but remember to make your new lodger aware of the pending renovation work.
Home renovations are an inevitable part of homeownership. But there’s no need to worry about funding if you plan and shop for your next project smartly.