After living in your home for a while, you may have discovered that it’s simply not meeting your day-to-day needs. Instead of going through the process of purchasing a different home, you always have the option of undergoing a home renovation. Knowing the best time to fund this project can make the difference between enjoying your newly renovated home and being wary about paying for it. 

During Winter 

When it comes to the best physical time of the year to undergo a home renovation, it’s by far the late fall and winter months. Most people avoid this time of year for the simple fact that it can throw many weather curveballs that can push back the completion date of their home renovations. However, this is when most contractors aren’t booked. In fact, you’ll likely see cheaper prices offered because there isn’t such a high demand for work during the colder months of the year. 

When Your Credit is Stellar 

If you plan on financing your home renovation project, then you need to consider your credit score. When you have a great credit score, you can take advantage of low-interest rates and more favorable loan terms. If you have less than perfect credit, you could be stuck paying high-interest rates and fees. It’s best to chat with an organization such as American Financing to learn about what credit score you need to have to take advantage of their best loan rates. Speaking with a professional will help you start your project with your particular budget. 

When You Find Long-Term Employment 

It’s also a good idea to wait to fund your home renovation project until you’ve become established at your workplace. To get approved for most home equity loans, you’ll need to show that you’ve been working at the same location for at least two full years. This helps to establish your credibility and increases your odds of being able to successfully pay off the funds that you borrow. Lenders want to see that you have a consistent income before they are willing to approve your loan. 

Deciding to undergo a home renovation is a big decision for any homeowner. By scheduling your renovation project for winter, getting your credit score to a stellar rating, and sticking with the same employer for at least a couple of years, you can highly increase your odds of getting approved for the best financing terms possible. Then, you can enjoy using your newly renovated home instead of worrying about whether or not you can really afford it.

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