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Home Renovations in 2024

New year’s resolutions can take many forms. It could be starting a journey toward better health, following smarter strategies to grow your wealth or going all-in now on a home renovation project that’s been on the shelf.

When it comes to home renovations, the more personal touches you add to your home, the more your home truly feels like your own. For those ready to leap into these projects in 2024, this blog can help prepare you for that work, as well as show you ways you could fund those renovations.

Start With a Plan

Home improvement projects can start small and then take on a life and budget of their own so it’s smart to plan as much as possible. First, identify what areas of your home need immediate attention and start making lists. The number of to-dos may seem overwhelming but listing them will help prioritize your projects and give you a sense of what needs to be done.

Once you’ve made your lists, here are things you can do yourself to improve the look and feel of your home:

  • Declutter It: Reimagine how furnishings, family heirlooms and other things would look if more space were given to them. Go through each room of your home to see what and how you can declutter. This may include removing large collections of shoes, books, pantry items, fitness equipment and more. According to, getting rid of old things that no longer serve a purpose in your home can improve your living situation.
  • Prioritize Maintenance: Maintaining your home doesn’t have to be challenging, especially if you organize your approach to it. Create a maintenance schedule at the beginning of the year. This will let you stay on top of routine chores so that nothing is missed. Things to include are replacing the HVAC filters, scheduling an annual HVAC inspection, cleaning dryer vents, clearing your rain gutters, inspecting your water heater and conducting pest control, according to Forbes. Regular home maintenance can also identify any potential issues that may go unnoticed in everyday life.
  • See What You Can DIY: When it comes to remodeling your home, there are some projects that you could tackle yourself to save you money. According to, the average home improvement project cost using professionals is about $6,352, compared to the doing-it-yourself average of $2,502. The more work you can do yourself, the more you will have to fund other projects.

Funding Your Renovation Plans

Once you have decided on your projects for the year, it’s time to decide how to fund them. Ideally, you will have large savings to tap into, but everyone’s situation is different. Fortunately, there are various financing options available for homeowners considering home improvement projects:

  • Personal Loans: Personal loans are a good financial tool to pay for home renovations. These types of loans are usually unsecured so you don’t have to provide your home as collateral. Instead, they are based on your credit, letting you borrow cash usually at a fixed rate with fixed monthly payments. According to, financial institutions will review your credit history when you apply for a personal loan and those with a credit score of 740 or higher may be eligible for the best interest rates. The higher your credit score, the lower the rate you can get when you borrow money.
  • Utilizing Home Equity: Using your home’s equity to finance a renovation project can be very practical and useful. This type of financing works by tapping into your home’s existing equity, thereby using your home as collateral for the loan. There are two main types of equity financing: a home equity line of credit (HELOC) and a home equity loan. A HELOC lets you obtain a line of credit from which you can borrow as needed and pay it back over an extended period of time. The amount of the credit is determined by your home’s value and the interest rate is variable, meaning it will fluctuate based on market conditions. Home equity loans function much like personal loans, with the homeowner given a specific lump sum upfront and required to make fixed payments over a specific term, according to Bankrate.
  • Energy Efficient Loans: Energy efficient loans are another type of loan available from some lenders, such as Travis Credit Union, for homeowners considering energy efficient home improvements. These loans tend to be unsecured loans, meaning no collateral or lien is needed. But they can only be used to pay for qualified projects that make your home more energy efficient. The types of approved projects include energy efficient appliances, new windows, a new HVAC system, a new roof, solar panels and more. Be sure to review all requirements to ensure your project qualifies before applying for the loan.
  • Credit Cards: Another financing option for homeowners is credit cards. Utilizing a credit card lets you borrow only the amount you need so you’re not using the full credit limit. It’s important to note, however, that credit cards tend to have the highest interest rates among lending products, with rates much higher than personal loans or home equity loans. Some store credit cards could be used for home improvement projects, especially if you can take advantage of any introductory interest rates or interest rate deferment options that give you more flexibility in payments.

Planning and funding a home renovation in the new year doesn’t have to be difficult. Knowing exactly what you want done and how you’ll fund those projects will help ensure its success.

How Can TCU Help

Travis Credit Union offers many lending options that can assist in your home improvement project, or if you’re interested in buying a home. We also can help you save money for a future remodel so you don’t have to borrow. Visit and learn how TCU can help you with your financial wellness.

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