Ways to Fund Your Home Improvement Projects

Home Improvement projects can get pricey. You might be looking to make a few updates such as paint and flooring, or to do something more extensive like a full kitchen remodel. Your choice of funding may be determined by the cost of your overall projects. Sometimes it can be basic remodel, but some others it might take a few more plumbing changes, like changing the bathroom or the complete bedroom. Also, if you plan to DIY, it’s important to budget for everything you need and then add 10%. Don’t forget to pull any permits if needed as well. If you plan to use a contractor like an electrician, plumber, or even someone like this handyman in Orem for your home improvement projects, get a few quotes before you decide. Once you know how much it’s cost you can decide the route that’s best for you. There are many ways to approach funding your project, here are some of the options. In short you can choose a loan or pay for it yourself. Here are the best ways to fund your home improvement projects.

Home Equity Loan

Many homeowners leverage the equity in their home to make big repairs or to complete big projects. This type of loan is beneficial because they typically have lower interest rates than other types of loans and have flexible loan terms. Sometimes this loan amount can simply be tacked onto the mortgage or wrapped up in a refinancing loan. This type of loan often allows for more expensive repairs such as kitchen and bathroom remodels. You can also make structural repairs to your home and fix damage from storms using home equity loans.

Personal Loan

For smaller repairs, it’s much simpler to get a small personal loan than a home equity loan. Many personal loans have limits up to $3,000. Some of these are unsecured meaning you do not need to put down any collateral. One of the biggest benefits of this type of loan is that it’s easy. There is not a lot of paperwork to complete, and the money often gets deposited into your bank account quickly. Personal loans can be used for any purpose, but when you need a smaller home repair, they are the perfect solution. Additionally, they can help you build good credit when you pay it on time or pay it off early.

Store Credit Card

Home Improvement store cards can be a good tool to leverage for smaller repair needs. When you open them, they often come with 0% interest as long as you pay off the balance in a certain amount of time. Sometimes they even offer additional discounts like 5% off when you use the card. These are especially helpful for painting projects, building decks, and doing standard flooring projects using materials you find in the home improvement store. One of the risks to this funding method is that if you don’t pay off the balance in a set amount of time, you will often be hit with very high interest rates.


If you don’t have urgent home repair needs, you might have time to save up. Set aside a bit from your paychecks each week into a separate account. You could even automate this through your bank to have a set amount pulled out of one account and put into another when you get paid. This option may seem obvious, but most people forget how simple it is to set a financial goal and work toward it. Make it fun by creating a visual aid and mark off each time you hit a milestone toward your goal. Once you get all or most of the money you need, you can easily start buying the supplies for your home improvement projects.

Start a Side Hustle

With the invention of the internet, it’s easier than ever to get a side hustle. This is simply something you do in addition to your regular 9-5 job. Some people do it temporarily to reach a financial goal, while others do it all the time to supplement their income. There are many ways to approach a side hustle. You could deliver groceries or give rides using app-based options like Uber and Instacart. You could deliver restaurant food using DoorDash. You could use your professional skills and get on Upwork to offer freelance work to companies who need it. The key is to find a side hustle that fits within your lifestyle and helps you earn enough to complete that home renovation project.