How To Pay For Your Next Home Renovation

The US is a nation of home renovators.Around 70% of Americanssay that they enjoy completing DIY home improvement projects, and it isn’t hard to see why. A good home renovation can give you some much needed space, or it can modernize your home and make it more practical. If you’re lucky, your improvements could evenadd thousands of dollarsto the value of your home.

But how can you pay for your next home renovation? After all, the cost of a renovation can be pretty expensive; in 2015 the overall cost of US home improvements amounted toover 300 billion dollars. This is a staggering amount of money – but thankfully there are lots of ways to finance your next project.

Whether you’rethinking about making roof repairsor splashing out on a modern new kitchen, here are three ways to pay for your next home renovation.

A Reverse Mortgage

A reverse mortgage, which is also referred to asa home equity conversion mortgage, is perhaps the best financing option for homeowners who are 62 or over. The mortgage uses accumulated home equity to provide funds to the homeowner, giving them the chance to make a range of home improvements, including moreexpensive improvements such as a kitchen remodel. One of the best things about this mortgage is that there are no monthly payments to make; instead the borrower is responsible for paying insurance and taxes on the property, which means it is more affordable than other mortgage options.

Credit Cards

Another popular way to pay for home renovations is using a credit card. There are lots of credit cards that come with low interest rates, so you could use one of these cards to pay for a small renovation – just make sure to avoid cards with high interest rates, as this could take much longer to pay off.


Cash is the best way to cover the costs of home improvements as you won’t have to make any future payments. This means that it is less of a financial burden than the other options, but sadly most Americans don’t already have the cash for home improvements. However, (if you are patient) you could always put the home improvements on hold and spend a few months saving up!

There are lots of ways for you to finance your new home renovation. Just makes sure to weigh up your options so that you work out which is the most financially viable option for you.

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