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3 Ways to Pay for Home Renovations and Repairs

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Everyone knows that most home improvements actually pay off in the end, not only by adding value to your home but also by making it possible to get more for your home on the open market when you want to sell. Perhaps you may be expecting a little one, and space is already tight. Making home improvements may be the way to keep from buying another house. However, for many homeowners, it’s paying for those home renovations and repairs that keep them from improving things the way they would like. 

There are many options out there, but there are also pros and cons to each. In this blog, you can find a few ways to pay for those home improvements, along with their pros and cons. 

A Home Equity Loan 

home equity loan from credit union lenders is one of the more popular options out there for paying for home improvements/renovations and repairs. This involves taking out a loan against the equity built up in your home. There are a few pros and cons to this option listed below. 


  • This type of loan has a lower interest rate than a personal loan or credit card would
  • It is possible you have large amounts of money available for projects such as adding on an addition to your home, especially if you are expecting a baby


  • Depleting your equity could mean that you will reduce the amount you will get if you eventually decide to sell the house
  • There is always the possibility that a large loan like this could be tempting to spend on something besides the renovation it’s meant for 

Cash/Money Saved Up 

Saving for a large home improvement/renovation project might be tough, but it can be done. If your project isn’t something that needs to be done right away, then saving up and paying cash is always the best option. 


  • When paying cash, there are no fees, no interest, and no charges
  • You are independent, so you don’t have to answer to anyone else
  • Your funding speed is right away, no need to wait for someone to approve your loan


  • It depletes any funds you have on hand and could come back to haunt you if you have an emergency
  • Most homeowners don’t have a lot of cash available for large projects like these

Use Your Credit Cards

Using credit cards to pay for home improvements/renovations and repairs is extremely popular, but there are pros and cons to this method of payment as well. 


  • The money is available instantly as long as you have it on your card
  • It’s possible to get rewards and points for using your credit card to do a large home renovation project


  • You run the danger of high-interest fees and late payments if you can’t make a payment on time
  • It can give you a false sense of security in thinking you have more money than you actually do

While using credit cards is a simple way to pay for home improvement projects, you need to be careful with how much you charge, or you could find yourself in trouble later on down the line. 

There are many different options out there for financing and paying for home improvement projects and repairs. Some of them give you money instantly, while others take some time, and you have to pay them back. You need to do your research, then sit down and take a look at your budget before you decide on which option you’re going to try. 

If your home improvement project isn’t an emergency, it is always best to try to save up the money for it, instead of going into debt to get the job done.