Out growing your home is just part of the normal changes that most families go through. Children get older and need more space or have left home for college, and the house just isn’t meeting the family’s living requirements.
The solution for many is to renovate and make design and architectural changes that will once again align your home with your family’s needs, rather than having to consider a move away. The main challenge in terms of such renovations is the cost, and as such, many families are forced to move from a family home, which could meet their needs with a few tweaks, changes, or additions should they have had the finance. This article provides you with a few certain ways to afford such renovations without having to go through a lengthy remortgaging process.
Save for the changes
It’s included in this list as saving money for home renovations has been proven to be the best way to create a renovation fund. Start small and be consistent, and as long as you have an endpoint in mind and know exactly what you want to change or fix, then you are on the right path. However, the downside is that saving money is generally associated with a long-term wish list and, as such, is for the dream kitchen or bathroom rather than for the essential roof or insulation improvements needed imminently.
Look to friends and family to help
Be forthright with friends and family as to your financial needs, especially when it’s with regard to something as serious as your living space or home. If you own the home, then it can be a straightforward financial decision, and rather than the bank investing in your home at ridiculously high-interest rates, it’s become common for friends a family to pool money together to invest in either buying or renovating a home for one of their own. Contracts are drawn up, and as long as the money isn’t needed imminently, it’s returned upon sale or once you’ve managed to save up to pay off the capital used for the renovations.
You might even be surprised to learn that your friends and family have the skills you need to complete whatever renovations you are looking to have done and they would be willing to spare their time to assist you. Of course, when it comes to potentially dangerous jobs, it’s best to hire experts such as electrical repair services instead.
Hard asset loans
You can use the existing property to access private asset finance without having to remortgage, and the process has been simplified online. There are professional, well-known companies like Sachem lending who specialize in these types of hard money loans, and is a great place to start to learn more about these finance options. The idea is to use the value of the home, just as you would with a bank, to access finance, oftentimes in a much more seamless and easier fashion, allowing the home changes to go ahead as planned, only quicker.
The three simple ideas provided here enable you to afford essential renovations to your home even in the direst of financial times without necessarily having to remortgage the home. Upgrades or changes to the home can make vast improvements to lifestyle, and as such, one needs to be innovative and sometimes think outside the box to make these changes happen.