How can I do a remodel on a fixed income?

Jerre Miller
by Jerre Miller

How can I remodel my kitchen and master bath on a fixed income? I just want to update countertops in kitchen and add new stove and fridge. My bathroom needs to have a fiberglass tub surround removed and a tile shower, floors replaced and the dressing area needs new vanity, sink, mirror update walls. My mortgage is paid off. But I live in fear of doing a refi to get this stuff done.

  4 answers
  • Amanda Amanda on May 24, 2019

    Hi Jerre. I would calculate how much each item will cost. You can then budget and put money aside for each project. Sometimes you can find good deals at home improvement stores on close out items or items that a customer special ordered and cancelled. There are also resale shops with items like this, and scratch and dent appliance stores. I wish you luck!

  • If you want instant gratification, a refi might be the way to go. If you are willing to do it over time without going that route, choose one room or project at a time to competition. Stove and fridge you can shop for sales, purchase floor models, but only if they provide full factory warranty. Countertops can get expensive. Shop around and see what you want v. what you realistically can afford. Bathroom sounds like a complete gut job. Costs can escalate quickly there too. How about a refresh? New paint, hardware, lighting, towels, rugs, etc., until you can save up to have it done. Here is how to hire any contractor you will ever need.


    https://www.consumer.ftc.gov/articles/0242-hiring-contractor


    Start obtaining bids to see what it would cost. Then decide what your budget can handle.


    Or how are your DIY skills? Any family or friends willing to help out?

  • Jill Krol Jill Krol on May 24, 2019

    Don't refinance your house, but you could do a HELOC (Home Equity Line of Credit) based on the equity value of your house. Then once you pay that off, you cancel the HELOC. Another thought see if you can get a personal loan at your bank or through a money lender.

  • William William on May 24, 2019

    I agree with Naomie and Jill. Don't refi. If you want things done fast a home equity line of credit is a good option. You only pay back what you use. You don't need to use all the money. A refi you get a lump sum that you may not use all or may need more. Best option is to take it slow. Take one project at a time. You can paint countertops. Look for sales on appliances. Shower can be done in one project leaving the rest of the bathroom for a later day. Vanity, sink, mirror are always on sale at homecenters or check Habitat restore if there is one. Then down the line consider flooring. May take a year or two but you can budget when you have the funds.