Whether you’ve just moved into a new house or have been in your home for several years, there’s probably going to be a time when you start wanting to do a few home improvements. A homeowners’ job is never-ending, with the constant need to maintain and upkeep a property. Bigger home improvements, however, usually only happen once in a while and the reason being, they’re expensive!
While the thought of diving into refurbishments and home improvements can be exciting, the financial component can be a daunting one. Whether it’s painting, improving a bathroom or kitchen, landscaping, or replacing the floors, the bills will add up. This makes it important to ensure that you budget the project correctly and make sure that you have the funds before starting. You don’t want to live in a half-finished house for months on end waiting to get more money to finish off the job.
To make the process a bit faster, we’ve listed five creative ways that you can find the funds for your home improvement and get you closer to your dream home!
1. Refinance Your Mortgage
Refinancing your home is one of the ways that you can start stashing extra cash away each month. If you’re lucky, you may be able to refinance at a lower rate and/or for a longer loan term which could lower your monthly mortgage payment. Set the difference aside each month until you’re ready to start your renovations.
It is, however, a big decision to refinance your mortgage, so make sure to consider the cost of the refinance and whether it will be worth it in the long run. You’ll also want to make sure that you find the right lender.
Read more about the best mortgage refinance lenders here: https://www.crediful.com/best-mortgage-refinance-lenders/.
Going with the wrong lender can cost you thousands in closing costs, hidden fees, and high-interest rates.
If you aren’t keen on going the traditional route of refinancing your mortgage, you can ask your family and/or friends if they can help you out. Some homeowners are lucky enough to have parents with the means to help them jumpstart their renovations fund while others may have to reach a bit further.
Instead of getting gifts for birthdays, Christmas or a wedding; ask your friends and family to contribute to your renovations fund.
3. Host A Yard Sale for Your Old Stuff
If you’ve been living in your house for decades, you’ve probably hoarded a bunch of stuff that you don’t need. Start sorting through your cupboards, garage and storage room and clear out anything that you don’t use/need anymore.
You can either start selling items one by one on online marketplaces, or put them all out on your front lawn one Saturday and host a traditional yard sale.
When you start your renovations, you should also keep a lookout for anything that can be reused – rather than dumping them, try to sell them! You can sell your old carpets, kitchen appliances, cupboards and garage doors. If you’re landscaping your garden, re-pot any plants that you pull out and sell them to interested gardeners.
4. Get Creative with How You Can Start Earning More Cash On The Side
It’s not uncommon to start up a side-hustle while trying to save for a big house project. There are so many ways that you earn a bit of extra money on the side of your 9 to 5 job.
Some include renting out a spare room in your house or renting out your unused parking spot, garage or shed. You could also do dog-walking, babysitting or house-sitting after hours. If you’re more creative, then you can start making and selling homemade crafts, or perhaps some other products.
There are also ample ways that you can make extra money on the internet; from freelancing to online trading and teaching. Depending on your skills, you can find various part-time jobs that you can do during the evenings and weekends.
5. Get Serious with Your Saving
Now that you’ve found a few ways to start gathering extra funds each month, you need to be serious about saving them. Make sure that all of the extra money that you get from selling your old things, gifts, side hustles and the spare money on the mortgage goes into a dedicated savings account. Make a point to also put aside another set amount from your salary each month.
Put the money into an interest-bearing account to start earning interest each month. When you start saving consistently, you’ll reach your goal in no time! Remember, every little bit count!