Think You Can’t Afford a Home Remodel? Think Again
Well-meaning neighbors and contractors might warn that you shouldn’t put off your home remodel, but when you have a tight budget, that’s easier said than done. Your home comfort and value is important, but so is your ability to pay your bills. Many homeowners forego the home remodels they want because they worry that they simply can’t afford it. However, before you write off the chance at a home remodel, think again. You may be better able to afford the project than you realize, and there are steps you can take to make it more affordable.
Make Money on the Side With Your Home
Need to make a little extra money to cover the cost of your remodeling project? Consider taking in a lodger, renting out a room or even the home when you go on vacation. There are a number of websites and apps that can facilitate this now, like AirBnB and VRBO. AirBnB and VRBO is a good option when you only need a short-term source of side income. When you no longer need it, you can remove your listing. Or is there a big event happening near your neighborhood? Consider offering parking in your driveway for a fee as a way to make a little extra cash.
Don’t Forget Tax Deductions
One cost-saving benefit that homeowners often forget when it comes to home remodeling is tax deductions. It is worth noting that most renovations aren’t cause for tax deductions, but there are a few exceptions. If you’re remodeling for medical purposes, for instance, you can write those changes off on your taxes. Some energy conserving updates will also make you eligible for a tax credit. Consider the reason for your remodel and the changes you want to make and research whether there are any tax savings to be found.
Most importantly, however, if you can’t afford to pay the cost of a home remodeling project upfront, you can still find ways to help it fit into your budget with financing. With financing, you can work out a payment plan that makes your home remodeling project much more manageable and can even defer payments for a certain amount of time. At MBC Remodeling, we work with a number of respected financial institutions, so you can find the financing plan that works best for you.
It’s important to be comfortable in your own home and with the way your home looks. If you need home remodeling done, don’t put it off. Contact MBC Remodeling today about our financing options so that you can have the remodeling you need without breaking the bank.