Home renovating has always been popular with Aussies. We seem to love the DIY nature of things and are willing to have a go. Numerous home renovation TV shows have also added to the remodelling craze.
However, no matter what your dreams are or how handy you are with some tools, renovations do cost money, sometimes a lot of money. This being the case, you’ll no doubt be looking for ways to fund your home renovations and that’s what we’ll be covering in this article.
Do a Little at a Time
Depending on your home renovation aspirations, you could just limit yourself to doing a little bit at a time as you accumulate the money for each stage. A complete kitchen or bathroom makeover might require you to have all the cash up front, but other home improvement projects – such as repainting – can be done in sections. For example, you could focus on painting one room at a time.
Other projects that could be completed in stages are replacing windows and doors or updating the floor coverings.
If your home improvements can be done in stages, then you can save up for each phase before tackling it.
Sell Off Everything You No Longer Use Or Need
If you want to improve the look of your home and also want to be able to finance the project, then there’s no point in hoarding a bunch of possessions that you either no longer really want or need. It makes a lot more sense to sell off these items, make some room in your home and accumulate some money to put towards your home improvement expenses.
You just might be surprised at how much stuff you have at home that you can get rid of and make some money in the process. More valuable items can be advertised on sites like eBay or Gumtree, while the less expensive items can be gathered together for a garage sale.
Cut Way Back On Unnecessary Expenses
All of us waste money in various ways, and this money could be put towards your home renovation projects. Expenditure that’s not essential can be trimmed back or cut out for a period of time so you can save more for remodelling.
The best way to determine what’s not essential spending and how much money you might be wasting every week or month is to write out a list of everything you spend money on, then dividing that list up into ‘essentials’ and ‘non-essentials’.
You might be surprised how much extra money you could come up with every month for renovations when you cut back on non-essential spending.
Apply For a Renovation Loan
When it comes to home improvement loans, Australia has many lenders offering up money just for this purpose. Aussies love to buy houses and Australians love to renovate.
With a Home Renovation Loan, you can get all the money you need in one lump sum. Don’t think of it as merely acquiring a debt, as any improvements you do to your home should add value to the price when you decide to sell up. A home improvement loan is an investment and not just a debt.
You’ll want to spend some time shopping around for the best deal for you, as there are so many lenders out there offering this type of loan, Mortgage Loans, refinancing options and Personal Loans. Do your homework and study the lender’s fine print before committing to financing.
Don’t Always Buy the Most Expensive Materials
Being the most expensive doesn’t always mean it’s the best. When it comes to buying what you need to perform your home renovations, this is an area where you’ll want to spend time researching as well, as you can obtain the top quality for better prices if you know what you’re looking for.
Seek out recommendations from others who have recently renovated, as word of mouth will often offer up the best deals and ideas.
Home renovations are an investment in your home’s future. There are always ways to finance home improvements. It really depends on your personal circumstances and requirements, what finance options will suit you best.