Funding the renovation of my home - need advice.

Hi Alex! Maybe if you post some photos of your home, people can share creative ideas that are very low cost. Hometalk is FULL of budget renovation ideas, and it could be that our community can help you within whatever small budget you have!

You can get a home equity loan against your home. Your banker should be able to provide it. Most lenders will give about 80% of the equity in your home minus any mortgage owed. You do have to qualify to be able to repay the loan. As a former real estate broker, I don't really advise it. If you have a mortgage and get a home equity loan, you will have two loan payments. If you default on the home equity loan, the lender can foreclose on you home. You will also loose any value of your home that you have accrued over the years. I have encountered people that used the equity in their home to buy cars, boats, and other luxuries. You are better off to slowly renovate your home gradually based on your budget. There are many ways to update your home that do not cost a lot. As Cori Widen said, there are many Hometalkers here with TONS of ideas that you can incorporate with little cost. Browse around the forum, search around various topics relevant to you. And most of all, don't be afraid to ask members questions on anything DIY. Members here are amazing and willing to help no matter how simple the questions may be. We all are on budgets and always looking to save money.

DIY - Do as much of the work yourself. Barter with friends and family in the trades like carpentry to help you complete projects. Don't go into debt to fix up your home. Work on projects like electrical, plumbing, roofing etc. first then do cosmetic changes. Put money into a CD fund at your Credit Union. An 18-month CD could help you earn money on your investment and start you on your way to achieve your home improvement goals. Shop at local charity shops, salvage yards, estate or garage sales and the local Habitat for Humanity shop for large items like lighting, vanities, cupboards, hardwood etc. Best wishes.

Just remember, everything does not have to be done at once. One room at a time!

DIY absolutely!!!!!!!

This may be getting a little to personal here, but this is what I did. I bought my house and had a 5 year plan. Well that went out the window right quick. Life happens. ☺ I claimed single and 0 dependents on my taxes thru my employer. When I filed my taxes I received a huge check every year from both the feds and state. In the neighborhood of $10,000 each year. Every year I did something to the house with the money. One year was a new electrical system, another was a new HVAC system, then a new roof and insulation in the attic with attic fans, another year all new plumbing. 2 years ago I bought a new Honda CRV for cash. Now replacing the windows. Then comes all the "pretty stuff" - paint inside and out, new flooring, then new kitchen and baths. BUT, I have to suck it up and live on less. I don't go to the movies, eat out at fancy places or spend money on expensive unnecessary items. No fancy cell phones, no gaming systems or every single electronic gizmo that hits the market. I do not even have a computer or internet service. No fancy vacations either. I spend my vacation time having the aforemenioned work done using my v-days from work. I go camping if I can squeeze one in. Starbucks is a treat - rarely. I can do it as I am single and have no one to answer to. Can you tell I am really frugal? Not easy if you have a family or growing kids. BUT when I give a gift, it means something and I taylor to that individual. So I suggest looking at your budget, trim some of the fat, talk with your financial advisor. Then DIY what you are comfortable with and hire out the rest. And pay cash for most things. Use a credit card if it provides you with an extra layer of protection. It is not a race, it is supposed to be fun! Hunting for all the stuff to do a project is a game - finding the best quality you can afford for the least amount of money. Like finding burried treasure! Just know you can do it!

You need to talk to your bank or a financial planner to find out your options. I don't think it is wise of us to give you financial advice because none of us know your situation and circumstances. Best of luck to you