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July 15, 2020

Ways to Fund Your Luxury Home Renovation

So you’ve achieved that amazing milestone of becoming a homeowner, but your next target milestone is achieving the luxury lifestyle. Of course, a great place to start is by upgrading your home. You envision a grand design that screams affluence, superior taste and class, a breathtaking garden, outdoor appearance or magnificent interior design. Of course, you’ll need cash to make it happen and the level of luxury you get to add to your property will be determined by the amount of cash you’re able to find to support your renovation project. If you’re stumped, here are six solutions that can help you add a few notches to the luxury meter of your home.

Start with What You Have

If you’ve got some substantial savings, you might just be able to cover your luxury home upgrades without looking into any other financial support options. Your savings may allow you to install some high-end fixtures or upgrade your outdoor space.

Sell Some Things

You may have some things lying around that you won’t mind parting with. Set up a garage sale. You may be pleasantly surprised with the financial haul you’ll pull in. For a more substantial haul, you may have to part with some pricier possessions like a vintage car, valuable antique or collectables such as celebrity autographed items.

You don’t have to be limited to physical sales either. You can host virtual garage sales or sell other items online. Maybe you’ve got some digital products sitting on that you could put out there and earn money to support your luxury upgrade.

Quick Loan Solutions

Quick Loans against assets such as investment portfolios and even vehicles are great alternative solutions to bolster your available cash reserves. The fast nature of acquiring cash through logbook loans have helped many people convert their homes into the dream abode they desire.

Reputable online logbook loan companies such as Logbook Money will allow you to obtain cash levels from £1,000 all the way up to £50,000, meaning the required amount you likely need to transform your home can be covered through this method.

Lean on Your Credit Card

A credit card can help finance your property upgrading plans. As long as the card’s limit and available balance can cover the budget, you’ll be good to go. And the great thing about the credit card (if you already have one) is that you won’t have to go through the application and approval process. Another perk is the cyclic nature of credit cards which means that as long as you’re making your monthly payments, you’ll have continuous access to this financial resource, which means it can fund a renovation project that runs into months.

Put Your Current Property Assets to Work

A loan secured by your property can provide you with the financial resources you need to fully fund your property upgrade. When you use property to secure your renovation, loan you can typically benefit from lower interest rates and a higher loan cap.

Get a Home Improvement or Construction Loan

Home improvement loans are very popular with lending agencies and are designed for renovations. This makes this a great option for you if you want to fund your home’s journey to a gorgeous retreat.

Like the home improvement loan, a construction loan allows borrowers to access funds that can be used to erect buildings. If your renovation project includes construction elements, this may just be the perfect solution for you.

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