QandAs: Home

Where can I get cash for a remodeling project?

Answer:
Home remodeling projects are costly. However,

a home renovation can quickly boost your property’s value and lure home buyers. Some homeowners have enough cash on-hand to complete their home improvement projects. On the other hand, many homeowners have to rely on credit to complete projects. There are many ways to finance a home improvement project. Since finance charges are expensive, it is imperative to shop around and explore all your options before making a final decision. If the project is small, you might consider using a credit card. Strive to pay off the balance within a few months. Therefore, you won’t pay huge finance fees.

If you’re planning a major remodeling project, credit cards might not be the wisest choice – unless you have a super-low introductory rate. In this case, consider a home equity loan or home equity line of credit . You can tap into your home’s equity, borrow the necessary cash, and receive a low interest rate. Pick a home equity loan option that features a fixed rate and enjoy predictable payments. Some home equity loans have a set term, which means you’ll be able to pay off the balance within a reasonable timeframe – unlike credit cards with balances that can linger for several years.


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