Home Improvement Financing

Written by Lee Wyatt (last updated January 26, 2022)

Quite often the single most difficult part of any home improvement project is obtaining the funding and financing necessary to complete the project. Before going out and beginning any new home improvement project (whether it is repainting a wall, putting in a home playground, remodeling your kitchen or adding a new room) you are going to need to know where you stand financially. That is what this little list is for, to help you find out where you stand financially, as well as helping you to know what your options are for being able to fund your home improvement project.

  • Budget. The very first thing that you are going to need to do is figure out a budget. It would probably be helpful to draw up three budgets. The first budget is going to need to cover your personal finances. Unless you know how much money you currently have, there is no way that you are going to have the slightest idea of what you are working with. Your second budget is going to cover the project itself. When drawing up this second budget, I would suggest that you begin by creating the dream project, meaning that you should go with everything that you want for your project. The third, and final, should be along the lines of a hybrid between your two previous budgets in order to give you a more accurate idea of what you are going to need for the project's funding.
  • Grants. One of the options available to you is the use of grants. Believe it or not, but the federal government does actually provide grants (free funds that don't need to be paid back) for improving your home. There are some limitations for these types of financing, but you would be surprised on how easy it is to be approved for these. For more information on the home improvement grants that are available, take a look at our article on getting a home improvement grant, or by looking at the U.S. Department of Housing and Urban Development (HUD) website about the topic located at http://www.hud.gov/improvements/.
  • Loans. One of the more traditional ways to get financing for home improvements is to get a loan. Each and every financial institution has their own lending policies, but there are some general similarities between all of them. This is one of the situations where the budget's that you wrote up earlier is going to come in handy. For more information on how to get a home loan, take a look at our article on how to get a home loan.
  • Savings. Probably the single best method for doing any type of home improvement project would be to use your savings. It might take you a whole lot longer to get everything done that you wish, but at the same time, you are not going to end up in hock to your eyeballs.

Author Bio

Lee Wyatt

Contributor of numerous Tips.Net articles, Lee Wyatt is quickly becoming a regular "Jack of all trades." He is currently an independent contractor specializing in writing and editing. Contact him today for all of your writing and editing needs! Click here to contact. ...


Deck Flower Boxes

Whether you live in the city and only have a small balcony, or live in the suburbs and have an even larger deck, you ...

Discover More

Aluminum Gutter Repair

About the only thing more annoying than a leaky gutter is a leaky roof. Aluminum gutter repair is one of the most common, ...

Discover More

Cleaning Pergo Floors

Pergo flooring has become increasingly popular in today's homes over the past few years, and as such you probably have ...

Discover More

MAX Power! A powerful lithium-ion drill/driver that delivers 0-to-650 RPM and 115 inches-per-pound of torque in a lightweight, easy-to-use package. An anti-slip soft grip and LED worklight makes this tool a delight to use. Check out Black & Decker 20-Volt Cordless Drill/Driver today!

More Home Improvement Tips

Lowering Your Property Tax

The property tax bill is probably one of the most hated bills that any homeowner needs to pay. Often this is because ...

Discover More

Getting a Second Mortgage

For many homeowners, getting a second mortgage is a popular choice when it comes to removing or reducing debt. However, ...

Discover More

Getting a Home Improvement Grant

There are actually grants available for homeowners, which are designed for home improvement purposes. There are some ...

Discover More

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] (all 7 characters, in the sequence shown) in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 6Mpixels. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is 5 - 5?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)