Next to actually buying a home, performing home renovations, upgrades and improvements is also part of the great Australian dream. Aussies love to renovate, something that’s been promoted and influenced by so many home improvement shows on TV. Some renovate simply to have a more modern environment to live in, while others do so to increase the value of their home when they put it on the market.
Whatever your reason for renovating, you’ll need money to get it done. Tips for raising the necessary funds for home renovation will be the focus of this article.
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A Home Renovation Loan Is a Common Option
On the subject of Home Renovation Loans, Australia has many lenders offering to help out. Applying for a Renovation Loan is one of the most common reasons why everyday Aussies want finance in today’s world.
There are a number of options you can access when it comes to financing, such as Personal Loans, Mortgage Loans for home renovations, or even using a credit card to finance at least some of the costs.
Before applying for finance, it’s important to take the time to work out exactly how much of a budget you require to perform home improvements, and then seek out a finance package that suits you best.
While a loan for renovations will incur a debt, at the same time, renovations can be an investment in your home and can increase its value.
Save and Do Your Project One Stage At a Time
If you’re not in a hurry to get those renovations done, then you could section off your ideas and do them one stage at a time. This will allow you time to save up for each stage of the project. Once you have enough cash stashed away to do stage one, while you’re completing this first stage, you’ll already be saving money to put towards stage two and so on.
The beauty of this idea is that you’re not incurring any debts along the way, which will be a real load off your mind.
Use a Credit Card for Smaller Projects
If the remodelling you wish to do is only a relatively small project, maybe some repainting in a few rooms for instance, then an option could be to simply take out a credit card to cover the cost of the project. Maybe you only plan to spend a few hundred dollars or so. If this is the case, a credit card could be a simple solution to acquire the funds you need so you can get started.
Rent Out a Room
If you have a spare bedroom, one option to raise some funds is to rent that room out, at least on a temporary basis. This idea could potentially bring in an extra few hundred dollars per week that could be put towards your home renovation fund.
For this to be a viable option, it really depends on the actual scope of your project and how much money you’ll need to complete it. Bringing in a boarder for a time will at least help add to the overall home remodelling kitty.
You don’t have to rent out a spare room forever, just until you’ve made enough money to do what you need to do.
Renting out your garage for storage is another thing you could consider if you don’t want a roommate.
Sell Off All Your Unwanted Items
Chances are, if you’ve been settled in your home for a while, you will have accumulated all manner of possessions. Many of these possibly don’t even get used anymore.
Selling off these items is one method of raising some capital to put towards your home improvement ideas. You could list some items on sites like eBay and Gumtree, or hold a garage sale over the weekend to offload items for cash.
The decluttering process is therapeutic as well as being a tangible way to get some fast money. You’ll also have a lot less junk lying about the house when it does come time to renovate.
If it’s your dream to renovate your home but you don’t have the cash, there are realistic ways of raising the money you need to get started and make the dream a reality.