Want to renovate but need financial flexibility? Click here to read our exploration of the options you can choose from for financing your home décor.
Are you thinking about doing up your home? Would you like the idea, but you’re worried about what your wallet would have to say about it? That’s understandable. Times are tough but we still want to enjoy our space. And some things simply cannot wait for an economic recovery. If you’re lying on a mattress that is breaking your back, that needs to be fixed quickly. But how will you pay for it? We’re exploring the options you can have for financing your home décor.
The DIY option
We live in a time where classism is slowly eroding in one sense: no one is ashamed of being poor anymore. We’re all bargain hunters looking for the next deal that will allow us to pay our heating bill and still afford that room renovation we’re dreaming of.
So, the DIY route entirely embodies that. If something in the house looks basic enough that you can do it yourself, then do it yourself. You can paint that wall. You can even wallpaper it. You can replace a broken glass screen with cane webbing. You can cut out your own molding.
This all doesn’t mean “free”, but it does mean a budget that is significantly lowered by erasing the cost of labor.
The Buy Now, Pay Later option
If you’re looking for new furniture as part of your renovation, however, that’s a little trickier. Furniture is going to be the investment of your renovation, in that it will last a long time, but it’s likely to cost more than a tin of paint or a roll of wallpaper. That can be worrisome if you don’t have a good credit score.
Luckily, a lot of discount stores offer bad credit furniture financing. With a payment plan for your furniture, you can buy it now and worry about paying for it down the line. If you’re in a hurry to get your renovation going, or you perhaps need to replace a vital piece of furniture, this can be a good option to allow you the time to save for your items without waiting to buy them.
The personal loan option
If you have a good credit score, you can also go for the payment plan option, but there is also the option of a personal loan available. Personal loans are typically lump sum agreements which you can pay back over time, but, crucially, there are no limits as to how you can spend it as long as they are personal expenses. So that means wiping debt, wedding costs, funeral costs, and even renovating your home.
If going DIY has only gotten you so far, but that flooded carpet needs replacing, or the boiler has finally given up the ghost, a personal loan can help you cover the home improvements and allow you to repay back the money over time. However, it’s not problem free. This does put you into debt that you will have to pay back and might get in the way of future big buys, like an auto loan or business loan.
Factoring in unexpected costs: Termite service
It is crucial when creating your renovation financial budget to consider all potential unforeseen expenses, such as termite services. Termites can cause significant structural damage to wooden-based homes, so investing in a termite service will prevent these annoying insects from turning your renovation dreams into a nightmare. Costly termite services might seem unnecessary when budgeting, but in the long run they could save you from costly repair expenses. When renovation begins and termite damage becomes evident, treating for it could become much more expensive than preventative treatment costs – so when setting aside funds for your investment consider including termite service into your plans to protect it!