According to some estimates, a quarter of first time home buyers in the United States are single females, and 11% are unmarried couples. But no matter your marital status, after using new home buying tips to find the right place for you, there is a good chance that renovations will have to take place at some point, either right away or in the future. While upgrades are great for adding both value and functionality to your home, they can be quite costly. As a result, finding the right home improvement financing plan can be a bit challenge, despite the fact that there are several options available.
A report from Broker Agent News found that 87% of potential home buyers in the United States will use the internet as a tool to search for, find, and compare homes. Nowadays, you can do the same thing to find the best ideas home improvement financing plans for your upgrades. Home improvement websites like This Old House, Ask the Builder, Bob Vila, and Family Handyman are all full of tips and suggestions about how to renovate, and legal sites, like Nolo, have information about how to best pay for upgrades. So the internet can be a great tool for as long as you own your home, and does not have to be used only while trying to buy one.
In 2012, more than 80% of potential home buyers financed their home with fixed-rate mortgages. But when it comes to renovations, there are lots of different options to choose from. Home improvement costs can always be handled if you have a lot of cash available, and that might be the easiest choice, but you can also use a credit card, take out a personal or home equity loans, borrow from a 401(k), or take out a Home Equity Line of Credit. Every home and homeowner is unique and will have different needs, so one plan might not be right for every scenario. But with many different options, you can always get the financing you need to renovate.
Before receiving home improvement grants or simply paying cash for upgrades, you should take the time to establish a budget and make sure you can afford renovations. Recommendations from Sally Mae say that you should not spend more than 28% of your total income on housing expenses, and if renovations are going to push that number too high, it might not be the right time to begin new projects. It can be tough to stay disciplined if you have your eye on a new kitchen or bathroom, and have found the right home improvement financing program, but waiting until you can afford renovations is always a must.