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Making home improvements is one of the biggest expenses your family is likely to undergo. It’s right up there with buying a family car and paying for your children’s college tuition. Some people think they can’t afford to improve their home and end up living in a property they don’t enjoy. But, I’ve got two incredible secrets that I will reveal to you and help you make home improvements without worrying about money:
Make The Most Out Of Your Home Equity
For those that don’t know, home equity refers to the value of ownership built up in a home that represents its current value on the market. Sound confusing? Don’t worry, I was confused, to begin with too. Essentially, equity is the amount of money you personally have invested in your property. If you borrowed money to buy it, then a percentage of your home is being used by the lender as collateral. The rest is yours, it’s your home equity.
Now, how does this all fit into making frugal home improvements? Well, there are companies like Lending Tree that let you apply for a home equity loan. What this means is that your home equity gets turned into a loan and you receive a cash sum. It’s a great way of getting your hands on some money that technically belongs to you, but you can’t access without selling your home. So, you end up with a large sum of cash and an easy repayment schedule to make some big improvements. The best thing is, the more you improve your home, the more your house is worth! Plus, home equity loans are tax deductible too! It’s far easier on your personal finances that trying to pay out of your bank account or maxing out your credit card. Plus, it’s a much safer option than other loans out there too. Now, you can pay for improvements without damaging your finances.
DIY As Much As Possible
If you’ve ever made home improvements before then, you’ll know there are many things that factor into the costs. One of the biggest factors has to be the cost of labor. Many people will hire contractors to fix up their house and install all the cool improvements. While this saves you a lot of physical effort and time, it can be very expensive. You’ve got to pay for all the work they do, and it can soon make a small improvement feel a lot bigger.
The solution to this is simple; do as much by yourself as possible. You’ll be surprised at how many improvements can be completed with a few simple DIY tasks. Why fork out loads of cash for contractors to do something you’re more than capable of? My advice is to Google every home improvement you plan on doing. See is there are easy DIY instructions that will enable you to do it yourself. If there are, then you can save so much money. Of course, you also have to devote more of your personal time to these tasks too. However, it’s a small price to pay for all the savings you can make.
If you give these two tips a go, then you can make some serious home improvements without worrying about money.
