Best Ways to Fund Home Improvements

April 26, 2020

If you’re planning on refurbishing or renovating your home to any significant degree, you’re likely to come across some pretty considerable expenses very quickly. Before you begin, it’s important to plan carefully deciding on which work is essential and which is desirable but not particularly necessary. After this, you can put together a clear budget that includes a generous contingency in case of nasty surprises. Once you understand how much the required improvements will cost, you may find that you don’t currently have enough in the kitty to complete all of your planned work. If this is the case, you’ll need to decide how to go about raising the cash. So, what are the best approaches to use?


Many people use bank loans to get hold of money quickly. This approach is particularly useful if you’re experiencing cash flow issues and simply require a financial injection to bridge a gap between one incoming payment and the next. However, you need to be very careful when deciding to borrow money. Some lenders charge significant amounts of interest - and it’s best to be sure that you’ll have the funds available to make repayments whenever required, or you may quickly find yourself in a spiral of debt. Watch out for hidden fees too.


Some people choose to re-mortgage their home or refinance their student loans in order to release funds that would otherwise be inaccessible. It’s best to wait until you’ve owned your home for a number of years before you look into re-mortgaging, otherwise it’s unlikely that you will have built up enough equity for this to be worth your time. Be sensible about the amount you release too. Refinancing student loans is a good idea for those that have a number of different loans. When refinancing, a private lender pays off outstanding loans and substitutes them with one loan with a new repayment schedule and interest rate.

Selling Unwanted Items

An easy way to make some fast cash is to search through your belongings for valuable items that you no longer want or need. Put them on a trusted online bidding site at a sensible price, with good pictures and a clear description. If you’re smart about it, it’s likely that a little extra cash will soon come your way. Don’t be too cut-throat as parting with cherished belongings can be hard, and you may find that you’ve accidentally sold off something you really need. It’s also important to remember that some online selling platforms charge fees, so be careful to factor these into your calculations.

Taking on More Work

If you have the capacity and inclination, taking on a side hustle or an evening or weekend job may be the perfect way to raise a little money to help with your refurbishments. If you're a teenager you could check side hustle for teen for little jobs you could do. It’s important to strike a balance if you decide to go down this route. It can be tempting to take on as much work as possible in order to get a good return, but remember, you are your own greatest asset. Try not to work yourself into the ground and make sure that you can find time to relax. There’s no point in pushing yourself too hard if you’re then too tired or unwell to enjoy the results.

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David Sunnyside
Co-founder of Urban Splatter • Digital Marketer • Engineer • Meditator


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