So, you’re thinking about remodeling your home near Boulder? Want to do a whole-house renovation in Denver? Does your Fort Collins house need a reimagined basement? You can dream big when it comes to home remodeling projects…but then comes the question of how to pay for it. Here are 6 ways to finance your next home remodeling project in Northern Colorado—so you can have your dream and live it too!
1. Refinance your mortgage.
Have you owned your home for a while? Has your credit score improved since the initial purchase? Have your finances changed at all? If so, the home you financed home a few years back could qualify for refinancing. Refinancing your mortgage could possibly lower your interest rate and your monthly payments. Lower monthly payments mean more money in your pocket (and more money to afford a home remodel!).
2. Get a home equity line of credit.
Let’s say you’ve already paid off your home loan. In this case, refinancing your home doesn’t make sense. Try a home equity line of credit instead—it’ll let you tap into your home equity to pay for a home renovation without refinancing anything. Amazing, right? It works like a credit card but is secured by your home, so your interest rate won’t be nearly as high.
3. Take out a home equity loan.
Don’t want to refinance? Don’t want a home equity line of credit? No worries—try a home equity loan instead! As a fixed rate loan, this can be a great alternative to a home equity line of credit which has a variable interest rate. With this option, you’ll receive a lump-sum payment of cash to pay for any and all home remodeling projects.
4. Use a credit card.
Using a credit card isn’t the worst idea you’ve ever had. Sure, credit cards are a little riskier than refinancing your home or taking out a bank loan, but sometimes it’s the best move. Just make sure you’re choosing the right card—one with rewards points and a low intro APR percentage. This method is ideal for small home improvements—and it’s not recommended for major renovations unless you’ll have the cash to back it up ASAP.
5. Earn more cash.
Want to renovate your home without taking out any loans or dipping into your savings account. Get creative with how you earn extra money. While this may take time, earning extra cash through side hustles, part-time work, and creative projects (like Etsy shops!) can help you pull off your home remodeling project debt-free.
6. Save, save, save.
This method of paying for your home remodel requires time and, most importantly, patience. Saving your money until you’re able to pay out of pocket will also help you eliminate any debt and will require you to stick to a strict budget.
H3 Construction and Design: Northern CO’s Top Home Remodeling Company
Ready to finance your a home remodel near Denver, Fort Collins, or Boulder? The team at H3 Construction and Design is always ready to help you build the home of your dreams. We take on projects of any size and have been called one of the best home remodeling companies in Northern Colorado—give us a call today at 970-515-2264 or contact us online to learn more!
Located in Loveland, CO, we also serve homeowners throughout Fort Collins, Ault, Greeley, Denver, Windsor, Boulder, Longmont, and the surrounding communities in Northern Colorado.