Professional working on bathroom remodel

5 Bathroom Remodel Funding Ideas to Save Money

Professional working on bathroom remodelHome renovation is expensive and time-consuming. It takes several plans, a dedicated interior designer, and lots of patience to see your remodel ideas come to life. The Home Depot reports that remodeling a master bathroom alone will set you back by at least $30,000. Do you have the funds for a bathroom remodel of your dreams?

The average homeowner probably doesn’t have thousands of dollars lying around waiting to be spent on new fixtures for the bathroom. Therefore, we’ve put together five great ways you can pay off your bathroom remodel plans.

1.  Credit Cards

Credit cards are great because you can just pay off the minimum amount at the end of the month and have the rest of the payment carry over to the next month. It’s easier, quicker, and hassle-free.

However, the credit card interest rates are through the roof and will cost you more in the long run. You should consider using a zero-interest credit card for this purpose.

2.  Home Equity Loans

It’s reliable, classic, and will make you pay the least interest rates. The lenders may agree to avail you of a larger amount of money than other financing methods. That’s possible because you’re taking a loan against the total worth of your own home! If the mortgage on your home is paid off, you can take a larger sum of loan out.

3.  Personal Loans

Most homeowners opt for personal loans because they’re easier and available for a range of remodeling plans. However, your interest rates will be higher while the repayment periods get significantly shorter.

Of course, the interest rates will depend on the different lenders. According to Nerdwallet, Marcus by Goldman Sachs offers up to $40,000 as a loan at an interest rate of 19.99%

4.  Financing by Home Improvement Stores

Home improvement stores like The Home Depot, Lowe’s, and Menard’s will provide you with 0% financing for first-time buyers and offer credit cards for purchasing in-store products. Just be sure to read all the terms and conditions properly before deciding on them.

5.  Mortgage Refinancing

They’re also called FHA 203(K) mortgages, and they can help you score a lower interest rate on your mortgage by refinancing it. The logic behind this method is the assumption that your home’s value increases after the bathroom remodel. Thus, your lenders allow you to pay off your mortgage on lower interest rates—Check with your state rules and regulations regarding this method before deciding on it.

6. Don’t Let Others Do the Work for You

According to HomeAdvisor, labor costs account for almost half of the cost of bathroom renovation. In the United States, homeowners pay an average of $65 per hour to contractors such as carpenters and tillers.

As a result, if you can do as much of your bathroom makeover yourself as possible, you’ll save money. Do-it-yourself can save you money, but only if you have the requisite know-how. Some tasks are better left to the professionals, such as changing plumbing lines.

You might trigger a flood if you try to execute them on your own without any instruction beyond a five-minute YouTube video. More money will be spent on repairs as a result of this than would have been spent on a plumber in the first place.

7. Use Low-Priced Products

Paint has a set range of possibilities. It’s possible to attain the style you desire at a lower cost by substituting cheaper materials for more expensive ones.

Stretch your budget when remodeling a bathroom, split it into only one or two high-impact item, such as countertop or a clawfoot tub.

8. Consider Using Recycled Materials

Buying used materials for your bathroom makeover is another strategy to reduce your overall renovation costs.

A rescued clawfoot tub abandoned cabinet doors from a kitchen and bath showroom, a scavenged marble fragment for a countertop, and a yard sale mirror were some materials that a Missouri couple utilized to build a luxurious primary bathroom on a $6,000 budget.

Buying used isn’t as simple as walking into a store and filling your basket with anything you want. Getting a head start on your search will give you more time to find what you’re looking for.

Prepare for your makeover by looking for used products that meet your wish list while you’re still planning.

9. Look for Discounts

If you can’t find all of the bathroom supplies you need secondhand, you may save money by purchasing them at a reduced price from a retailer.

For example, a New York couple purchased a cast-iron bathtub for $350. The majority of new cast-iron bathtubs cost above $1,000.

Renovating around the holidays might save you a lot of money on building supplies. Cabinet Now estimates that Black Friday and the weeks leading up to Christmas are the greatest times of year to buy cabinets.

In Conclusion

Remodeling any part of your home is a big affair and requires much attention. You have multiple options on which method to use for paying for your remodeling.

Smaller remodeling projects, like changing the fixtures and adding a new mirror can be financed by credit cards or store financing.

If you’re looking to finance a complete renovation, consider taking a mortgage refinancing or home equity loan.

Don’t take shortcuts; you’re renovating your personal space that you’ll be using for a long, long time. It’s always good to do your due diligence and figure out what amount of financing you require. We hope we’ve helped you with ideas on how to pay off your bathroom refinancing.

Home Remodeling Project

Best Tips to Finance Your Home Remodeling Project

Home Remodeling ProjectAre you looking to upgrade your kitchen? Or do you want a complete makeover for your home? Whether it’s a small project or a big one, home remodeling can quickly get over the top. Even a small fixture can change the way your home looks and feels; the markup on even the most minor things is crazy these days.

Luckily, home remodeling financing options are available, and you can fund your dream projects without worrying about the expenses! Basically, you will need a basic plan and a budget for what you want to do. Next, explore these wonderful tips to finance your home remodeling project.

3 Tips for Financing Your Renovation Project

1.   Save Up Your Cold, Hard Cash

It may not be the easiest thing to do, but it’s the most straightforward method of financing your projects. Think about it; you won’t be paying any interest rates, no collateral, and no repayment terms!

Of course, you will need a reliable stream of income to fund your project, and it may take some time. If you’re not in a hurry to start working on the renovation, you should definitely think about this method.

2.   Home Equity Lines of Credit

This type of loan will allow you to take out a huge sum of loans under the condition that you put your home as collateral. You need 20% or more equity on your home to qualify for home equity lines of credit.

It’s pretty similar to a home equity loan, but the repayment process is similar to a credit card loan. You can pay a minimum amount while the rest can be paid another month. This type of loan can be perfect for a long-term renovation project.

The biggest disadvantage of this loan is that you run the risk of losing your home if you don’t pay back your loan.

3.   Personal Loan

Personal loans are very popular because many banks and credit unions offer them for very low fees and interest rates. You won’t need to put your home or other assets to qualify for this loan. However, the better your credit score, the lower your interest rate. Make sure you’re paying off your loan sum in a timely manner, or you could face a very high fee.

4. Refinance For Cash Out

You get a new, bigger loan and a new interest rate when you do a cash-out refinancing. Taking advantage of a cash-out refinance allows you to spend the difference between your previous mortgage and the new loan on home upgrades.

If you’re considering refinancing, be sure to weigh the advantages and disadvantages thoroughly. Appraisals, origination fees, taxes, and other closing-related expenses must be covered.

Your loan’s life will be extended unless you refinance it for a shorter period, which means it will take you longer to pay off. If you can get a lower interest rate, refinancing will be a beneficial decision, in general.

5. Visa, MasterCard, and American Express are all forms of

If you’re making small modifications to your houses, such as a new bathroom vanity or a new closet system, the greatest home renovation financing choice is to use a credit card. What are the benefits? For the first several months, certain credit cards don’t charge interest. Small home upgrades may be paid with no interest if you use a credit card with an introductory APR of 0%.

Several credit cards provide tremendous benefits, so the more money you spend on a makeover, the more cash back you may be eligible for.

Using a credit card to pay for major home repair projects carries some risk. Exceptionally high-interest rates — considerably higher than comparable home remodeling loan alternatives — might apply if you can’t pay off your debt before the promotional offer ends.

To avoid accruing interest, you’ll need to pay back the whole amount before the end of your next payment cycle, which is typically one month. If you have variable interest rates, the amount you pay in interest might grow when market circumstances change.

6. Loans From The Government

You may be able to save money on interest and insurance if you are eligible for a government loan. HUD Title I Property Improvement Loans are one kind of government loan. It allows you to borrow up to $25,000 even if you don’t own a home.

If you’ve just bought your house and need to make improvements, this is a fantastic alternative for a home repair loan. However, the money must be used to improve the home’s livability, and some modifications may not be eligible.

A cash-out refinance loan from Veterans Affairs lets you refinance a traditional home loan and take cash out of the equity in your house. This is a popular option. The VA loan guarantee is your lender’s “insurance” if you default on your payments.

In Conclusion

The most important stage of a home renovation project is the planning phase. You need to know your project’s course, severity, timeline, and budget. That will help you determine your cost and the type of loan you need. It’s best to talk to different lenders and figure out your options before deciding on anything