Is your home facing structural problems that need an urgent renovation? But are you financially ready for these unexpected expenses? Good thing there are many ways you can get cash and start your home renovation project. If you don’t know where to get cash for your urgent renovation project, here are five tips on how to get extra money fast.
Get A Loan
The first highly recommended option is to get a loan. However, you must remember that while many loan options are available on the market, not all suit your needs. That’s why when resorting to a loan, you must familiarize the ones that can provide you with what you need.
For instance, some loans need more processing time, while others can be finished quickly. Some loans will only approve a small loan amount, while others can offer you a huge sum. So, if you are looking to acquire cash for your sudden renovation, you should go for quick loans:
A payday advance loan is a quick cash loan that is immediate but short-term. Payday loans are usually due on your next payday, which can be between two to four weeks.
However, a payday loan only offers a small loan amount. It typically approves a loan of $500 or less. But if you only need a small amount to jump-start your renovation, or if your home only requires small repairs, getting a payday loan is the fastest route to start your home renovation.
A personal loan is another loan that you can get for your home renovation project. It can be a suitable loan if you need money above $500, making it ideal for a huge renovation project requiring a lot of money.
However, the processing time for acquiring a personal loan depends on the lender. If you want quick approval and release of funds, applying for a personal loan from an online lender can be beneficial.
Unlike traditional lenders and banks, online lenders only demand minimal requirements and offer their service 24 hours daily. It means that you can apply for a loan any time of the day and the approval in a few hours, especially if you have already complied with the few requirements they need. Once approved, you will only have to wait a few minutes to an hour before the money is credited to your bank account.
Pawn Your Valuables
If applying for a loan isn’t your best option or if you still need more cash, you can pawn your valuables. It can be a piece of jewelry, antiques, collectible items, watches, electronics, and musical instruments.
What is great about this option is that it’s quick, but you still own the items you pawned. You can always get them back when you have the money to pay for the principal amount plus the interest rate you pawned.
Organize A Garage Sale
You’ll be surprised how much money you can earn from a garage sale, especially if you have highly valuable items to sell. With a bit of proper planning and perseverance, you can pull it off.
It will also help increase your profit from a garage sale if you do it for a few days instead of one. You can also talk to your family and friends if they have some things that they want to get rid of.
Use Your HELOC
A HELOC or a home equity line of credit is also a great option to acquire additional money for your home renovation project. It’s an open-end line of credit offered to homeowners, allowing you to borrow money against your home’s equity.
The lender will agree to lend you a maximum amount of money for a certain period to pay for your renovation needs. But you need to note that this is a kind of secured loan where the collateral of your borrowed money is your home.
If you have another property, it’s advised that you apply for a HELOC using that and not the one where you are currently living. This way, you can secure your home, and in case of default, you won’t end up homeless.
Sell Other Property
This tip is more applicable if you need a large amount of money for a renovation. It’s suitable for a major renovation project where a small amount won’t work. If you have another property, you can sell it to fund your home’s renovation.
Although this tip is more of a last resort if you can’t do the first four options, it could be the most important. You’d rather sacrifice a property that’s been idle for years than watch your current home where your family is living get damaged.
However, you need to consider that even though land or house selling can give you significant money, it might take some time. Weigh the pros and cons of this tip and go for it if it’s your last option.
Maintaining a home can be too expensive nowadays. Problems come without warning, so it’s still better to be always prepared. But if you aren’t prepared yet or if your preparation is not enough, there are ways you can do to fulfill your obligation to your home. Follow the tips above, and you can fix your home in no time.