Funding Your Vision: Viable Options To Finance Your Home Renovations
What viable options can you pursue to fund your home renovations?
Home-owners in South Africa are always on the lookout for the opportunity to improve and upgrade their abodes, according to Bruce Vorster of the BVC Group. These improvements can be small like upgrading your bathroom with a makeover or large like landscaping. If you happen to be one of them, finding and building appropriate funding for your project will be a primary concern. So to that end, what viable options can you pursue to fund your home renovations?
Home renovations can be costly. For example, renovating or upgrading your bathroom can set you back around R25,000, says Heather Darby of Bathroom By Design. The first viable option that you have is to tap into your own personal savings. This can take time and careful planning so it may not be the best option for those that have necessary home renovations. However, this is one of the choices that ensure that you do not accrue any additional debt.
Use Home Equity
If your personal savings aren’t as green as you’d like, you can make your home fund itself. Your home is an asset that you can continue to use and it comes very handy in financing home renovations, according to Leonard Kondowe of Rawson Finance. You can approach financial lenders and see what sort of loans you qualify for with your assets. Go through the different terms and interest rates to see which ones suit your plans and financial capacity. As home renovations can raise the overall property value, lenders see it as a good investment. So you won’t have a hard time finding an institution to help you.
If you don’t want to tap into your personal savings and you don’t want to take out a loan, you can opt to use a credit card or two to pay for the materials or labour you’ll need for your project. Depending on the credit plan you have, you may even get to enjoy benefits. One of those benefits is generating a good credit score that invariably opens up better financial options for you, later on, like better loan terms.
There are different methods to properly finance your home renovation projects. The trick is to pick one that you’re comfortable with and works well in the time frame you want the renovations done. Take your time and feel out your options so you don’t end up running out of funds in the middle of your project.