Home improvements can be done for a multitude of reasons. This may range from adding aesthetic appeal, to urgently required repairs to adding home value.
The downside, however, is that most cost a significant amount of money and when the budget is tight, they can be difficult to do. There are some simple ways to fund home improvements which are included but not limited to;
- Save
Once you identify a home improvement you want to do, the first step is to find its cost price. The key to effective costing is finding the lowest average values without compromising on quality or what you ideally want. Get estimates from various contractors, check various pricing on components and negotiate until you acquire the lowest possible cost. Once that is done, determine how much disposable income you can save and over what period until you have the requisite amount. You can enhance your saving ability by making some sacrifices, such as giving up some non-essential pleasures and putting away the money towards your target. You can use an online calculator to show how much you’re property has increased in value when you look at SunLife. With a lot of discipline and some time, you should be able to save enough for the desired home improvement.
- Take a soft loan
In a case where the home improvement is urgent but cannot be afforded, for example when there is a newborn, and you need to baby-proof the house, you can consider loan options. A soft loan from a friend or relative with friendly terms is ideal. Depending on the amount, a financial institution may be an option, but you need to be careful that you can adequately service the loan to avoid more complicated financial woes. A loan conveniently enables you to do the home improvements immediately and pay afterward.
- Do it yourself
If you have the requisite skill set and permission from the relevant bodies such as the landlord or area regulators, you also have the option of doing the repairs yourself. This will save on labor costs but will eat into your time and energy. The work may also not be up to professional standards, but it makes more financial sense. In the case you do not have the skill to do the improvements yourself, it is more prudent to get professional help.
- Hold a sale
To raise funds, you could also sell household items that you no longer use. A lot of people have things in the house they do not use and could be turned into cash flow. From old clothes, furniture, electronics, a garage or online sale could help contribute funds towards the home improvement you want.
- Consider it an investment
Where there is disposable income, home improvement could be seen as a fiscally sound financial investment. Depending on the permanence, a repaint or repair could add to the resale value of your current home. It can also reduce wear and tear on the property and increase the shelf life.
These are just a few ways to raise funds or change the perspective of spending money on home improvements!
