Have you ever seen a house on a television show, magazine, real estate site, or in-person and wondered how amazing it would be if you could live there? Were your dreams suddenly shattered when you realized how much it would cost to buy a similar property or renovate your existing residence? Creating a living space encompassing everything you want (and need) is all any homeowner wants. However, the hefty price tag attached often puts their plans on hold.

Luckily, there are practical ways to get the funds you need to transform your home into an oasis.

Charge It

You’d be surprised how a few minor changes can make your house look and feel different. A fresh coat of paint, furniture covers, new window treatments, and trendy decor items can take your residence from drab to fab in no time. As you shop for affordable items and supplies, you can charge it to your credit card.

If you have a rewards card that offers cash back or discounts on household products at your favorite store, it’s best to use those to get your money’s worth. Before deciding to charge a credit card, you should evaluate your budget to ensure that you can repay the balance in a reasonable timeframe. The longer you wait to pay off the charges, the more you’ll pay in interest rates and fees.

Take Out A Loan

Larger home improvements like kitchen and bathroom renovations or building an outdoor living space are going to cost more. Therefore, you should consider taking out a loan. You can apply for a personal loan or a home equity loan and receive several thousand dollars to transform your residence.

Ideally you’ll need verifiable income, some form of collateral, and at least a 620 credit score. Of course, there are lenders that will offer you a loan with a lower score and no collateral, but you’re likely to pay more in interest and may be limited in how much you can borrow. Compare a few lenders to determine which opportunities are best suited for your budget.

Financing

Are you buying a new bedroom, living room, or dining room set? If so, you can always apply for financing through the store. Although you’ll still need decent credit and verifiable income, it’s often easier to qualify for financing opportunities. Keep in mind that these are short-term loans and are often required to be repaid within 12 to 18 months.

Some home improvement contractors also offer financing to clients to help them create the home of their dreams. If approved, the funds are applied to everything from labor to the cost of building materials, appliances, and supplies. Even if you can’t get approved for the full amount, it can still reduce your out of pocket expenses by several thousand dollars.

Government Grants

Most homeowners aren’t aware of the many government grants available for home improvements. They’re often for essential projects including updating the roofing, plumbing, siding, electrical, and HVAC systems. It’s a grant, which means you don’t have to repay the money. You’ll need to verify ownership of the property. Many of these grant programs also require that homeowners don’t sell their homes for at least five years.

One Room At A Time

If you can’t afford or aren’t eligible for the above funding sources, don’t give up on your home improvement plans. All this means is that you have to pace yourself and update one room at a time. Write down your ideas for each area. Use the internet to research product costs for your ideas (for example, how much is a gallon of paint for your kitchen?). As you get a list of prices, put them in order from smallest to largest. Each month, dedicate a portion of your income to one of the items on your list. Before long, you’ll have everything you need to improve your living space.


You work hard to maintain your home. Why shouldn’t you invest in making your residence more aesthetically pleasing, comfortable, and functional? Rather than wishing your house could look fantastic, make your dreams come true by using the funding options listed above.