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There are few things as satisfying as crossing something off of your to-do list — we get it. It’s especially satisfying if it’s a major DIY project that you and your family can enjoy for years to come. Taking on the challenge of DIY home improvements is exactly that, a challenge. But if there’s any person who’s right for the job, it’s you.

Before you dig out your tools from the garage, it’s important to take a step back and determine how you’re going to handle the costs of a renovation or home project without putting your finances on the line. Whether this is your first do-it-yourself foray or you’ve taken the lead on countless home improvements, here are four ways you can fund your next project while keeping and protecting your financial freedom.

Build your savings and pay in cash

Avoiding debt is always a smart idea. Whenever you’re planning a project, first consider if you can afford it on your own. If you don’t have quite enough money on hand, your answer doesn’t have to be no. Instead it could be not yet. Pushing your deadline back a few months could provide enough time to save up for the expense of your home remodeling project.

Take a second look at your mortgage

How much interest are you paying on your home mortgage? It might be time to take a closer look at your interest rates, and weigh the option of refinancing your mortgage. If you’re able to secure a lower rate, you can put the difference toward your remodel.

Use the equity in your home

If the improvements you’re planning for your home will significantly boost its value, a home equity line of credit (HELOC) or home equity loan can give you the purchasing power you need. Each loan has its unique advantages to consider; with a HELOC, you are able to make withdrawals on your line of credit over a period of time, while a home equity loan provides one lump sum to handle the costs of your project. With these types of loans funding a major home improvement like kitchen or bathroom upgrades, your time, effort and money will all be well spent should you ever choose to sell your home as you’ll be directly contributing to increasing its value.

Get approved for a personal loan

A personal loan is another great option for borrowers with good credit scores, a tighter timeline and lower expenses. With a personal loan, your repayment period is often shorter and the amount you can borrow is typically smaller. That can actually be a positive, especially for smaller projects, like painting your home’s exterior, upgrading your appliances or updating your bathroom.

Make your house into your ideal home, and take pride in doing it yourself. Whatever your project, FAIRWINDS is there with financing options to make your DIY dreams come true.

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