My Home Group, the Laughton Team
My Home Group, the Laughton Team
Cindy Ross, My Home Group, the Laughton TeamPhone: (602) 576-3246
Email: [email protected]

Smart Ways to Pay for Your Home Repairs and Renovation

by Cindy Ross 09/08/2019

These days, homeowners are very busy renovating and improving their property, according to a HomeAdvisor survey. The homeowners who participated in that survey admitted they had spent an average of over $6,600 on repairs and improvements in 2018, and almost 50 percent of these homeowners were thinking about doing more renovations.

What is driving all this home improvement? Part of the reason is that a lot of potential buyers are buying places that need work as home prices are becoming so high. So, many people are remodeling rather than moving when they want more or better space.

Home renovations are a serious project. Many individuals renovate to update and upgrade their homes as well as increase property values. There are many ways you can pay for home repairs. Below you will find the three smartest ways to cover those costs.

1. Saved-up Cash

This option can be effective if you have a separate emergency fund saved and can save what you need before renovations become critical.

If you had saved up enough cash, you probably would not be reading this post as you are here to know how you finance your home repairs with your available funds! But still, the best way to pay for a home renovation is with the cash you've saved over the years so that you can keep your total debt at the lowest level. 

Of course, your patience can wear down when you see your core rooms like the kitchen and the bathroom going down the drain. You know waiting until you have cash is not realistic at all as you should not delay critical repairs for a long time. If you neglect a leaky roof, it might turn into a bigger and more expensive problem.

However, if you are not sure how critical a repair is, especially for something like the roof or anything structural, consult a real estate professional such as a licensed a home inspector.

2. Home Improvement Loan

If you do not have enough cash in your savings to fund your renovation project, there is still hope; you can get a personal home improvement loan. This option allows you to secure loan money without putting your house at risk. If you go for an unsecured personal loan, you will probably get more than you can on a credit card. 

However, pay attention: it is more sustainable not to borrow more than you need for your repairs. No matter how much you borrow, make absolutely sure that you know the amount of your overall monthly payments.

3. Home Equity Line of Credit

Using home equity is a viable option if you have at least 20 percent equity in your home and do not need over $25,000 as well as want to make a series of smaller home improvements.

The HELOC or home equity line of credit works in the same way as a credit card. You do not have to borrow and pay interest on the complete sum all at once. Instead, you borrow and pay as you go. With this arrangement, this option makes a HELOC an excellent choice for not-too-large renovations or a series of small home improvements.

Wrapping Up…Home repairs and renovations can be expensive to handle, but there are many ways to pay for them. So, you should plan your budget before embarking on a home renovation project as the cost of most repair works can increase considerably.

About the Author
Author

Cindy Ross

As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you. Here are some of the things I can do for you:

Find Your Next Home

You need someone who knows this area inside and out! I can work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home

Sell a Home

When it's time to move, you need someone who will advertise your home, show to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. I can take care of everything you need, from start to close.

Consult on Home Selling Tactics

Oftentimes buyers don't visualize living in your home the way you do. I can make your home attractive to its ideal audience - which can help you get top dollar. Things like staging the home, making repairs or minor improvements, or even simply painting the walls can be the difference between a home resting on the market and one that's sold fast.

Here's what some of my recent clients have said about me!

Debra and DeWayne

We began looking for a vacation/retirement home in Buckeye AZ early in 2010. We flew to AZ and met with Cindy, who showed us about 18 houses in 3 days. She was organized and showed up with a plan. Some realtors waste time showing potential buyers homes that are not within their specifications, but Cindy did not do that. She knew our time was limited and didn't waste a single second of it. Although we did not buy at that time, Cindy stayed in touch with us via email and phone for the next 18 months. During that time frame, she worked with us to submit 2 offers on 2 homes that eventually fell through when the banks took them to foreclosure. When we found a 3rd home, which turned out to be the perfect house, Cindy had moved to northern Phoenix but stepped in to assist us with the purchase. Everything was smooth and quick and Cindy was in constant contact with us, following up to make sure all documents were signed on time and nothing went wrong. Our patience and Cindy's perseverance paid off....we ended up with the perfect house! We cant say enough good things about Cindy. If you are lucky enough to get her as your realtor, good for you!! She is wonderful.

David M.

Cindy took great care of me and met all my needs. Cindy was so patient with me and went the extra mile whenever it was necessary. I would highly recommend her services. She is an outstanding agent.

Arlene and Francisco

Cindy did an excellent job! She kept us well informed and provided us all the info we needed. She even saved us few hundred dollars by raising incorrect charges on our closing cost. The entire process took shorter than we expected. It was a great experience.

Cathy P.

Cindy was amazing, as long distance purchasers, she went above and beyond the call of duty to help us with all our questions and providing additional help with quotes for a plumbing repair and is still helping us AFTER the purchase with getting the repair done in our absence. Best service ever!