How to secure funding for your home remodel and repairs

Planning a  spa-like bathroom or dealing with a major roof repair? One thing is for sure. You need funding for your home remodeling and repairs. Like most people, you probably don’t have enough cash to cover your expenses. Many times, the renovations necessary to keep your home safe may cost more than you expected. 

Del Mar Builders, serves residential and commercial properties within 100 miles of Homewood, Illinois with a full spectrum of contracting services. We help families and business owners financially plan their project, and we work hand-in-hand with most insurance agencies. Here are our tips for funding remodeling and repairs.

Building starts with a budget

Start by figuring out a base for your budget, and then weigh out your options for renovation. Do this by getting free quotes on your home or business remodel or repair from experts in your area. Once you have a rough estimate, then factor in added upgrades to make your project complete. Finally, be sure to discuss all of the options available to you with the help of an experienced project manager or estimator. 

Explore funding avenues

Next, as you negotiate the contract for renovation, explore funding avenues. There are many options to consider based on your situation. 

  • For starters, many homeowners are taking advantage of historically low interests rates by opening a Home Equity Line of Credit (HELOC) or refinancing their homes. This is an affordable way to spread the payments out for bigger ticket construction costs, like renovating your kitchen or adding an addition.
  • Another choice is taking out a personal loan. They are a decent choice for paying off renovations within 3-15 years. You can work with a lender on the right terms to meet your budget, and interest rates are fairly competitive.
  • Consider a credit card. With a zero percent or low introductory rate, credit cards are fine if you can pay off your repair within 12-18 months.
  • Some home repairs are caused by fire, storm, or disaster. In this case, file a claim with your insurance company. Your project manager or estimator can provide detailed descriptions and photographs to support your claim.

Take care of your contracting needs with Del Mar Builders. Services include  water damage restoration, fire restoration, business renovations, and custom built homes. Learn how Del Mar Builders has been rebuilding lives and homes for 40 years. Visit www.getdelmar.com. 

By Holly Kelsven | February 21, 2021 | News

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