How to source money for your home decor project?

How to source money for your home decor project?

From Minaimran Aliseo

Do you want to keep your home equity undisturbed? If yes, then opting in for a personal loan is a smart call.

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Every homeowner wants to decorate and renovate their residential property from time to time! It's a good idea to make the necessary changes in the interior decor. It helps you to keep your home decor from becoming jaded and boring. Also, constant decor change or update also means home upkeep and maintenance. And this grants your home longevity and good resale value as well. Today, you will find some of the best home decor brands and other allied service providers, who suggest the best ideas.

Hence, the thought of redoing your home decor will always get you enthused! But amidst all the excitement, you need to think about the expense that you will incur. No homeowner wants to compromise on their home decor. And for this, you will have to pay a good price for authentic and high-quality home decor items. Are you wondering what you can do about the budget? If yes, then you need to think of smart ways to finance your home decor project. To start with, you need to fix your budget. So, consider all that you wish to modify and update. It could be you want to change the living room decor completely and partially modify the other rooms and a few other room spaces, here and there. Once you decide this, you can fix on a budget. 

When you know your budget, you can consider the following options for financing your home improvement or decor project.

1.      HELOC (Home Equity Loans & Line of Credit)

Did you develop equity while owning your residence? If yes, you can tap this and arrange the necessary funds for the home decoration project. The lines of credit or home equity loan are perfect options. Along with your loan, the money lender ensures you get the entire amount upfront. And, the line of credit, gives you a credit line from where you can draw in small chunks, as the home decor project keeps progressing. Are you planning to remodel your house completely, instead of partially re-decorating it? If yes, then this option is ideal for you.

2.      Borrowing personal loans online

Do you want to keep your home equity undisturbed? If yes, then opting in for a personal loan is a smart call. If your home improvements or decor are minimal, you might need to a small personal loan. Sometimes, banks don't provide the exact amount you want, or the terms are not conducive for you to borrow. Here you can apply for a personal loan from the companies and financial institutions that are into online money lending. The process is swift and hassle-free. Similar, to a bank, you need to fill out an application form and provide the required documents. The best part is you get the loan much faster than the bank, and your home decor project starts at the earliest. To know more on online money lending for home decor purpose, you can get in touch with Liberty Lending.

3.      Try in-store financing

Are you planning to invest in a brand-new dining room or bedroom? Do you also wish to renovate your kitchen? If yes, then you can opt-in for the financial plans that popular furniture brands provide. It is popularly called in-store financing. However, even before you can opt-in for it, make sure that you have read the terms and conditions of the financial option thoroughly. Know the time by which you need to repay the loan amount. It could be anything between six months, a year and even more. Before you sign up for the financing plan, make sure that you can repay the amount and not fail the repayments. Else you will be in a debt trap and other hassles as well.

4.      Try a credit card that comes with a zero percent introduction rate

The other useful way to borrow the money for re-decorating your house is to make use of a credit card. Make sure this card offers a zero percent interest rate for one year or more. You need to plan well for this option to be successful. Make sure to use this card when you have an ideal house decorating deal. Also, take some time out to plan the repayment before the card comes up with an increased interest rate. You need to think twice before you max out a card. It means, even if you repay the amount borrowed when the zero percent finance terms come to an end, it might affect your short-term credit negatively.

5.      Try and borrow from friends and family

Not everyone can acquire credit easily! You might not have the correct contacts of companies that lend money online. And if you aren't sure about a service provider, it's best to refrain from it. Here you can check with your friends and family and borrow the required amount. There are times when a complete house renovation is the need of the hour. You might require some extra cash for other home decor reasons as well.

Go ahead and ask your friends! You can explain your home decor and renovation plan to them. Justify the expenses that you’ve decided to incur. Else, they might not understand the relevance of the borrowing. Sometimes, your friend can only provide you with half the amount of money you need. You can secure the rest from online money lending services. Make sure that you read about them and then opt-in for it. Today, you have plenty of options to select from.

Also, for both the online money lending services and your family and friends, you need to repay the amount on time. Hence, it’s a smart call to approach for borrowing money, along with the time by which you know you can repay the entire amount. It will encourage your family and friends to lend you the required capital or as much as they can.

Home improvement or home decor is an important investment! You don’t do it monthly. Hence, it’s best to plan it well both in terms of the decorative items you need and the capital you wish to borrow. Once you know that you can refer to the options mentioned above and decide which one caters to your budget and requirement. 

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