Whether you are madly in love with your home or you have an ongoing love-hate relationship with it, there will be times that you have to make some changes to some part of its structure – or its essential contents – in order to maintain the comfort and structural integrity that shelters you and your loved ones. Because improvements can be expensive, you should be prepared in advance to cover the expenses and any possible unexpected needs. Here are a few suggestions for keeping your house livable and your bank account intact.

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Take Advantage of Value

When you purchased – or took ownership, if it was inherited – of your home, there was a value assigned to the building and to the land on which it is situated. If what you owe is less than the value, this means that you have accrued equity. Most banks will offer what is called home equity loans – and depending upon your total mortgage balance owed, you could borrow a large portion of your home’s value to make repairs or improvements as you see fit.

Community Funded Programs

Many residential areas offer government-backed funding for homeowners so that vital work can be performed to a home without taking out a loan from a bank. These programs are popular and often require applicants to be placed on a waiting list, but their advantages can be very helpful to cash-strapped homeowners who cannot qualify for assistance from their lending institution. The advantages include guaranteed work, higher approval rates and the help of a caseworker who can answer questions and concerns with every step.

Savings Accounts

If your improvement plans are not time-sensitive, you may want to consider analyzing your budget to determine how much money you can part with on a weekly, bi-weekly or monthly basis. Then do some research and find a reliable bank that offers a high-interest savings account that will get you the best gains on your money. Set up an automatic deposit to occur using your preferred schedule, and stick to it. You might be surprised at how little you miss those few dollars.

The joy of homeownership is something to be treasured, so it is important that you are not discouraged when you find yourself needing to change your humble abode. You are in control of your home and your finances – so sit back and enjoy what you have worked so hard to earn.