Home improvements are super expensive and often require a huge chunk of money in order to bring them to fruition. Depending on the size and scope of your particular project, you could be looking at a small fortune to make the needed and desired improvements on your home. Many homeowners simply don’t have that kind of liquid cash in their bank accounts.

Luckily, there are different ways that you can fund your home improvement project without having to sell everything you own or beg your family and friends for money to cover this expense. Here are a few options you may want to consider to help you finance your next renovation.

1. Home Equity Line of Credit (HELOC)

If you have any equity built up in your home, you may be able to use it to fund your next home improvement project. With a HELOC, your home is essentially used as collateral and allows you to borrow a specific amount of money based on how much home equity you have.

Somewhat similar to the way a credit card works, a HELOC allows you to withdraw money from your credit line against your home equity, which is charged a set interest rate. You would then be responsible for repaying the amount borrowed every month.

The draw period for a HELOC is typically 10 years, but that can fluctuate based on your lender and your particular situation. During this draw period, you’re allowed to borrow against your home equity up to an agreed-upon limit and make monthly payments that incorporate the interest and a portion of the principal on the outstanding balance.

The repayment period is when you would pay off the entire debt in full, and typically lasts approximately 15 years. The payments made during this time frame will likely be higher because you’d be paying more towards the principal portion of your debt.

The great thing about HELOCs is that you can deduct your expenses come tax time if the money was used for significant improvements to your home. You can deduct the interest on a limit of $750,000 of home equity debt.

It should be noted that borrowers need to make sure they are financially capable of repaying their HELOC. If you fail to make their payments, you could lose your collateral – in this case, your home.

2. Home Equity Loan (HEL)

A home equity loan is similar to a HELOC in that you borrow money against the equity in your home and use your property as collateral for the loan. However, it differs in that a HEL does not involve a revolving line of credit like a HELOC. Instead, you take out a certain amount of money – as you would with a conventional loan – and pay it back in fixed installments with interest over time. Home equity loans can range in length from anywhere between five to 30 years. 

Home equity loan amounts depend on the value of your home – which an appraiser will determine – and the amount of equity that currently sits in it. Like a traditional mortgage, you’ll have to pay a certain amount in closing costs, though these amounts are typically a lot less compared to a traditional home loan.

3. Construction Loans

You may be able to qualify for a construction loan in order to finance your home improvement project. These types of loans are typically used on a short-term basis – typically around one year – which allows you enough time to complete your project and provide the funds needed to pay for it. Construction loans are designed for projects that are significant in nature and are not suitable for smaller renovations.

The funds are not given in one lump sum; rather, they’re released at stages. Typically, money is given when specific phases of the job have been completed. Once the job is done, a new loan will usually have to be taken out in order to pay off the construction loan.

4. Mortgage Refinance

If the current mortgage rate is lower than the rate you’re currently locked into with your mortgage, a refinance might be a great way to save some money at a lower rate. You can kill two birds with one stone by taking advantage of less in interest payments and freeing up some money that can be used to be put towards a renovation.

Essentially, refinancing means paying off the first loan and creating a second loan with a lower rate. By doing so, you can effectively cut down on your monthly mortgage payments that will allow you to use those extra funds to finance a home improvement project.

You may even want to consider a cash-out refinance, whereby your existing mortgage would be refinanced and the new home loan would be for a larger amount than your current loan. In turn, you would get the difference in cash. That said, a cash-out refinance should only be considered if you are certain that the improvements you make on your home will increase its value.

5. FHA Title 1 Loan

Homeowners can use FHA Title 1 loans to get access to necessary funds to make improvements on their homes. Buyers can even use these types of loans on top of their original mortgage to fix up a home they’re purchasing.

An FHA Title 1 loan is specifically used for home improvements. Loans under $7,500 typically are unsecured; all you would need is your signature. However, larger loan amounts will require collateral; namely, your home. These loans are usually made for no more than $25,000.

Only lenders who are FHA-approved are able to offer Title 1 loans. You don’t need any equity in your home to qualify, and the money you borrow can be used to pay for any home improvements that are not considered excessive. 

The Bottom Line

If you don’t have a large lump sum of money lying around to pay for a home improvement project, you still have options. The above financial products can help make your renovations a reality. Not only are they relatively easy to obtain, they can also help you add some extra value to your home once your project is done. Speak with a mortgage specialist to find out which option is right for you.

Your home’s fence plays a key role in two critical factors in your home’s exterior: esthetics and privacy. The type of fence you choose will be integral in how visually appealing your fence is and how much privacy you’ll be able to enjoy.

Luckily, there are several fencing options available, each of which offers its own set of benefits and drawbacks.

The following fencing types are often used for residential purposes to both contribute to the esthetics of a home and add a level of privacy and security.

1. Wood Fencing

The traditional type of fencing material – and the most popular – is classic wood. The most common wood species used to build fences include cedar, pine, spruce, cypress, and redwood. Wood fencing can not only be erected in such a way so as to provide different levels of privacy, it’s also one of the more attractive materials for this particular residential feature.

Depending on the type of wood and the way in which the fence is erected, there’s no reason for a wood fence not to last as long as your home itself. Of course, how well it is maintained also plays a role in the lifespan of the wood fence.

The type of wood and the amount of lumber required to achieve the desired effect greatly influences the final price tag. Cedar is typically the more expensive wood type for fencing, while pine tends to be on the lower end of the pricing scale.

There are a variety of ways a wood fence can be constructed, the most common of which include:

• Picket fences – Upright panels are spaced apart.
• Privacy fences – Two layers of upright panels are erected, with each set blocking the spaces between the other.
• Stockade fences – Wood panels with pointed edges are placed tightly against each another to create a solid panel.
• Lattice fences – Strips of wood are crossed and attached together with diamond-shaped spaces in between.

2. PVC Fencing

PVC – which stands for “polyvinyl chloride” – is a type of vinyl and is often used in place of wood. It’s relatively inexpensive, especially compared to certain wood materials. It weather-tolerant, strong, and durable, though not necessarily as strong as wood. When painted, it’s difficult to tell that it’s actually PVC rather than wood.

Unlike wood, however, PVC only has to be stained or painted once, making it much easier to maintain. They never splinter either, making them more kid-friendly.

Typically, PVC fences incorporate wooden posts that are then outfitted with PVC sleeves. Stakes are either attached using an adhesive to cross bars or secured with screws. These types of fences come in all sorts of different colors, heights, and widths to suit a specific style.

3. Composite Fencing

Composite is typically created out of recycled wood pieces and plastics and mimics the look of real wood. While composite is generally more expensive than wood, it is a sustainable material that never requires trees to be cut down in order to obtain the lumber. Composite is also a popular choice among homeowners because it’s easy to maintain since it never has to be stained or painted after the initial coat.

Composite fencing is also very strong and able to withstand weather elements and is therefore able to last for decades. However, it may expand and contract during significant fluctuations in temperature because of the presence of wood factors in composite, which means it could be vulnerable to warping.

4. Bamboo Fencing

An interesting fence material that has been gaining in popularity over the recent past is bamboo. This natural material is actually used for several different residential components in addition to fencing, including furniture, accessories, and even dinnerware. It’s typically found in tropical and subtropical parts of the world.

Bamboo is considered to be a more eco-friendly choice for fencing material compared to wood because it can grow to its full height within one growing season, compared to trees which can take decades to reach their full height.

To create a fence, the bamboo poles are fastened together into panels and secured at posts installed at intervals along the perimeter of the yard. Rails are horizontally attached to the installed posts, upon which rolled panels of bamboo are installed.

Bamboo can tolerate extreme weather conditions compared to most plants and is able to maintain its integrity despite the elements. It’s therefore durable enough to last for the long haul. Out of the more than 1,500 bamboo species out there, about 100 of them are used for commercial purposes, including for fencing.

5. Wrought Iron Fencing

Wrought iron is a classic and opulent-looking fence material and style. This material can instantly boost the luxury factor in a home’s curb appeal, which is why it is a popular choice for fencing.

Wrought iron is both visually appealing and incredibly strong, making it an ideal fencing material. However, it can be expensive, especially when more ornate designs are chosen. But wrought iron provides homeowners with so much flexibility in terms of style to create truly unique components for a home’s exterior.

Despite wrought iron’s durability, it does require some level of regular maintenance. Every few years, this material will likely need to be repainted, and sometimes even sanded down before painting if enough damage has been done to the coating.

6. Aluminum Fencing

Since wrought iron is rather expensive and out of budget for many homeowners, aluminum fencing is often sought after as an alternative. Aluminum can mimic the appearance of wrought iron without the costly expense. However, aluminum is not nearly as strong or durable as its wrought iron counterpart.

That said, aluminum fencing is very attractive and does not require the amount of maintenance that wrought iron does. The finish of aluminum fencing material is powder coated and is resistant to chipping, peeling, or cracking. There’s no need to sand and repaint the aluminum posts every few years as would be required with wrought iron.

The Bottom Line

When it comes to fencing for your home, you’ve got options. The one you select will depend on your budget, how much privacy and security you want, and your taste in style. Fortunately, there are several different options for you to choose from to check off everything on your wish list.

No seller ever wants to have to take down their listing after little activity and zero offers. But it does happen, and these sellers are then left with the task of relisting their homes at some point in the future.

If you’re one of these sellers who is in the position to relist, you’ll want to make sure your new listing is successful this time. To do that, you’ll obviously need to make some adjustments to your new listing. Something clearly wasn’t working the first time around, so some changes will need to be made in order to ensure your next attempt works in your favor.

Here are some things you should take into consideration before you put your home back on the market.

1. Consider Comments From Buyers and Agents

You can gather a lot of vital and useful information from buyers and agents who visited your home when it was previously listed. Their thoughts and opinions of your home can come in really handy when it comes time to relist.

Obviously, there was an issue with your listing before, which is why it never sold and was taken down. But what exactly was the issue? The price? The condition of the home? The curb appeal?

Whatever the problem was perceived to be, you can find out the nitty gritty by simply getting some feedback from buyers and their agents to help tweak your new listing accordingly. Any negative comments made about your home can be used to your advantage to create a much stronger listing the second time around.

2. Make Some Improvements

Little issues with a home’s condition and decor and really add up and turn prospective buyers off. The chipped tiles, loose cabinet handles, burned-out light bulb, or scuff marks on the walls might all seem minor, but they can all combine to make a home look less than perfect.

Before you relist, take the time to carefully inspect your home and look for little things that require improvement and updating. Certain updates might cost a little bit of money upfront, but they can make a huge difference in the overall appearance of your home and bring you the price you want. With a home in better condition, there’s less reason for buyers to lowball you on price or consider other properties.

Just make sure not to go overboard with your upgrades. Spending too much on certain types of improvements will not bring you the return you would like come sale time. Keep things simple and affordable, and stick to relatively simple cosmetic updates. Costly repairs rarely allow sellers to recoup the expense.

3. Hire a Professional Home Stager

In addition to making some much-needed improvements, you should also consider having your home professionally staged. You stand a much better chance of selling within a reasonable amount of time and for a lot more money if you stage your home.

Taking this step is especially important if your previous listing failed and you’re attempting to relist. This time around, you need to put your best foot forward, and having your home staged for the buyers in your market is a great way to do just that.

A home that’s presented appropriately for the market can make a huge difference in the response and attention it gets. Appealing to the target pool of buyers in your area can help you get an offer in a reasonable amount of time after listing and can give you more negotiating power.

4. Take New/Better Photos

Assess the photos you used in your previous listing and determine whether or not they were up to par. Photos play a critical role in a listing and in enticing prospective buyers to schedule a showing. If your online photos are less-than-perfect, buyers will easily gloss over your listing in favor of one with much more attractive images.

Even if your previous photos were great, you probably shouldn’t use the same ones. You want your new listing to be given a fresh start, and using the same images from your last listing is not the way to do that. Buyers might figure out that the photos used on your new listing were taken months earlier and will know that your home has been sitting on the market for a while.

Not only do you want your photos to be better, you also want them to showcase any updates you made. Once your home has been updated and staged, that’s when new photos should be taken. Be sure to hire a professional photographer who will know exactly what angles and lighting to use to showcase your home in the best way possible.

Buyers are predominantly shopping online, and the photos you present make a world of difference. Today’s buyers are looking at several properties every day when searching online, so it’s crucial that your photos are perfect and help your home stand out from the crowd.

5. Consider a Different Asking Price

Your asking price is one of the most important aspects of your listing. A home that’s priced too high will scare buyers off who would have otherwise been willing and able to afford your home. If your listing price was part of the problem the first time around, you may want to consider relisting at a different price point.

An appropriate listing price that’s in line with the current market will help garner the most attention in your home. Today’s buyers are well-informed about what homes are worth and likely won’t spend any more than they have to, even for a home they’ve fallen in love with.

Your real estate agent will pull a new report of comps in the area to see where your home stands as far as value is concerned. By assessing similar homes in your neighborhood that have recently sold, you’ll be able to determine an appropriate listing price.

A price reduction is one of the more common criteria that buyers consider when relisting their homes after their first shot at the market was unsuccessful. But dropping the price isn’t always necessary. There are other factors that come into play that should be assessed, such as the condition of the market and the current inventory level. Your agent will have this important information in order to help you come up with a sound listing price that will draw the most attention on your new listing.

The Bottom Line

If relisting your home is on the agenda, you need to take a careful approach before you put your property back on the market. Take some time to closely analyze what went wrong the first time around so you don’t duplicate those mistakes. Many times it’s the price that causes a listing to become stale, but there are other factors that may have been at play. Armed with a seasoned real estate agent, you should be able to pinpoint what these issues were and take measures to improve your new listing.

Hardwood flooring has long been a mainstay in homes, and for good reason. It’s durable, and it’s appealing to the eye. These days, hardwood is being used in more unexpected places, including kitchens and even bathrooms. But as gorgeous as hardwood flooring is, it can also be susceptible to water damage and is downright expensive.

The good news is that homeowners have plenty of options for flooring materials that provide a similar look to their interiors as hardwood. Such materials not only rival the look of hardwood, they’re also often more affordable.

Here are some alternatives to hardwood flooring that warrant some consideration.

1. Bamboo

If you’re the eco-friendly type but still loves the aspect of natural materials, then you’ll love bamboo. You won’t be sacrificing in durability because bamboo is as tough as nails. It’s incredibly sturdy and is actually stronger than many types of wood.

Bamboo features a grain that closely mimics that of hardwood, making it a wonderful alternative to the more traditional type of flooring. Many homeowners prefer bamboo to traditional hardwood because it is typically much more water resistant. That’s because bamboo is technically not a wood at all, but rather a type of grass. That said, it’s not entirely immune to water, so the same types of precautions should be taken to protect bamboo flooring from excess water and moisture.

Bamboo flooring is easy to maintain with nothing more than a damp cloth for cleaning. It is also more resistant to scratches and scuff marks compared to hardwood flooring.

To create flooring with bamboo, poles are sliced into strips of varying widths and skin is removed. The strips are then compressed under high heat to create the final flooring product. It can then be stained in any number of colors to create a fully customized look.

2. Cork

Another type of sustainable flooring material that an increasing number of homeowners are choosing over hardwood is cork. While this material is a little soft, it is still incredibly durable, making it a safe flooring option. It also tends to be a more comfortable type of flooring for children to play on given it’s slightly softer feel.

Cork doesn’t exactly look like hardwood, but it’s a natural material that is increasingly finding its way into homes across the country. Available in both planks and tiles, cork is rather simple to install. It’s resistant to mildew, absorbs sound, and wards off insects to prevent any damage done by pests.

While cork is easy to maintain, any spills should be mopped up immediately or else the material could be subject to swelling and staining. The material should be sealed with wax every year in order to avoid any permanent damage as a result. Since cork cannot be sanded down and refinished, it’s important to ensure no damage is done to this material.

3. Engineered Hardwood

Unlike hardwood flooring – which is made from planks taken from actual trees – engineered hardwood is made of wood particles that are fused together and enclosed by a veneer wood. It is this type of construction that makes engineered hardwood so durable and resistant to wear and tear from heavy traffic.

Engineered hardwood also much better able to handle exposure to water and moisture, as well as extreme fluctuations in temperature and humidity. Traditional hardwood is notorious for experiencing severe damage as a result of water and heat.

This is a more cost-effective option compared to hardwood, while still providing the same beautiful esthetics. And since there is less waste involved with the construction of engineered hardwood, it’s also more eco-friendly too.

4. Vinyl Planks

The thought of “vinyl” on flooring might not sound very classy, but vinyl planks can be just as visually appealing as the real thing. And since these planks are applied individually just like hardwood, they do a very good job of imitating actual wood for a much more affordable price.

Of course, you can also find vinyl that comes in tiles and sheets, but the planks are more authentic looking. Vinyl planks even come textured with beveled edges to further increase the legitimacy of this hardwood alternative.

This flooring material is not only affordable, it’s also easy to maintain and very durable. In fact, it can last just as long as – if not longer than – other traditional types of flooring materials. It’s also more sound absorbent, which means all that clanking from foot traffic won’t be as loud.

That said, vinyl planks are more susceptible to scratches, which means a little more care is needed to keep them in good condition.

5. Laminate Wood Flooring

Another affordable alternative to hardwood flooring is laminate, which may have been around for a long time but has recently gained more attention. You can easily get the look you’re after thanks to all the options you have in terms of colors and patterns.

Laminate wood flooring material is very durable and is highly resistant to water and moisture, unlike its hardwood counterpart. For this reason, this type of flooring is a great option for those who love the look of hardwood in the kitchen but don’t want something that’s going to ruin so easily in these types of environments.

If you do decide to go with laminate, be sure to do some research into the different products and manufacturers out there, as there is a wide variation in the level of quality of this type of material.

6. Wood-Look Porcelain Tile

Porcelain tile that looks like hardwood? Yes, it really exists, and it’s actually quite attractive. In fact, porcelain tile that simulates hardwood is becoming an increasingly popular trend in flooring among homeowners who appreciate an incredibly durable material under their feet.

Manufacturers have become pretty savvy in their creations and have managed to come up with porcelain tile that looks as close to hardwood as possible. The textures, colors, and grain patterns in various porcelain tile materials help homeowners achieve the look of hardwood while providing them with something that’s as durable and easy to keep clean as possible.

Of course, it’s still porcelain, so you’re not going to get the feel of actual wood with this type of material.

The Bottom Line

You might love hardwood, but aren’t too keen on its price tag. Or, you might be looking for something that looks like hardwood but is easier to maintain and is able to withstand a little more wear and tear. You’re in luck, because there are several alternatives available for you to consider when it comes time to revamp the floors in your home. Consider any one of the above materials to achieve the esthetic appeal of hardwood and create an attractive interior without blowing the budget.