subject: Remodeling Your Home Without Home Equity [print this page] When you need to do a remodel and you don"t qualify for a home equity loan, there are ways to generate the extra income to pay for it. Funding a home renovation can be stressful enough as it is, but when your kitchen is screaming for quartz countertops and your wallet is yelling laminate, you may be able to afford the formal with a few tips.
A roommate can help generate income for a limited time. Taking in a lodger you know and trust may be a more comfortable situation, but there are ways to check the background of anyone you invite to live in your home. You can place a free ad on craigslist, the local paper, or any of the social networking sites you use.
Even renting out your home for a week or two while you"re on vacation can be a way to earn some extra cash. If you"re going out of town and your home is near touristy areas, there are plenty of free listing sites for rentals that you can use. Just ensure that your homeowner"s insurance covers this, and that you create a landlord"s policy.
Eliminating your private mortgage insurance may also be an option to save money. As home values are rising again in several markets, it may be possible to cancel your private mortgage insurance if the value of your home is high enough. You can check online to find free value estimates for your home or homes in your neighborhood.
Energy efficiency is increasingly popular. Some utility companies give rebates on your costs or loan you money to make energy-efficient updates to your home, as well as let you pay off the balance over time as part of your monthly utility bill.
Once you are ready to remodel you will find that you can make basic upgrades in order to increase upgrades to your home. Replacing countertops and adding a new coat of paint to the cabinets in your kitchen can drastically improve the look and value. And don"t forget the outside of your home too. A new paint job, or landscaping can also make your home more appealing, since that"s the first thing that passersby see.
