Big Renovation Dreams Cost Big Money. Here’s How To Get It

In the course of the life of every homeowner, the subject of renovations comes up. Everyone loves a new trend and the chance to buy accessories and décor items to upgrade room to room is one that is tempting to take. Upgrading the shower in the bathroom is a small upgrade. Adding an entire ensuite to the master bedroom is a very big upgrade and deciding which upgrades are right for you is going to take a lot of thought. This thought has to be about the bigger picture and more than just whether you want to add crown moldings to a living space. A lot of people take the chance per season to make changes in their home, whether it’s a simple lick of paint or it’s replacing some of the furnishings in each room to match a new colour scheme. Others have a need to upgrade; perhaps the garage roof is leaking, or the plumbing is failing in the bathroom. Either way, whether it’s to be on trend or to fix something broken, renovations come with a price tag.

The problem with the price of home renovation, is that the average Joe on the street often doesn’t see a way to manage the cost of the changes that could be made, or in some cases, MUST be made. Things like winning the lottery or waiting around for an inheritance may well be ways to access cash for the changes for your home that you absolutely want to make, but that doesn’t mean that they’re going to happen. An ordinary person has to take the time to save the cash, or refinance home loan rate so that they can afford the changes that they want to make. Your home is your castle and it makes sense that you want to keep your castle looking as palatial as possible. But when you are idea-rich but cash-poor, how do you afford the renovations that you so desperately want?


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Use Your Savings.

If you are lucky enough to have put aside a cushion of cash into a savings account, it makes sense to use the money that you have sitting there. Using your savings pot for renovations and home improvements instead of putting it up against a holiday or a new car is a good thing. Firstly, you’re going to make your home a much nicer, safer place to live and you’re also investing in the house that one day you could sell for much more than you bought it for. It’ll be worth more one day because you spent that money on it now. If there was ever a good place to invest, it’s in the home that you are living in. Cash is the most sensible option when it comes to home improvements, as you are making sure that you keep yourself relatively debt-free. The only real downer on paying money from your savings account to make sure that your home is updated correctly is that you won’t have the insurance protection that a credit card or a loan would give you.

Personal Loans.

Some home improvements take a huge chunk of change to get right. A roof being repaired isn’t as expensive as a roof being completely replaced. If you are looking at adding a bathroom or building up with a loft conversion or digging down to create a basement, you could be looking at thousands of dollars. That’s going to be way more than just a lick of paint! In these cases, a personal loan that you pay back slowly and affordably could be a better option for your project than using cash. You can pay back the loan and keep your credit rating stable at the same time, while getting the result that you want with your improvements.

Credit Cards.

As an alternative to a personal loan, you could choose to put the whole balance on a 0% credit card, instead. Especially if you’ve got the limit to do it. Choosing to pay for your renovations on a credit card allows you a protection that cash doesn’t. If you end up paying for a rogue trader or the company that you pay for goes bust and folds, you need to be able to get your money back and your credit card provider can help you to get some of that back. You may not have the cash in savings to pay the whole balance off straight away, and that’s okay because your project is going to take some time and you can either save that up as you can, or you can get a 0% on purchases card and avoid some interest for a while.

Your Home.

When you are planning out the new styles that you want for your home, you could think about how these renovations are going to add value to your house. Then you could approach the people who gave you’re your mortgage to see if you could free up some of the value of your house to afford the changes. It’s not something you should do easily, though. Borrowing against your home to renovate and upgrade doesn’t mean you’ll get offered the same rate as your mortgage. It also means an extra debt on top so while it’s worth it to get the trend you want for your home, you need to be sure it’s affordable for you going forward.


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Affordable renovations and upgrades can be anything that you want. You may not even need to make changes to your house, but that doesn’t mean that you can’t. You can change the colour, the style, the layout and even how many rooms that your home has. Whatever you want to do for your house you can do it. Be on trend for home renovations in 2018 and you can work out the best way that you can afford it for you and your family. Upgrades are a big decision; make sure that you make the right one.


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