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Top 3 Ways to Raise Money for Home Improvements

If you’ve spent the last year spending more time than you’d like at home (like most of us), you’ll most likely have a long list of home renovations that you’d like to make. Whether building on an extension or renovating the basement is top of your list, the following are some great ways to raise money for home improvements.

Take Out a Loan

This is for the purchases that require a big financial investment. We are talking about building extensions, renovating rooms and putting concrete down in the driveway. Many people shy away from borrowing money but there are lots of options out there and you don’t have to be put off by repayment terms. There are all sorts of secured and unsecured funding options but something that is available to every homeowner is a home equity loan. The specifics vary from provider to provider but the principle remains the same – you put up the equity you’ve placed in your home via mortgage/ownership against the value of the loan. Most borrowers will give you the option to repay with a set schedule and you can enjoy low interest rates too. Our advice is to speak to an advisor if this is an option you are considering so you can know the full terms before signing a contract.


We all have (or should have) a stash of cash left in hiding for emergencies. Whether it’s a piggybank or an upcycled glass bottle or even a mattress of tight bills – using your available asset that is as liquid as possible should be your first port of call. Not just because it creates fewer issues regarding paperwork, but it is money that you already have so you don’t need to borrow. Once you finish the work that you want to get done, start to build up your cash savings account again. Even if it’s just a few dollars here and there, it’s important to know that you have some money left aside for a rainy day. You can also consider selling assets to earn cash quick, selling your classic car, pieces of furniture, or home décor items can generate a significant cash flow.

Credit Cards

If you need some minor work done and you have a friend or relative who is willing to do it for a pizza and a six-pack, then you may want to consider using your credit cards to pay him/her and cover the costs of materials. While they can also be used for larger expenditures for home updates that pay off but cost into the thousands, if you are only looking at a simple re-piping job in the kitchen to fix a leak, for example, then parts, pizza and a beer should cover the costs. The same goes for painting and other minor jobs like tiling or putting down a wooden floor. Using your credit cards mean you can spread the cost over a few months if you don’t have access to the cash right now. Just be sure to make the repayments when they’re due or you could end up paying more than you would have if you hired a professional to do the job for you.

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