Planning Major Home Repairs? 4 Tips for Financing

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One of the biggest obstacles in front of large-scale home renovation is money – or the lack of it, more precisely. Even minor renovations can easily cost thousands of dollars, so the first thing that any homeowner planning a home restoration project needs to figure out is how to finance the process. Fortunately, there are many ways to get that money – here are some recommendations from roof restoration Dallas contractors:

  • Start saving up in time – ideally, homeowners should put aside 1% of the amount that they bought their home for, to be able to cover for whatever repairs are needed. If the repair that you need can wait, start saving up right now – the more you can set aside each month, the sooner you can start the project;
  • A home equity credit line – these loans are for home renovation projects especially and you have at least 10 years and favorable conditions to pay back the amount;
  • Cash-out refinancing – this type of financing solution will enlarge your current mortgage, giving you the money you need for home repairs;
  • Payment plans and payment in installments – many home renovation contractors are willing to offer a payment plan, especially if the project is large, complex and, consequently, expensive, too.