So you want to renovate your home, but you don’t have the cash at the moment for the project and you don’t qualify for a home equity line of credit?
What can you do to get the money you need to upgrade your property?
Here are a few creative solutions to the problem, so that you can find the money you need to fund your renovations.
Take In A Renter
If you have a spare bedroom or a basement suite, you can rent out your home for a while to help you save money toward the renovations. Taking in a renter can be a great way to earn extra money, but it is important to interview your prospective tenants to make sure that you are renting to someone trustworthy and compatible.
It is also a good idea to make a rental contract so that you and your tenant can be sure that you are on the same page if any conflicts or confusion arise.
Get Rebates And Financing From Your Utility Company
Since the government is pressuring utility companies to reduce their energy use, there are a lot of financial incentives out there for renovations that increase your home’s energy efficiency.
Some utility companies will offer you a loan for the money or rebates on your costs if you are making green upgrades. You might be able to pay off the balance of the loan over the long term as part of your monthly utility bill.
Sell Your Unwanted Stuff
Another way to raise some extra cash for a home renovation can be to sell the extra items that are taking up space in your attic or garage. Try selling them online, or directly to your relatives and friends.
Most families have all sorts of valuable items that they never use, from treadmills to bikes to couches to clothing and kid’s toys. Not only will selling off the things you don’t use make you some extra money, it will also give you more storage space in your home to work with when you are remodeling.
Put In Some Sweat Equity
Why not cut down the cost of your home renovation by doing as much of the work as you can on your own? For most tasks you don’t have to be a professional contractor, you will likely be able to do with the instructions that you can find online.
This can save you thousands of dollars on remodeling costs. However, you should still use a professional for any of the skilled and potentially dangerous tasks, such as installing wiring.
These are just a few ways that you can cover the costs of renovating your Chicago home without a home equity loan, so why not get started right away? For more useful property tips, call your trusted real estate professional today.