TracyFigueroaRealEstateAgentMatherCA
Menu
  • Home Improvement
  • Real Estate
  • Home Decor
  • Interior Design
Menu

Financing Important Home Repairs

Posted on March 15, 2019May 26, 2019 by tracyfigueroarealestateagentmatherca

Have you decided to sell your home, but first need to make some pretty serious repairs to the property before putting it on the market? Or have you purchased a “fixer-upper” that you plan to turn into your own domestic paradise with some much-needed TLC? Either way, you need to get things around the house fixed up – and you need to be able to pay for it. Financing home repairs doesn’t have to be a nightmare. In fact, there are a lot of ways to get the funds together!

Put Your Home’s Equity to Use

If you’ve been paying toward your mortgage for some time, you have likely accrued some pretty substantial equity. “Equity” refers to how much you “actually” own your home (how much you have actually paid for toward your principal). This equity can be borrowed against the value of your home in either a lump sum or a home equity line of credit (HELOC).

A HELOC arrangement allows you to withdraw money as you need it, which is great if you have numerous smaller projects that need to be done. A single lump sum payment from your home’s equity is a great option if a single large, expensive project needs to be completed.

If you’re looking for a smaller amount, a second mortgage may also be a great option. Toronto second mortgages can help you decide which option is better for your unique circumstances.

Refinance your Mortgage

Many homeowners refinance their mortgages to access money that is essential for making major or minor home repairs. Refinancing essentially allows you to enter into a different mortgage with a larger amount while you get to pocket the difference. This difference can then be used to pay for the renovations that your home needs.

Obtain a Personal Loan

Personal loans often have a smaller rate of interest and are intended to be paid off within one to five years. If you are in a financial situation where you can handle the payments on your mortgage, utilities and other financial aspects of your life, a personal loan toward home improvements can be exactly what you’re looking for.

Pay for it Yourself

To avoid the complications that come with loans, home equity and other means of financing home repairs, many homeowners will dip straight into their savings. This is an ideal solution for those who expect to sell the house for an amount that compensates the cost of repairs, as well as those who want to turn the home they own into a home where they will stay for the rest of their lives. In this case, it is worth the personal investment made.

Paying for home improvement projects of any size can be difficult, and on paper might even seem intimidating. This doesn’t have to be the case if you can utilize any of the above methods of financing home repairs.

Category: Home Improvement

Archives

  • May 2023
  • April 2023
  • March 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • November 2021
  • October 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • March 2020
  • February 2020
  • December 2019
  • November 2019
  • October 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • January 2019
  • September 2018
  • May 2018
  • April 2018
  • January 2018
  • December 2017
  • October 2017
  • September 2017
  • April 2017
  • December 2016
  • October 2016
  • September 2016
  • May 2016
  • October 2015
  • September 2015
  • June 2015

Recent Posts

  • How does Philadelphia real estate tax work?
  • TMW Maxwell: A Premium Residential Development in the Heart of the City
  • Trust the Experts at Treasure Coast Roofing for Your Roofing Needs
  • The Myst Condo: The Perfect Blend of Comfort and Convenience
  • Who are the real estate investors in Philadelphia

Categories

  • Home Decor
  • Home Improvement
  • Interior Design
  • Real Estate
© 2023 TracyFigueroaRealEstateAgentMatherCA | Powered by Minimalist Blog WordPress Theme