How can I pay for a new kitchen?
Needless to say, a new kitchen can cost a lot of money. By replacing nearly everything in one of the most expensive rooms of the house, you are committing to a rather enormous expenditure. Unless your home is next in line for an HGTV kitchen makeover, how can you afford it?
Save, Save, Save
The best option is simply to save your money. Rather than piling up additional debt, why not pay in cash? Doing so will give you clear budget parameters, providing clarity and precision to your planning. Admittedly, saving the entire amount is a bit of an ideal, but it is still a great option.
Home Improvement Loan
Getting a home improvement loan is not that hard, even in a cash-strapped, loan-wary financial climate. This type of loan is specifically designed to be used for home repairs, renovations and improvements.
Home Equity Line of Credit
A Home Equity Line of Credit (abbreviated HELOC) is basically like opening a credit card to pay for your remodel. It allows you to borrow money up to a certain percentage of your home’s value and repay later.
out a second mortgage can free up some extra cash to be used on a new
kitchen. If you own your home and are paying one mortgage, you can take
out a second mortgage, usually with higher interest and shorter terms.
The result is an immediate lowering of mortgage costs.
A Few Reminders
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