Having a realistic budget is very important in having a major renovation project. This requires you to plan and save ahead of time. Otherwise, you will incur huge amount of debt. On the other hand, there would times when your savings won’t be enough and you’ll need an outside source to fund one or two of your home improvement projects. Below are some points that can help cover your expenses.
Contact contractors – If you have a huge project at hand, consider applying for a loan to large contracting services. Do a research before deciding on this. Some contractors are after squeezing a lot of money from their clients. In that case, you might incur more expenses than expected.
Take advantage of tax credit opportunities – An example of this is the installation of solar panels on top of your roof. This is a great option especially when you’re aiming to turn your house into an eco-friendly version. Check how much tax rebate your local government will give to you for opting a solar energy source.
Apply for personal loans – Not all banks offer personal loans and so you must research about this. Personal loans are better than maximising the use of your credit card. They have fixed and lower interest rates unlike other kinds of loan.
Borrow money from family and friends – Who among your friends and relatives might be willing to lend you cash interest-free? Inform them your intention to borrow money and your future payment plans.