HOW YOU CAN FINANCE YOUR HOME RENOVATION

Written By Erin Alexander
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Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.

Cash. Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.

Mortgage Refinance. If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.

Cash-Out Refinance. You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.

Home Equity. Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.

Retirement Funds. Homeowners can consider pulling money from a 401K or IRA account, even though they aren’t specifically meant to cover a home renovation. This option might incur additional penalties or tax payments, but may be worth it when making improvements that will benefit them financially in the long run.

SOURCE: Breakthrough Broker

Erin Alexander

At Finally Social we are a marketing one stop shop for Real Estate agents, Mortgage Brokers and Coaches. We create/audit Social Media Platforms, SM Posting, design & maintain websites, email marketing, branding, & logos. Also marketing collateral: custom images, publications, brochures, flyers, postcards, & magazines.

Erin Alexander is the CEO and founder of FinallySocial.com, a social media and online marketing agency that helps business owners to grow their brand, generate quality leads and convert those leads into profits from social media marketing.

With experience in digital advertising experience, Erin's proven strategies, have helped business owners to effectively get in front of the right customers and clients to significantly grow their bottom line.

Finally Social offers website designs to small business owners as well as create or define their social media platform. We also offer individual services: Newsletters, Web Sites, Visual Tours, Postlets, Listing Flyers, YouTube, Follow Up Process, Update sales on Zillow and Trulia, and Referrals.

Being an active member in her community, Erin loves connecting other business owners, referral partners and non-profits in her local community.

Skills Used
Specialities: Social Media, Lead Generation, Social Media Marketing Management, Periscope, Blogging, Email Marketing, Branding, Website Design, SEO, Facebook, Instagram, Pinterest, Youtube, Twitter and Personal Development, Facebook Ads.

Whatever the service needed, we are here for you. Our GOAL is to provide you with a Fun, Fair and Comfortable experience. Social Media can be very stressful and time consuming. Let US take on that stress for you.

https://www.finallysocial.com
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