3 Ways to Finance Your Home Renovation Project

Kitchen and bathroom remodel can add a tremendous amount of value to your home. Would you like to renovate your kitchen or bath but lack the necessary funds to do so? Don’t worry. There are ways that you may not have thought of to raise funds to finance your home renovation project.

Making Room for New Items

To finance your home renovation project, consider selling some of your unneeded possessions. You can do this by holding a yard sale or by selling them online. One of the benefits of using the online method is that you can sell items one by one on sites like eBay or Craigslist. Plus, you’re more likely to get a higher value for items that you list online than you are for items that you sell at a yard sale. Then, you can hold a yard sale to get rid of the things that you couldn’t sell online. This is a great way to generate cash for your home renovation project as well as to clear the clutter in your home and to make way for your renovated rooms.

Home Improvement Loans

Some homeowners may try to finance home renovation projects with cash or credit cards. However, there are many downsides to using these methods. Home improvement loans have several advantages over cash and credit cards. Typically, you can get better interest rates on home improvement loans than on credit cards. You can get home improvement loans through your personal banking institution or other financial institutions. The rates and terms of the loan will vary according to the lender.

Borrow on Life Insurance Policy

If you have a whole life insurance policy with some cash value buildup, you can borrow against the savings and use it to help finance your home renovation project. Whole life insurance policies have a cash value. As long as you repay the loan by the time the policy is needed, your beneficiary will get the entire benefit amount. To do this, simply call your whole life insurance policy representative. This professional can tell you how much you’re eligible to borrow and what the repayment terms would be. These are three easy ways to finance your kitchen or bath renovation. Whether you choose to sell some of your unneeded possessions, take out a home improvement loan, or borrow against your whole life insurance policy, you’re sure to find the necessary funds to pay for your home renovation.

For assistance and guidance in your home remodeling or renovation, keep Advantage Remodel in mind!