Lynn D'Avolio
Coldwell Banker Residential Brokerage | 801-597-2857 | lynn1@soldbylynn.com


Posted by Lynn D'Avolio on 6/20/2017

If your house is 15 or more years old, you're fortunate if you still have the same roof that your house had when you first bought it. The same goes for your carpeting and exterior house paint, not to mention household appliances.

Putting off a home renovation is a confidence knocker

You don't even need a contractor to come out and inspect your house. Whenever you sit on the sofa, lay in bed and peer up at the ceiling or head outside to work, you can't help but notice how chipped the living room wall paint is.

Worn roof shingles are allowing rain water to drip onto your bed, cooling you to the point that the wet weather is starting to wake you in the middle of night. And your carpet has so many stains on it that you feel embarrassed to invite company over.

But, you do nothing to improve the situation because you've convinced yourself that you don't have the money to pay for home repairs and renovations. Yet, you could be wrong. Money to cover the costs of a home renovation could be right under your nose.

Don't think so? Check out these five places where you could find home renovation money:

  • Personal savings that surpass your retirement plan (For example, if you need to save $7,000 a year to have enough to retire on in 30 years and by the tenth year of your savings you've saved $92,000, you could use the extra money to pay for a home renovation.)
  • Proceeds that you generate from garage sales, events that you host to get rid of old furniture and unused household goods like old toasters, baby cribs and televisions.
  • Bonus money and extra commissions (In fact, within as little as two years, you could earn enough to pay for an entirely new roof if your sales commissions peak.)
  • Tax refunds (Instead of buying new furniture, another vehicle or a brand new wardrobe that you don't need, use your tax refund to pay for new carpeting.)
  • Home equity loan (Consider this a last resort to avoid taking on interest rates and loan fees.)

A home renovation schedule that helps your house keep its original beauty longer

Regular home renovations can keep you in your house for several more decades. Stick to a recommended home renovation schedule and your house could maintain appeal and a young, fresh look 50 or more years after its construction date.

For example, you could invest savings to pay for new floor tiles and brand new plumbing pipes and fixtures after the original equipment reaches 47 or 48 years. Every six to seven years, you could repair or replace worn parts on your garage door.

It's these steps that help to prevent a complete house part breakdown. Like hidden places to find home renovation money, sticking to a repair and upgrade schedule helps you to save money when you didn't think that you would.