How To Access Large Sums of Cash For Home Improvements

When you think of home renovations, your mind often goes to newly renovated kitchens and bathrooms. Although these are popular projects, they’re not the only ways to improve your living space. Some home improvements like a new roof, HVAC system, or updating the plumbing are necessary. When upgrades are needed in these areas, it’s best to handle the matter immediately.

Unfortunately, many homeowners don’t have access to thousands of dollars to complete these home improvements. Waiting until you’ve saved enough money isn’t an option as your comfort, health, and safety are at risk. So, what do you do? Luckily, there are practical solutions to get your hands on large sums of cash to improve your living space.

Home Improvement Grants

Most people aren’t aware that there are grants available for homeowners to complete improvements and repairs. They are offered by federal and local governments and can give you several thousand dollars to pay for a roof, plumbing, HVAC, electrical, siding, and more. Review the grant carefully, as some programs require you to remain in the house for a few years. If you plan on moving soon, this may not be the best option for you.

Home Equity Loans

If you’ve lived in your current home for a while, chances are you’ve built some equity. Home equity is the value of your house compared to the amount you owe on the mortgage. For example, if your home is worth $300,000 but your mortgage is only $250,000, the additional $50,000 is the equity you can use to invest in your property. Contact your mortgage company to find out how much equity you have and how you can apply for a loan to cover improvements.

Bad Credit Loans

If you have less-than-stellar credit, acquiring a loan may seem impossible. Fortunately, you’re not out of luck. There are financial institutions that will offer you home improvement loans with bad credit. You can receive money to cover the cost of expenses and repay the loan in installments. Although you may have to pay a bit more in interest and fees, it’s better than allowing your house to fall apart.

Retirement Accounts

For homeowners with a retirement or pension account, you could borrow money to complete home improvements. Whether through your employer, bank, or credit union, some stipulations come with borrowing on these accounts. For starters, you’ll need to repay the balance in full within the predetermined time to avoid getting penalized for an early withdrawal.

Sell Items

Do you have assets that you could sell for cash? If so, now might be the time to consider this option. Something high valued like a car, jewelry, or antiques can generate several thousand dollars. You can also host a yard sale or sell unwanted items online and accumulate a large sum of cash.

Contractor Financing

Some contractors offer their customers an opportunity to finance the cost of home improvements. If you qualify, you could get a portion or all of your expenses paid in advance, enabling you to repay it in monthly installments. Be sure to review the financing terms, interest rates, and associated fees before signing on the dotted line.


If you’re up for the challenge, there’s also the option to complete home improvements yourself. While you should never try to complete anything dangerous, there are some projects that don’t require the assistance of a professional. It can save you a ton of money on labor and supplies.

There are trendy home improvements like a new kitchen, bathroom, or outdoor living space. Then there are home improvements like an electrical or roofing upgrade that take priority. When you’re dealing with the latter, resolving the issue right away is ideal. Fortunately, homeowners have several options to access large sums of cash to take care of their home. Review the options listed above and determine which one is best suited for you and your finances.

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