How to Renovate a House with No Money Fast, 2 Helpful Ways

By: | May 25, 2022 | Tags: , |
how to renovate a house with no money

Do you need to know how to renovate a house with no money?

A home project is a big undertaking.

Do you want to learn about the best ways to pay for it?

Keep on reading to find out how to renovate a house with no money.

How to Pay for Home Improvement Projects

Whether you want to make some home renovation project or prepare to sell your home, financing this process can be challenging and time-consuming.

The biggest question is to understand where you are going to take the money. You may choose a $1,000 credit card limit no deposit or get a home loan with money for renovations. 

It’s important to think about financing your home improvement project in advance so that you avoid the hassle and stress in the future.

Keep on reading to find out how to get money for home renovations and make a smart choice for your financial future.

Is a Home Renovation Project Your Priority?

Since the pandemic, home improvement projects have become widespread for consumers, as people started spending more time at home. The following chart shows the frequency of renovations among homeowners who renovated in the USA from 2015 to 2020.

how to renovate a house with no money

Around 68 percent of homeowners renovated the exterior features of their homes in the USA in 2020, down from 70 percent in 2019. Outdoor upgrades, on the other hand, increased from 51 percent to 57 percent. In the past, consumers had a priority to save for their vacation, while today more and more people adjust their lifestyles to the new reality.

They want to learn how to save money on home renovations as they adapt to having the entire family study and work under the same roof. As a result, home improvement projects have become more of an urgent need rather than a luxury. 

It’s not always possible to use your savings or tap your emergency fund to upgrade your bedroom or finance new kitchen furniture.  It’s not always possible to use your savings or tap your emergency fund to upgrade your bedroom or finance new kitchen home feature e.g. stone benchtops, oven installation

Here are the best options for how to get money for home renovations.

How to Pay for Home Renovations

Credit Cards

Utilizing a credit card can be beneficial for small home projects and minor updates such as installing a new closet or a bathroom vanity. Besides, if you want to pay no interest at all, you can benefit from a 0 percent introductory APR card and use it for small projects. 

In addition, many credit cards offer benefits and rewards and come with cashback options. However, large home renovation projects are better to finance with other options. Once the introductory period is finished, you will face higher interest rates. To avoid high interest, you will need to repay the amount you borrow within the billing cycle.


how to pay for home renovations with no money

This is the easiest solution. If you have a separate emergency fund with solid savings or if you have enough time to set aside some cash before the renovation becomes urgent, you may pay with cash. Of course, you may have come to this page for alternative options, but it’s necessary to admit that cash is the number one solution you should opt for. 

If you choose this way to finance your home renovation, you will avoid getting into debt. The only drawback is that it may take a lot of time to save the exact sum for larger projects, so you will need to start this home project later.

Are you ready to discover how to renovate a house with no money?

How to Renovate a House with No Money

Home Equity Loan

Another suitable option is to get a home loan with money for renovations. This solution is often called a second mortgage and it works similarly to home improvement loans. You obtain the amount you request to finance your project while the debt should be returned in fixed regular installments or parts for several months or even years.

A great advantage of these loans is that the borrower doesn’t need to stress out about market fluctuations. The interest rate is fixed so you should pay each month the same amount until the whole debt is repaid. This option works best if you know how much exactly your home improvement project will cost. On the other hand, your home may serve as collateral.

Let’s continue learning how to renovate a house with no money.

Grants and Special Programs

It can be a suitable solution for consumers who want to obtain cheap money or even finance their home project free of charge. Government agencies and nonprofit organizations offer low-cost loans and grants to people for rehab, home repairs, as well as energy upgrades. Before you decide to request a conventional loan at the local banks or choose a credit card, do your own research on what special programs and grants are available in your area.

Here are the widespread types of such programs:

Historic Preservation

Consumers who live in a historic district may be accepted to a program that aims to fund renovations in such districts. Visit to research your options.

HIP Loans

This is a home improvement program available in many countries. Such loans have lower interest and allow homeowners to save a lot of cash in the long run.

Energy Efficiency

You can have a look at the DSIRE database to search for programs that will offer low-cost lending solutions for new windows, insulation, efficient cooling and heating systems, etc.

Disability Assistance

Many special programs help disabled people fund their home projects. Contact your local social services as disabled veterans may also apply.

Cash-Out Refinance

You may obtain a cash-out refinance if you want to get a new lower interest rate and a new larger loan instead of your current mortgage. The extra dollars can be utilized from a cash-out refinance to order to fund home renovation projects. 

On the other hand, you have to be prepared to pay origination fees, an appraisal, other costs, and taxes. Also, the life of your loan will be made longer with a cash-out refinance. If you can secure a lower interest rate compared to your current mortgage, refinancing makes a good choice.

How to Renovate a House with No Money: FAQ

How do I start renovating a house with no money?

There are loans where you can offer your house as collateral in the event you don’t have any money. Cash-out refinance loans allow you to take cash out. Use the cash to renovate.

How do I renovate my house cheaply?

Take out a loan that allows you to offer your house as collateral. Also, you can join a cash-out program. Take the cash out and use it for renovations.

In Conclusion: How to Renovate a House with No Money

Financing a home renovation project can be rather expensive. If you haven’t saved enough and can’t pay with cash, you may choose one of the options to fund your home repair and cover the costs without delay.

This post was contributed and made possible by the support of our readers.

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