• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

7 Ways to Finance Your Home Redesign on a Budget

September 3, 2020 Leave a Comment

Share this:

  • Tweet
  • Email

Previously we posted ways to get a new roof on a budget. Now let’s talk about redesigning or remodeling your home on a budget. How can you finance your home redesign on a budget?

7 Ways to Finance Your Home Redesign on a Budget

We have been homeowners for the last 6 years. We are right now replacing our roof and in another couple of years, we will remodel our home. Remodeling not only makes the home better, but it can also increase the home value.

A home redesign can cost quite a lot of money so it only makes sense to do some financial planning before you begin the project. If you’re struggling to do the finance part, here are some tips to help you out.

1. Do your research

What project are you planning to undertake? Do you want to install built-in bookshelves? Add more counter space to your kitchen?

Or build a backyard patio? Whatever it may be, it’s important to do your research.

Find out the average cost of such a project; you’ll also want to look into the labor costs in your area.

These are some items you’ll want to take into account when setting up a budget.

2. Set a budget

The great thing about doing research ahead of time is that now you have a number in mind.

You may have thought the redesign was expensive but by being aware of the specific items and hours it will take, you realize, this project is achievable.

You don’t want to end up with a halfway done project so as much as possible, you want to over budget.

This is so you are prepared in case an unexpected expense comes up. 

3. Don’t cheap out on labor and materials

In line with setting up a budget, you want to make sure that the money you spend goes towards quality materials and good labor.

You don’t want to cheap out on these aspects otherwise, you end up with poor quality work that will need to be fixed later in the future –more expenses for you. This is why it pays to do research.

You will know what materials are durable so you can include that in your budget.

You’ll also have a good idea of what reasonable costs are for good labor so you neither underpay nor overpay for services.

4. Sell your old stuff

Do an inventory of your home and find items of value that you can sell.

Maybe that rattan chair doesn’t fit your living room anymore or you have a baking set that you rarely use.

Go ahead and sell these items on places like a Facebook marketplace, eBay, and Craigslist.

People are always looking for a deal on home goods and you’ll be able to sell your old items for a good price, which you can then divert towards your home redesign budget.

5. Get a loan

There are several ways to acquire a loan. You can get a zero-interest credit card, home equity loan, a home equity line of credit, an FHA-insured loan, a reverse mortgage, and even a personal loan.

What’s important here is that you have a good credit rating. If you have a poor credit history, you may not be able to borrow the full amount that you need. 

Be honest about your financial situation and only go for lending options whose terms you know you can fulfill.

If you end up not paying on time, it could affect your credit rating, which in turn impacts your lending options in the future.

6. Look for installment plans on furniture

Does your project require big-ticket items? If so, you may want to consider installment plans.

There are plenty of home good stores now that offer payment plans for their products. For example, if you need new bedding for your bedroom, you can easily finance your mattress.

Just like getting a loan, the merchant will look into your credit history to ensure that you are a good borrower.

This is a great option especially if it’s just a minor project that requires replacing some items in your home.

7. Save up for it

This may not be the most appealing option but if you have patience, it can save you a lot of money in the long run.

Sure, it takes time to save up that amount you need for the redesign but in return, you avoid paying interest rates.

You can even get a discount for buying furniture and appliances in full cash. 

What steps are you currently taking to fund your home redesign? Share your thoughts in the comments below. 

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« How to Shake Those Bad Money Habits So You Can Meet Your Financial Goals
Safeguard Investment Accounts From Identity Theft »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media