How to Finance a Property Renovation 

Whether you are adding a whole new wing to your home or adding minor adjustments to your property, you need to have a plan in place even before you commence the project. This plan would contain the specifications of your project and the number of funds that it will take to complete the project. With this, it will be easy for you to pinpoint the financing option that will best suit you. You will also be able to avoid spending beyond your limit. Listed below are ways by which you can finance your renovation project; 

Obtain a personal unsecured loan

If you do not have a property with substantial value, you can get a loan that does not require the use of collateral. You need to have a good credit score in order to have access to personal loans with low-interest rates. 

Get an instant cash loan 

You can get instant cash loans from financial agencies or money lenders. It has one of the fastest application processes compared to other loans. An instant cash loan has a flexible structure in place for the repayment period and interest rates. You can get funds of up to $15,000 within a short period of time, you do not have to wait countless weeks just to know if your loan application was approved. 

Re-finance your mortgage 

If your renovation project is extensive and you are going to need a large sum of money, refinancing is a good option. You can take out another loan using your house as collateral. However, this type of loan usually have lower interest rates than the previous mortgage. 

You can also borrow against your equity using the home equity line of credit. You will have the opportunity to keep borrowing until you reach the maximum threshold that has been provided. 

Use credit cards 

While it is not totally advisable to finance your property renovation using credit cards, you can use them if the amount of money you need is not too large. Although they do not usually have long and flexible repayment periods, you can take advantage of the promotional zero interest rate to get ahead in your payments. 

Borrow from your family and friends 

Your family and friends are the people closest to you and you can approach them for a loan to finance your renovation. You would be able to negotiate a low-interest rate and flexible repayment plan that will make it easy for you to repay your debt. If you wish to use this method, it is advisable to always make payments when they are due, to not foster tension and enmity among your family. Create a contract and get both parties to sign the document, so everyone understands the agreement.


It is advisable to have an adequate finance plan in place before starting a renovation project. Carry out research and determine the funding option that works best for you, taking into account your credit history, available funds, and gross income. Doing this will ensure that you encounter minimal challenges during the course of your project. 


Contributed by Bryson Telling

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