Whether you’ve lived in your home for a couple of years or recently moved in, changing the interiors and customizing your house is exciting for any homeowner. The opportunities are limitless; you can get the kitchen of your dreams, add that extra room you’ve always wanted, or remodel your bathroom — but all of this comes at a cost, and a hefty one at that. In fact, Marcus by Goldman Sachs’ ‘Home Renovation Costs Survey’ reports that the average cost for a bathroom remodel can reach up to $18,546, while a major mid-range kitchen replacement could go up to $62,158. If you’re wondering how to fund these costs, look no further. We’ve outlined a few ways you can fund the remodeling project of your dreams.

  1. Budget for a few months.
    If you’re not interested in owing anyone money, you can always go for the good old-fashioned method of saving, budgeting, and cutting costs where possible. The Washington Post’s article on budgeting for big home improvements recommends determining goals first in order to figure out your budget, then drilling down into the specifics so you know exactly what to look for in terms of material, finishing, and even contractors. Try to get a hard quote from contractors, which details total costs, so you have a better idea of exactly how much you need to save.
  2. Take out a loan.
    If your remodeling project is going to be way above the average, it might be necessary to apply for a personal loan to cover the costs. While you are required to do some costing before applying, once approved, you’ll be able to get started as soon as the funds show up in your account. There are a variety of lenders who can offer you different deals, so be sure to look for a loan that caters to your specific needs.
  3. Use your credit card.
    As a last resort, you can use your credit card. If this is the case, you’re not alone, as CNBC reports that 33% of homeowners utilize their credit card to cover their remodeling projects. However, make sure you can pay off whatever you spend within a short amount of time, as interest rates on credit cards are typically higher compared to other financing options. Some offer a grace period of 6 months without interest, which can give you breathing room to save, so take note of credit card issuers who offer this option.

At the end of the day, you shouldn’t have to bend over backward to try and get the house of your dreams — good old-fashioned saving and some creativity can always help you out. After all, our article on ‘How to Decorate on a Budget Without it Looking Cheap’ talks all about making spaces look great without spending too much, so try to DIY what you can. Who knows? Maybe you’ll find that you like doing things yourself instead of hiring a contractor, and you can complete all your remodeling projects on your own.

Article contributed by Chloe Miller

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