Selling your house is a challenge all its own. But before you can make a quick sale, you’ll likely want to update, repair, and renovate key portions of your home. Some homeowners go above and beyond with the renovations. They spend tens of thousands of dollars. That’s not the way to go, though. You’re likely not going to see a return on the money spent.
If you want to ensure more money for your home renovations, start with the financing. Finding creative ways to pay for home renovations without breaking the bank can ensure a financial return when selling.
- Refinancing Your Mortgage – If you were planning on refinancing your mortgage anyway, you’ve got yet another reason to do so.
- Home Equity Line of Credit – To receive a home equity line-of-credit loan, you need equity in your home. The loan itself is similar to a credit card with flexible interest rates but requires approval and repayment.
- Home Equity Loan – A home equity loan provides a set amount of money all at once, with a fixed interest rate. If interest rates are low, this is a fantastic option for homeowners.
- Credit Cards – For minor home renovations, a credit card with a low interest rate will do the job just fine. Just remember to repay the credit card debt on-time to avoid excess charges.
- Reverse Mortgage – If you are 62-years-old or older, you can receive a reverse mortgage. This type of loan is fantastic for those looking to retire at home or who want to complete renovations before selling and downsizing.