Best Loan for Home Improvement Projects
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Many Homeowners at some point and time, face the need or the desire to do a Home Improvement Project that they really do not have the funds to complete. If it is a desire based Project, like installing a new patio or deck, or finishing your unfinished basement, the Project will be simply put on the proverbial ‘wish list’, to be done when the funds are available. Yet certain Projects can not wait, like the need for a new roof or a bathroom remodel. So, if the funds are not immediately available to do a necessary Project, What is the Best Loan for Home Improvement Projects?
Let’s discuss some of your options.
Sell Unwanted or Unneeded Items
If the Project that you need to do is a rather small one, such as, replacing your kitchen or bathroom faucet, you can usually come up with the needed funds from selling something that you own, but no longer need or want. Two excellent sites to be able to do this are: eBay and Amazon.
You can easily create a seller’s account for FREE on either site, and list the items that you have for sale. If they are small, easily shippable items, you can place them on your site and will have many, many, buyer options available to you. However, if they are larger items, such as, couches, tables, chairs, etc., you can set them up for ‘pick-up only’, which will confine your sale to someone who is more local.
This is a great way to fund a small, low-budget type of Project. Plus, you are getting rid of items that you no longer need or want!
If you have a good line of credit on your credit cards, you can usually fund your Project that way. However, I usually do not recommend this, unless you can pay your balance off completely rather quickly. Otherwise, the Project is going to cost you a lot more in the long run, due to the interest rates charged. You will need to decide on the importance of completing the necessary Project, and weigh all of your other options before deciding to use this as your solution.
Home Equity Loan
If you have owned your Home for a period of time, and it has increased in value, giving you some equity to tap from; this is an option. The interest rates will usually be much lower than a credit card, and many loans will give you up to 10 years to pay the loan off. Although this is a better option than using credit cards to fund your Project, you must still keep in mind, that there is still interest involved, and the longer it takes you to pay off the loan, the higher the actual cost of your Project will be.
Earn More Money
The Best Loan for Home Improvement Projects is actually, no loan at all. So the best way to fund your Home Improvement Projects, is to earn more money to be able to pay for them in full. There are certainly a wide range of ways to do this, but it will require sacrificing some of your time that you would normally spend doing other things. If the Project can be put off for a length of time, this is usually your best option for funding your Project. You earn the money that you need, pay for the Project up front (saving the interest payments). When you are done, you can truly enjoy your accomplishment.
While there are certainly a variety of way in order for you to earn some extra money, there are many different ways for you to earn from the comfort of your own Home, online. For some of these options, see my Post: How to Make Money Online From Home With?
As long as you own your Home, there will always be some Projects that will need to be done in order to keep your Home in good shape. There are also times, when certain areas of your Home will simply need some updating to keep your Home more current for the times, and make it more attractive to potential buyers should you ever decide to attempt to sell it.
All of these types of Projects cost money, and some times, quite a large amount. However, some items in your Home will virtually last forever, with little cost involved in order to maintain. These will be items like your walls, or trim work, which will usually only require a fresh coat of paint occasionally in order to keep them looking good.
Then again, there are other items that will be much more costly, and will have a shorter life expectancy, needing replacement. Some of these types of items with their average life expectancies are:
- Hot Water Tank – average life: 5 -7 years
- Roof – average life: 20 – 40 years
- Furnace/Air Conditioner – average life: 20 – 30 years
- Decking – average life: 10 – 15 years
- Appliances – 10 – 15 years
So, knowing that there will be costs down the road to keep these items in good shape, should cause you to plan ahead, so that you are ready for when they are no longer adequate. The best way to do this is to have a separate savings account for Home Improvement Projects. If you want to know how much to save each year, see my Page: Average Home Maintenance Costs
If you do not have any leftover money at the end of each month in order to put some into a Home Improvement Projects’ saving account, then it is time to start looking for ways to earn more. One of the absolute best ways that I have found to do this, is to start an online business from the comfort of your own Home. What I have found is the best business to start is an Affiliate Marketing Business. If you do not know what Affiliate Marketing is, see my Post: How To – Affiliate Marketing for Beginners That post will tell you exactly what Affiliate Marketing is, and will point you in the right direction in order for you to start a Home-based business for FREE.
Affiliate Marketing is not some get-rich-quick scheme, but a legitimate, bonafide business that can earn you lots of additional money, which you can use for your Home Improvement Projects, as well as, other things, like vacations, new vehicles, etc. Your potential for earnings is only limited by your commitment and consistency.
So, in closing, enjoy owning your own Home, but keep it up, in order to keep it worth the most, as well as, give you the most daily pleasure possible.
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