From home equity loans to refinancing your mortgage and more, financial advisors break down the best options.
For as important as certain home improvement projects may be, figuring out how to finance them isn't always easy. "There can be more expenses in a home renovation than the materials needed to complete your project," says Sharon Fletcher, a financial advisor at Northwestern Mutual. "You can expect to need the services of a plumber, electrician, and other technical professionals to assist with a renovation, depending on what your project looks like." Along with the costs of building materials and labor, Barb Pietrangelo, a financial advisor at Prudential, says it's also important to have funds set aside for all of the unexpected expenses that could pop up during a renovation. "It's always good to anticipate the unplanned costs that typically come up during the renovation process," she explains. "Home improvement often costs twice as much (and takes twice as long) as planned."