Since the beginning of the global Covid-19 pandemic, home renovations have become more popular, as people are spending more time at home. However, whether renovating the house to improve its value for future selling or its overall aesthetics, home improvements can be overwhelming. As you plan on renovating, the biggest concern should be how to pay for the home improvement project.
Planning how to finance your project is crucial to avoiding unnecessary headaches during the renovation. How you’ll pay for the renovations depends on your financial health, goals, and the size of the project. The ideal way to pay for your renovation is by saving up for it. However, you’ll need to save for quite some time for extensive renovations.
Nevertheless, your renovations can run smoothly with a sound financial status and the right strategies. In this article, we’ve put together different options to help you pay for your home improvements. Read on to explore these options.
Invest In Fractional Real Estate
Nowadays, there are different ways to invest in real estate; you can fully buy a property or invest in fractional real estate. When you buy fractional shares of rental properties, you own a portion or fraction of the real estate. Anyone with fractional shares gets monthly cash from the rent paid for the property, and they don’t have to pay for any property management or other expenses, as they are already taken care of. With such options, you can pay for your home renovations.
The easiest and safest way to pay for your home improvements is using your savings for the project. If you don’t have enough savings, continuously save until the amount is enough. Although it might take longer to start the project, it can be worth it as you won’t have the burden of paying any loan after finishing your renovation. As the saying goes, better late than never.
Finding A Side Hustle
As far as using your savings for home renovations is concerned, there are different ways in which you can accumulate a considerable amount of money for your home makeover. This includes finding a side hustle.
Since the beginning of the Coronavirus pandemic, times have been hard. Most people are forced to work for fewer hours, while others are entirely relieved of their duties. This has negatively affected most people’s financial health.
Nevertheless, everything has to go on, even home renovations. If you’re one of those whose working hours have been affected by the pandemic but need to earn extra money for your home’s renovations, finding a side hustle might be a good option. For instance, you can opt to work as a food-delivery person and make $500 a week with Doordash. With such an amount per week, you can save a good amount in some months for your home improvement projects.
Taking In A Roommate
Taking in a roommate for some time can help you save for your home renovations. For instance, if your home has extra rooms or a guest room, you can have someone rent it out and get some extra cash for your remodeling. You can either rent out the extra room to your friend or post a note on your social media network stating that you’re renting out a room in your home. However, if you’ll be renting out to a total stranger, it’s essential to check their background for criminal history or eviction records online to be safe.
Turning Your Home Into A Billboard
Some companies are always looking for homes to turn into billboards. If you happen to know any company in such a quest and your homeowners’ association and local authorities permit exterior painting with crazy colors, don’t hesitate to accept the deal. With this option, you’ll have made a considerable amount within a year, enough to pay for an entire kitchen makeover.
Renting Your Home Out While On Vacation
You can opt to rent out your home during your vacation to make more money for renovations, primarily if your home is located in a beautiful landscape. Given that tourists are always looking for peaceful spaces to spend quality time after long days of traveling and touring the city, why not take advantage of renting out your home to such individuals? This way, you can add to your savings while knowing your home is safe from thugs who would want to break into your home while you’re away.
If you’d want to rent out your home while on vacation, all you need is to advertise your home through social media platforms, and you’ll get a suitable tenant. Again, you’ll need to investigate the person you’ll be renting your home to figure out if they’re trustworthy.
Another option you can use to pay for your home renovations is payment through installments. Here, you agree with the individual renovating your home on paying a certain amount of money in a given period. This way, you get your home renovated and some time to gather money for the payment.
However, as sweet as this payment method might sound, most renovators might turn it down. Therefore, you first need to agree on it before the renovations commence. Also, you’re required to make the payment during the agreed period—failure to do so might be considered a breach of the agreement. Remember, it might take some time before finding reputable renovation contractors who can agree to such a payment method.
The Bottom Line
Planning for home renovations is one thing, and paying for it is entirely different. You need to develop genius ways to ensure you pay for every makeover done to your home. To have a better payment method, you first need to figure out the extent of the renovations. If you only require minor renovations, you can quickly pay by cash.
However, if your home requires extensive renovations, you might need to take time and save for the renovations. Luckily, there are easy and fast ways to save enough money for home renovations like those mentioned above. Also, you can opt to invest in fractional real estate to generate funds for your home renovations within a short period.