How to Finance a DIY Job

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Home owners often turn to DIY jobs because they cannot afford to pay a professional to do the work. This makes sense because owning your home costs a lot of money. Some people may be buying a property with the aim of renovating the property for resale. This has become more popular because property flipping is a lucrative business. This is not just a spare of the moment thing, you have to plan ahead an prepare for every eventuality.

What do you need to consider?

When doing a DIY project you need to figure out how much money you need, where you are getting the money from and how you are going to spend it. If you are using unsecured loans for your DIY project, make sure you plan how much you need ahead of time. You need to take into account that DIY projects often run into problems, say you bought one type of shower fitting but just before you fit the head, and you realize there is a problem with one of the water pipes. This is a costly setback and if you haven’t lent enough money to cover it, then your project is at a standstill. You don’t want to get to this point and then have to lend more money because the price of your project will balloon until your really can’t afford to finish your work and you don’t have the money to pay the loans off. You have to be very careful to not go over budget.

It is good practice to go in and speak your bank manager, tell him what you are using the money for and draw up a blue print for how you are spending the money, budgets you have for certain areas and add in some emergency money for when things go wrong, and they will. You will be very lucky if things don’t.

Car boot, Jumble Sales or Store Sales

Another good option that you have is to buy the items that you need in a store sale. You might not be getting the most fashionable item on the market but if you look at the sale items, you could probably find ‘the next best’ item at half the price. This will enable you to spend more money on bigger items.

If you are ripping out some items and they are still in working condition, you could sell them to make extra money. Car boot or Jumble sales are always a good place to sell some products. You may not get a very high price for them, but it is always an advantage to try and recover some money spent.