Renovating on a Budget
What Options Do You Have When It Comes to Installing the Tile of Your Dreams?
While the general rule of thumb is to spend around 10 to 15 percent of your home’s value on a kitchen renovation, the true cost could turn out to be much more — and the budget for your bathroom may be about the same.
However, when it comes to getting good-quality flooring like tile, you don’t need to break the bank. From the financial options that can allow you to get the kitchen and bathroom of your dreams to potential, budget-friendly alternatives, here’s what you should keep in mind before renovating.
Financial Options Worth Considering
What’s Best for You?
When looking to renovate your bathroom and/or kitchen without having the cash upfront for good quality tile, there are some financial options worth considering.
Taking out a personal loan is one option that can be used for home improvement purposes and could help greatly with the cost of the tile. However, because personal loans are a type of unsecured debt, they aren’t tied to any collateral — though they do generally involve higher interest rates.
Should you decide to refinance your home, which involves taking one mortgage and swapping it for another, you have additional options.
By refinancing your home, you may choose to lower your monthly mortgage payment, which will allow you to better budget for things like home improvement costs (and save you on interest in the long run, too).
Another option, known as cash-out refinance, allows you to take out cash based on the equity built into the home by taking a loan larger than the amount you still owe. In turn, you’ll receive a portion of your home’s gained value (tax-free), which can then be used to put towards home improvement costs like tiling.
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Budget-Friendly Tile Alternatives
Spanish Style Tile Floors
For those hesitant or unable to take out a loan or refinance a home, there are budget-friendly flooring options worth considering.
Spanish-style tiles and handmade concrete tiles are two options. They are available in a variety of finishes, colors, and patterns. They’re also easy to maintain, making them great for the bathroom or kitchen.
However, when considering flooring for high-traffic rooms like the kitchen, it’s important to remember that quality topcoat sealer and proper maintenance add years to the lifespans of these types of rustic floors.
Remodeling your kitchen or bathroom is an exciting project that can result in drastic and positive changes in the home, though it’s often one of the most expensive home renovation projects.
However, with the help of a loan, options like refinancing your home or opting for tile alternatives—like Spanish-style flooring—are all ways that you can make your renovation dreams come true without breaking the bank.
Some of our Favorite Spanish Style Tile Floors
Mexican Saltillo flooring
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