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Some homeowners spend a lifetime dreaming of having that perfect kitchen; others reach out and grab it.

If financing your home improvement project is the only thing standing between you and your dream kitchen, read on. At least four workable solutions are out there waiting, and all are highly attainable to anyone who manages his or her credit responsibly. Even if you've had credit problems in the past, you can still finance a renovation using one or more of the options listed below. 

 

Financing your kitchen remodelTake Out a Home Equity Loan

Probably the option most people consider first, a home equity loan simply means that you borrow against the money you've already paid into your mortgage. More like a line of credit than an actual loan, this option allows you to borrow only what you need while you make minimum monthly payments to pay it back. A home equity loan may come with a variable interest rate attached, so make sure you understand the terms before you borrow. 

 

Use a Financial Windfall

There may be no financial planning involved in scoring that new, modern kitchen if you utilize funds that come your way once a year. For many homeowners, tackling those big home improvement projects is easier during tax season. If you're one of the millions of Americans who gets a substantial refund on the amount of taxes you pay yearly, use this year's refund to buy cabinetry, flooring and countertops. 

 

Enact a Savings Plan

best ways to get money together for a kitchen remodelEven if neither of the above options is available to you personally, you can still have that dreamy kitchen with all the open floor space and granite for miles. It may take a year or two of skimping, but if you decide right now to begin saving toward this upgrade, rest assured in knowing that it will increase the resale value of your home in the long run. Think of it more as an investment than a luxury, and you might find it a little easier to tuck those dollars away every week. 

 

Take Out a Personal Loan

A personal loan is another option that might work for anyone wanting to finance a kitchen remodel. It typically takes only minutes to apply, and if you've been responsible with credit in the past, approval usually comes within a day or two. You'll want to discuss the repayment terms and the interest rate before securing a personal loan, but once the money becomes available, that's your cue to hire a contractor to begin demolition on your old, dated kitchen. 

There is always more than one financial solution for anyone willing to look hard enough or to dig deep enough. And if your dream kitchen — the one with the built-in pantry and plenty of storage space — tops your list of must-haves, you'll find a way to make it happen. Use these four techniques as stepping-off points in your financial planning, and you might be surprised at just how quickly that new kitchen becomes a reality. 

 

Anne G. specializes in writing articles, blog posts, press releases, product descriptions and marketing materials in a variety of fields. She enjoys researching, social media, landscaping, gardening and home renovation. Anne enjoys volunteering at her church, her children's school, and with the Boy and Girl Scouts of America.

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