With the emergence of Pinterest and HGTV, any old Jane or Joe can become an interior decorator or home craftsman. With millions and how-tos and tutorials found on YouTube and various home improvement sites, tasks and projects that used to require hiring a professional can now be done by your family after only a few hours of studying and planning.
But while executing these plans is now easier than ever, it still takes a decent amount of money to purchase the tools and supplies you’ll need to complete your projects. So with all these new home improvement projects to try your hand at, how can you set aside the money necessary to make these dreams a reality?
Make A Budget
A long-term option for coming up with money for remodels and renovations is to create a budget within your current financial plan. Simply set aside an appropriate amount of money out of your paychecks each month to go directly into a home improvement account. This way you will be constantly adding a bit of money to your home improvement fund without having to change your way of life too much.
Mint.com recommends prioritizing which projects will give you the biggest return on your investment and then working on those tasks first once you’ve budgeted the money you need. Your list could include things like a new roof, siding for your home, adding a deck or patio and more. By setting a prioritized list, you’ll know exactly what your money is going toward as you save it.
Create a Crowd-Fund Account
If you’re looking to get your projects done a little quicker, you may want to consider setting up a crowd-funded account that takes no fees, alongside a budget and savings plan. An account like this allows your friends and family to donate money to your home improvement fund and help your money grow more and more. This is an especially great idea if your home improvement project will be something your friends and family can enjoy as well, like a pool, outdoor BBQ area, or a theatre room.
Search Out Financing Options
A good option for those who want to undertake a lot of projects at once and get them all done quickly is to search out financing options through a bank or loan agency. Realtor.com suggests only using this method of getting financing when you have large projects that will significantly add to the value of your home. Some of these options include short-term loans, home equity loans, or cash-out refinancing. Before you set your heart on one of these options, be sure to talk to the bank or an accountant to make sure this path will be beneficial for you and your family.
Redecorating and remodeling a home is a fun and exciting time, but it can also cause a lot of financial stress on a family. To alleviate this stress as much as possible, consider using one of the above options for acquiring money to pay for your home improvement project. Good luck!