Home Improvements Made Affordable

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by Nicole on February 15, 2011 · 3 comments

in Improvements

One of the things that keeps single moms from making affordable home improvements is finances. After all, with just one income, you simply don’t have a lot of extra money to spend hiring someone to fix up your space. Here are some tips to consider for finding that money when making affordable home improvements around your house.

First, consider any tasks that you can do yourself. Send the kids to grandma’s for an afternoon, and tackle that big project. You will save significantly by not hiring someone else to do the job for you.

If you have any equity in your house, consider tapping into that as a funding source for home improvements. While you need to be careful not to owe more on your property than it is worth, the fact is that borrowing from your equity to improve your space can work out well financially in the long run.

If you don’t have equity, you can consider a personal loan. These require good credit scores and may have high interest rates because there is no collateral backing the loan. If your bank will not offer you a loan, consider borrowing from a family member who trusts you to pay back what is owed.

The FHA offers the Title I loan program for improvements designed to make a home more livable. These are offered through a traditional bank but insured by the FHA. They can be used for changes like adding working appliances, making the home more energy efficient, or adding a room to your space. To find out if you qualify for this loan, contact a lender who offers Title I lending.

Regardless of your funding source, make sure you do not spend more than you can honestly afford. Take a hard look at your budget before borrowing, because you do not want to end up in a situation where you cannot afford to repay what you borrow and risk losing your family’s home.

About Nicole

Nicole Harms is a freelance writer and a busy mom to two preschool daughters. She received a bachelor’s degree in education from Maranatha Baptist Bible College, but after four years in the classroom she turned in the chalk for the virtual pen. When not researching or writing she is busy chasing her two daughters around or traveling.


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{ 2 comments… read them below or add one }

Angie February 19, 2011 at 7:25 am

Do as much of the work yourself to or have a friend or family member help you with it. I recently added new ceiling fans to make a huge improvement in my home and had a friend do it for me. This way I saved on the hiring someone out. He was happy to help and all I had to do was ask.

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Savannah February 22, 2011 at 9:16 am

Friends and family are really great resources – you’d be surprised how much people love you, and how much they will do for you if you only ask.

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