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Financing Home Improvements 101: Here’s How to Upgrade on a Budget

Unless you have a lot of money saved up for home improvements, you’ll need to find a way to finance them. Being on a budget makes doing all the home improvements you need a little difficult, but they still can be done.

It is estimated that the average home improvement project could run you anywhere from $40,000 and can go as high as $130,000. The problem is, most people don’t have that kind of money just lying around to spend on remodeling costs. The following guide will examine a few of the smart ways you can finance your home improvement projects on a budget.

Save money in other ways

There are a few things around your house that you can do to cut costs while you’re financing your remodel. Checking into the smart lighting solutions such as Lutron lighting in Austin is a good place to start. A whole-home installation of smart lighting can be done without retrofitting or rewiring your home. Whether it’s automated shades, dimmers, timers, or sensors, you can take control of the lighting in your home and save money for your home improvements at the same time.

You can also pick up a few other smart devices that will help lower your bills as well and leave more for your remodel.

Sit down with a contractor

The very first thing you should do is sit down with a contractor so you know exactly what your home improvement project is going to cost. Plan the project out in full together, including every aspect and even a few emergencies that might crop up along the way. Once you know about how much the home improvement project is going to cost, you can check into the options for financing.

Apply for a home improvement loan

Another option you could consider is consulting with one of the private money lenders in Texas to see about securing a home improvement loan. Most of these companies have a fast and easy process, and the loans are offered with no hidden fees that will come back to haunt you later down the line. The fact that the rates are competitive makes these loans a great option for homeowners on a budget who need home improvement options.

Credit cards

It is possible to cover small renovations or even part of your larger renovations with a credit card. However, it’s important that you can cover the full amount that you charged at the end of the month to avoid interest fees piling up. When you’re on a budget, the last thing you want to do is add more bills to the list of monthly payments.


Of course, when it comes right down to it, cash is still the best way to go to cover any home improvement project, especially if it is a small one. It may take longer, but if your project isn’t something that needs to be completed right away, it’s better to save the money to finance it.

Saving for a remodel isn’t easy, especially with so many other things to save for, as well. The best thing to do is to take things one step at a time. Determine which improvement is most important, figure out how much it will cost, and make that your goal. It’s the best way to finance a remodel if you don’t want payments and interest fees.

These are just a few of the top ways to finance your home improvements on a budget that you could check into. One of them is sure to be the right option for your needs.

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