5 Tips On Financing Your Decorating Project


It’s a great idea to make changes to the interior of your property from time to time; this way, you can keep up with style trends, and you can make things more interesting from a personal point of view. If you are thinking of redecorating your home, then you might find yourself feeling excited at the prospect of all the options that lay in front of you. However, something to bear in mind is the cost of such a project. If you want it done well, using suitable materials, then it may not be a cheap thing to do. The more you spend in most cases, the better it will look, so it is essential to know how you are going to finance your redecoration project and what your budget is going to be. Here are some of the options available to you.

Credit Card

Credit Cards

Although not all credit cards are worth getting, if you can find one with a low or at least a reasonable interest rate, or even one with an interest-free period, then you might be able to purchase everything you need without spending more than you should. The key to using a credit card sensibly is to ensure that you can pay off more than the minimum payment each month. If you can do this, then you won’t get caught out when the interest rate starts to be applied. Paying off just the minimum means that it will take a long time, and cost you a lot, to pay off the purchase eventually.

If you already have a credit card, then you can look at balance transfer deals which will save you money not only on what you are about to buy but on what you have already purchased as you can transfer the balance of your current card to a new card with a lower interest rate.

Personal Loan

Personal Loan

Sometimes a credit card just isn’t going to be enough to cover the costs of a renovation or redecoration project, and you will need to consider small personal loans instead. This is a much better idea than applying for many credit cards to pay for the project; for example, using for too many lines of credit at once can lower your credit score, which makes obtaining that credit much more difficult.

Loans generally have a lower interest rate than a credit card would, plus you have an exact amount to pay back each month, making it easier to budget for. Not only that, but there is an end date too; credit cards can take many years to pay back, but loans can be paid back more quickly, freeing you of the debt in a more comfortable timeframe.

The good news is that even if you have a poor credit score, there are many different loan options available, and you no longer have to go to your bank to apply as online companies are specializing in loans for people with poor credit, for example.



If you have equity in your property, then you might be able to remortgage it to release some of those funds and pay for any renovations that need to be done. This is a particularly good idea if the work that needs doing is extensive, such as an extension or an entirely new kitchen or bathroom, for example. In these cases, it makes sense to look at remortgaging since the work on your home is going to add value to it, and when you come to sell, you should be able to make that money back again, especially if you are going to wait a few years to put the house on the market.

The important thing to remember about remortgaging, however, is not to borrow more than you need even though it might be tempting. If you borrow too much, then it might be difficult to make that money back when you sell, and you could end up in negative equity in the worst cases. This is why it is essential to make an accurate budget for your redecoration or renovation project so that you know how much you are going to need. You might even consider calling in a realtor to appraise your property so that you have a better idea of how much money you might be able to make back if you were to sell once the work is done.

Borrow From Friends and Family

Borrow From Friends And Family

Obtaining credit isn’t something that everyone is readily able to do, and if that is the case, then you could speak to friends and family about borrowing money from them. Sometimes a home renovation is necessary, and you might need an extra room for any number of reasons. Equally, you may need to spruce up the places you do have, mainly if the property was in poor condition when you bought it.

You may not feel comfortable asking friends and family for money, and linking personal feelings with cash can make things extremely difficult. Still, if you go about it in a non-personal way, then it will be easier. You need to separate the money from your personal feelings and relationships, especially if this is the only way you are going to be able to make any changes to your home.

The ideal thing to do is to create a contract between the two of you (you and the lender, whoever that might be) so that everything is set out on paper, and you both know where you stand. Ensure that your payments are set up so that they go to the lender’s bank account automatically on an agreed date each month as well. You may find that the people who know you and want to lend you money aren’t going to charge you interest, but don’t take for granted that that is the case.



You may have enough savings to cover the changes you want to make in your home, and if this is the case, then this is, of course, the cheapest option open to you. It will depend on how much you have saved and what those savings are intended to be used for. If they have a specific purpose (other than home renovation), then you may be reluctant to use them, and choose a different option. If, however, you are just saving as much as you can for whenever it is required, then it makes sense to pay for the renovations in this way as your monthly outgoings won’t be changing, and you can save more once the project is over.

Previous articleHow To Add Touches Of Art Deco To Your Interior
Next article4 Types Of Icing Which Will Make Your Cakes The Most Desirable One To Have
Himanshu Shah is the chief marketing officer at MyDecorative.Com, and he is also a young enthusiastic writer who is gumptious and talented. He has sound analytical and technical skills. He is a blogger, Digital Marketing Expert who likes to write on home decor.


Please enter your comment!
Please enter your name here