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Home Remodeling on a Tight Budget? A Home Equity Line of Credit May Help

May 23, 2023
Tiffany Miller
Tiffany Miller

Home remodeling can be an expensive and daunting task, especially for those on a tight budget. However, with proper planning and creative solutions, it may be possible to achieve your desired outcome without breaking the bank.


Home Remodeling on a Tight Budget


Here are a few ways to spruce up your home on a budget:


1. Prioritize your needs

Determine which areas of your home require the most attention and focus your efforts on those. For example, if your kitchen is in dire need of a makeover, it may make more sense to prioritize that over your guest bathroom.

2. Get creative with materials

Instead of choosing expensive materials, consider using alternatives that are more affordable but still have the desired aesthetic effect. For example, laminate countertops can be a budget-friendly alternative to granite. Painting or refinishing kitchen cabinets instead of replacing them, or adding a colorful backsplash can have a major impact without a major price tag.

3. Do it yourself

You don't necessarily have to hire a contractor when you're considering an upgrade. Taking on some of the work yourself can save you a significant amount of money. Simple tasks such as painting or laying down new flooring can be done with the help of friends or family members. Just make sure you have the skills and tools you need to accomplish your DIY tasks.


4. Shop sales and discounts

In advance of launching your project, start keeping an eye out for sales and discounts at home improvement stores. You can save a lot of money by purchasing new or even lightly used items when they're on sale and clearance.


A HELOC can provide additional funds

Using a HELOC for home remodeling can be a smart financial move because it allows you to access funds as you need them, rather than having to pay for everything up front. Additionally, the interest you pay on a HELOC may be tax-deductible, which can further increase your savings. Consult your tax advisor about deductibility.


We're here to help

With a little creativity and smart financial planning, it is possible to achieve your home remodeling goals, even if you're on a tight budget. A home equity line of credit can provide additional funding and help you achieve your desired outcome.

However, it's important to carefully consider all of your options and speak with a financial professional before making any decisions about incurring additional debt. A Hancock Whitney banker can assess your project details and your personal financial situation to recommend the best financing solution for you.

Visit a nearby financial center, or call 1-877-844-4948 option 1 to speak with a Hancock Whitney banker.

BudgetDumpster.com, How to Save Money on a Home Renovation, https://www.budgetdumpster.com/blog/home-remodel-on-a-budget/


The information, views, opinions, and positions expressed by the author(s), presenter(s), and/or presented in the article are those of the author or individual who made the statement and do not necessarily reflect the policies, views, opinions, and positions of Hancock Whitney Bank. Hancock Whitney makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented.

This information is general in nature and is provided for educational purposes only. Information provided and statements made should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Hancock Whitney Bank encourages you to consult a professional for advice applicable to your specific situation.

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