The number of homeowners choosing to make home improvements rather than moving to a new property to suit their needs has increased five-fold, according to research by Hicox. Whether you’re looking to spruce up your living space with new carpets and fresh paint, or you want to put in a new kitchen, there are plenty of different ways to fund your home projects based on your financial situation and how much you need to spend.
Get a credit card that rewards you
There are so many different types of credit cards, so there’s bound to be one that works for you so click here to find out. Rewards credit cards are a great option as they give you instant access to the money you need to renovate or decorate your home, plus you can get rewards just for paying with your credit card. Imagine getting your home exactly how you want it and receiving freebies and cashback too. Alternatively, a prepaid credit card may work for you. You put your spending limit on a card, which helps you to stick to your budget.
Plan and save
Ideally, you want to avoid borrowing money if you can. A good way to do this is by getting quotes from different trusted tradespeople. Also working out how much the work will cost you to do yourself. Set yourself a realistic budget based on this, and get saving. There are different apps you can use to help you track your spending and save some money each month, such as Emma, helping you to identify where you’re wasting money. This is a good option for smaller home projects that won’t cost huge amounts, such as painting and laying new carpets, but if you’re good at saving, this is just as good for funding big projects like a new kitchen or bathroom, or even an extension.
Interest-free loan from the store doing your renovation
Many of the big, chain home improvement stores offer interest-free payment plans when you spend a set amount. You’ll often find this option for bathrooms and kitchens. However the offer will come and go throughout the year. It may be worth waiting for it before going ahead with your renovations. You usually get one year interest-free. Anything you have left to pay after that time will have a steep interest rate added to it. This is good for people who know they will be able to pay the amount they borrow within a year, such as when they have part of the money saved but need the work done before being able to save the rest. You can usually include decorative items in the loan if the store sells them, helping to keep all costs in one manageable place. However you may need to pay for installation separately at the time of the work being done.
Once you’ve finished your home projects you’ll hopefully have your home exactly how you wanted it. Choosing financing options that include all the little touches and decorative pieces helps you to get everything paid for in one place. Then you can stick to your budget and not have to worry about money.
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