Reevaluating how to fund my home improvement project

Now that I’ve got a basic plan about what I’m going to do with my new home, it’s time to secure funding. I estimate the cost of my home repair to be between 20K and 30K . Initially, I was going to take out a loan and pay for everything all at once because I’m pretty good with my money, and I have excellent credit. But after looking into my options, it’s looking like I’m going to have to reevaluate.

I was hoping I could get assistance because I live in a developing area, but after calling about the home repair program with Habitat for Humanity, I found out I make barely too much to qualify. Shucks. It’s an excellent program, and I have every intention of still volunteering with them, but looks like I’ll be paying for all my home repairs myself.

I also looked into getting a construction loan. I was all set to start getting my list of contractors and expense sheet ready when I realized whatever money I spent would have to be paid back within 12 months. This would be difficult to accomplish on my flimsy teacher salary, and I like to play it safe when it comes to finances.

So then I looked into taking out a regular loan with my bank at Telcomm. The problem here is that I can only take out about $5,000 to $7,000, hardly enough to do all the repairs I want. So then I figured maybe I could take out the loan, do half of the repairs, pay it off, then take out a second loan and do the other half of repairs, but then I discovered a new problem: the cost of building materials, especially lumber has skyrocketed!

So now I’m reevaluating the whole thing. The house is livable without the repairs. I just wouldn’t be terribly comfortable. Now I still have my bus which is perfectly livable. The main reason I bought this house was because it was cheap and I can park my bus in the backyard. So now after all the hassle of trying to secure funding, I think I’ll go with my first original plan: live out of my bus in the backyard and pay for my home repairs little by little. And by live out of my bus, I mean, store all my stuff and have a comfy space. I’ll still sleep inside and use a real bathroom. But I don’t want to fill my house with furniture until the repairs are done. I’m going to focus on funding one project at a time in order of importance:

1.) Install the privacy fence (I want a wood fence, but it’s double the price right now)

2.) Replace the back door (this won’t be too expensive)

3.) Replace all the windows (probably the most expensive project on the list)

4.) Remodel the bathroom (gut and replace the sink, tub, toilet, tiles, and walls)

5.) Replace two light fixtures (the other fixtures are ok, just dirty)

6.) Fix the walls (tear out all the wall paneling and replace with drywall. Ugh)

7.) Fix the floors (rip out all the linoleum with the hopes there are hardwood floors underneath)

8.) Remodel the kitchen (probably just going to paint the cabinets. Maybe replace the floor)

9.) Install security (I should probably do this first. And I’ve got friends who can help)

We already saged it. lol

10.) Replace the roof (the contractor told me I’ve got a few years before I have to do this.)

Eventually, I want a whole new back patio area, a garden, and lots of other ideas involving shelving, furniture, the exterior etc. but none of it is pressing. I imagine home improvement is a never ending process. I might as well take my time and enjoy it.

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