Digging in the Garden
If you’re thinking about starting a project in your home, it’s important to have a plan. Work out the cost of your project before you jump in. Build out a budget and ensure you have enough funding to cover it. You don’t want to start a project and run out of money halfway through!
If you’re a fan of home renovation shows on TV, you’ve probably noticed, almost every project the hosts tackle ends up having unexpected costs. While your real-life experience may differ from the TV version, you should still make sure you give your budget some flexibility in case you run into unexpected costs.
According to the infographic, homebuyers who started home improvement projects funded them in a variety of ways. Depending on the size and scope of your project, you may have to borrow money to complete it. Sources of funding can include savings accounts, a home equity line of credit (HELOC), personal loans, credit cards, or a mortgage refinancing with cash out of equity.
No matter what your project is, BancorpSouth can help you find financing. If you feel a HELOC is right for you, contact us to learn more or apply online today and let our local representatives in your area help you make the most of your home.