The average cost of simply remodeling a bathroom is between $5,534 and $13,040, so remodeling and improving an entire home will cost significantly more. Prices of home renovations will obviously fluctuate dependent on what you want to be done and who you choose to do it but, generally, you’ll probably find yourself needing some financial aid.
But before running to your local bank poised to take out a giant loan, it’s important to sit back and do some research first. Dependent on the scale of your project, there may be other financial options out there that will suit you better without the colossal interest rates often associated with large loans. So, if you’re planning some serious home improvements and haven’t yet decided how to pay for it, here’s some useful options to consider.
Credit card deals
Most people assume credit cards always have high-interest rates which isn’t always the case. In fact, if you shop around, you’ll likely find some cards offering a 0% interest-free purchase rate for a specific period of time.
So, if you calculate how much your home improvements will cost and how long it will take you to pay it back if you’re comfortably able to repay the cost within the interest-free period, you’ll avoid paying interest altogether!
But be cautious as, if you’re too hasty and go ahead without properly analyzing your finances, you could find yourself still paying the cost back even after the interest-free period is over, leaving you paying the interest you thought you’d be avoiding.
As personal loans can be either secured with collateral and unsecured, they’re often a good option for both small and large home improvement projects. And, as the rate of interest is often lower if you have a good credit score and will remain consistent for the duration of your repayments, you won’t have to worry about any hidden interest spikes.
But, as with almost all money lending, personal loans will differ dependent on who you borrow from so it’s essential to do as much research as possible before committing. For more information to help you make your decision, take a look at SmallPersonal.Loans for both loan reviews and how-to’s.
Family & friends
If you’re only planning on a small renovation project, it can’t hurt to simply ask your loved ones if they’ll help you out! By getting a short-term loan from family or friends, you won’t have to deal with official lenders and will likely avoid interest altogether. But, if this is the route you choose to go down, it goes without saying ensure you can pay them back quickly as you wouldn’t want to cause any family feuds!
Another way you can save is by budgeting for more affordable furniture! Renovations are something almost every home will need at some point. Whether it’s an entire loft conversion or simply repainting your master bedroom, home improvements will often require some sort of financial aid to be done as quickly and efficiently as possible. But, now you know the options available to you, you’ll be able to make the best choice for your circumstances that will provide your dream home without colossal interest!