When you don’t have the funds for your dream remodeling project, it can be disheartening. Investing in a renovation is a big financial commitment, and sometimes families don’t think they’ll be able to afford one. However, you shouldn’t write off those big dreams just yet. With a little elbow grease and creativity, you can plan your remodel without going into debt.
Whether your dream remodeling project is a new kitchen or a top-to-bottom home renovation, you can make it happen by preparing ahead of time. Here are a few ways you can get started:
Start Putting Money Aside ASAP
If you’re planning to schedule your remodel within the next year or so, you can start saving right away. There’s no time like the present! You’ll be surprised by how much you’ll save by setting aside a few hundred dollars a month. Even if you must finance part of your remodel, having some cash in hand will be a major benefit.
Take Advantage of Your Home’s Equity
Home equity is your home’s current market value minus any outstanding liens on the property. Essentially, it’s the portion of your home’s current value that you own. The higher the down payment you make when you purchase your home, the more equity you’ll have to start with. This amount also will grow over time as you make monthly payments. Your equity will fluctuate depending on the state of the economy, but you can use it to finance home renovations. For those who want to afford their dream remodeling project, this may be something worth looking into.
Consider Flexible Loan Options
Many homeowners don’t initially like the idea of taking out a loan. Loans add to your debt, so it’s important to proceed with caution. If you already have one too many debts to pay off, this may not be the right choice. You don’t want to overburden your finances if you truly can’t afford a loan. If you view a loan as a tool for making your dream remodeling project a reality, however, you can make smart use of one. At Taylor Made Custom Contracting, we offer three flexible loan options for all our projects through Enerbank. These include:
- A 90-Day Same-As-Cash Loan ($1,000-$65,000) with no monthly payments or interest for 3 months
- A 5-Year Flex Loan ($4,000-$65,000) to renovate your home now with a manageable 5-year term
- A traditional fixed loan ($4,000-$65,000) with low monthly payments and approved credit
If you have any questions about financing your remodel, don’t hesitate to get in touch with us! We’d be happy to help make your dream remodeling project come true.
Afford Your Dream Remodeling Project with Help from Taylor Made Custom Contracting
Taylor Made Custom Contracting is your best source for home remodeling in the Baltimore, MD area. We offer award-winning services for additions, bathrooms, basements and aging-in-place projects, and much more. In addition, decades of experience in the industry make us uniquely qualified to handle any challenge. Our clients can truly feel confident choosing us every time. To schedule a consultation for your dream remodeling project, contact us today through our website here or give us a call at (410) 557-0322.