Financing Home Improvements
There are many reasons people choose to make improvements to their homes, and whether you choose to DIY or get the professionals in to help, there are always jobs to be done around the house. Projects like this can add value to your home should you choose to sell on, or simply repair or make things better for you. It is preferable to save in order to fund this, but this isn’t always possible. For example, in the wake of the recent bad weather, many people are having to make unscheduled improvements to their homes in order to repair damage, alterations that are not planned for, and it’s likely no money has been put aside in case of such a mishap. So how can you finance home improvements when you don’t have the extra to hand of Orange County construction services, or the time to save up?
If you need to raise a substantial amount of cash in order to carry out a project, then you might like to think about re-mortgaging to the value of the work that needs doing. This is a particularly good option if you are carrying out repairs or alterations with a view to selling if the anticipated value added is more than the outlay cost. Be careful with mortgaging though, as missed payments or defaulting can lead to the repossession of your Huntington Beach home, so only re-mortgage if you can afford the repayments on top of your main mortgage.
A secured loan works similar to a mortgage, with the value of the loan held against some collateral, such as your home. This type of loan is only available to homeowners, and allows you to borrow more than most standard personal loans, so it’s a good option if you have a lot of work to do on your home.
If you are just making small improvements or repairs, then it is worth considering using a credit card to pay for materials. It can be tricky to pay tradesmen using this method however, as many prefer to be paid by cash or cheque, and cash withdrawals are often very expensive on a credit card. A 0% card however is great if you plan to DIY and just want to buy a few bits to help you. These cards have a fixed term on this interest rate, so make sure to pay it back before you start accruing interest.
If you have bad credit and aren’t eligible for a secured or personal loan, then you might consider a guarantor loan. This requires a family member or other individual to sign on your behalf to say that they will pay should you miss your repayments. If you have something you urgently need to fix on your home but bad credit, this could be the option for you. Fill in the Loans Direct contact form to find out more about how this works, and how they can help you.
No matter how many contingency plans you have in place, there will always be things outside your control, or things you can no longer wait for. Home improvements can be expensive, and it’s not always realistic to save in advance. If it needs doing now, then see if you can finance it a different way, and spread the repayment once you’re benefitting from a better home.
Americal Construction Management Group
26081 Merit Cir Ste 114
Laguna Hills, CA 92653