May 27, 2019

How to pay for home improvements when you don’t have enough savings

Home renovation is hot. For proof, consider that 90 percent of homeowners expect to remodel their home at some point soon, up from 84 percent tallied in 2018, per a recent Trulia survey.

Problem is, despite your eagerness to improve, you may not have the moolah saved for such endeavors. In fact, only 27 percent of homeowners who plan to remodel in the next year have saved up to one quarter of the total home improvement cost, according to a new Discover Home Equity poll.

There’s no shame in having to finance some or all of your home upgrades. In fact, it can be the smart move nowadays—preventing you from depleting your personal savings, which you could need in a pinch, and allowing you to capitalize on continued low interest rates. Learn more about ways to fund home improvements by checking out my first article for new client, available here.