Fall is coming! For some of you, that means time to do a major remodel. If you’re planning on doing some, if not all, of the work yourself, it makes sense why you’ve waited for it to get cooler outside. If you are not able to pay for the remodel out of pocket, there are some options for you. Keep in mind that remodeling adds value to your home.

If you were already considering refinancing the mortgage you currently have, you have the option to add extra to your loan and take some money out to finance your remodel. We would not recommend that you decide to refinance in order to remodel – that is not a wise decision.

There is an option to take out a personal loan for a remodel. Personal loans tend to have higher rates though. It makes sense as the lender has a greater risk since nothing is up for collateral.

Home improvement loans are available as well – in the form of a second lien. You can either take out an equity loan or a home equity line of credit.

If you are able to afford paying for any of the remodel in cash, we would recommend you do that and then finance the rest. It is always wise to minimize the amount of your loan as much as you can.

If you decide to go with a remodel, do not forget to take before and after photographs. They are always fun to look back at!