Home repairs and improvements are necessary for our overall well-being. It helps in maintaining the following: 

  • Comfort – One of your family’s comfort depends on how well your home is maintained. Imagine living in a house with a damaged roof and water is pouring everywhere, every time it’s raining hard, or a failed plumbing that gives you headaches all the time. These types of repairs need urgent attention. Otherwise, your comfort will be sacrificed. 
  • Value – Maintaining and upkeeping your home matters to maintain or increase its value. Protect it, and it can be one of your most significant investments. 
  • Safety – For me, this is the most important. Home repairs are required to ensure safety. You need to make sure that smoke detectors are working, there are no exposed electrical wirings and are correctly aligned, floors are intact, and lighting provides complete visibility. 

But what if you don’t have enough budget for home repairs and improvements? How are you going to fund it? Below are the six different ways/ options that will help you finish your home project. 

  1. Start a Small Business

If you don’t have an extra amount for this project, you can create another source of income. 

The easiest thing you can do is sell your own stuff, such as preloved clothes, bags, shoes, furniture, or anything you think others might use. 

Another option is to shell out a small amount and start a small business. For example, sell merienda around your community every afternoon. Save the profit until reaching the specific amount needed. 

  1. Rent Out a Room

Another good option is to rent out a room. 

If you have a spare bedroom, and your area is within the busy street, you can let other people rent it out. You can keep a contract, depending on the needs of the tenant.

For me, this option is hassle-free as long as the room is properly maintained. You only need to speak to the tenant initially and make sure everything they need is complete, such as the utilities.

Similar to starting a small business, save your profit until reaching the specific amount you need.

  1. Credit Card

Many credit cards offer introductory periods with low to zero interest. This is one good way to fund your home repair and improvement, especially if you are disciplined. 

The main reason why you need to stay disciplined is that, once that introductory period offer ends, the interest rate may significantly increase. This means that you need to pay it off quickly.  

  1. Unsecured Personal Loan

An unsecured personal loan is a type of loan that you can borrow from someone without any collateral. It is repayable through monthly installments, including the interest. 

It offers minimal requirements such as your Identification Card, proof of residence, and bank statement/ proof of income. Some personal loan companies may also check your credit history – a numeric expression of your creditworthiness/repayment ability.

Depending on the lender’s limit, you can generally borrow an average of 1 000 pesos to 50 000 pesos. For sure, this amount can be an extension to proceed with your home repair and renovation.

  1. Secured Personal Loan

A secured personal loan is similar to an unsecured personal loan, except for one – it requires an “asset” as a “security.” This means that the lender may take one of your assets. In this case, it can be your home to ensure that the lender can quickly recover if you fail to repay your monthly dues. 

Because of this, a secured loan requires higher credit limits but has a lower interest rate.

How Can You Decide on Which of the Above You Should Take? 

Always remember that your decision varies on the timeline of your home repair and renovation project. 

Let’s say the project will start six to one year from now. Then, you can create a small business such as selling goods, preloved items or renting out a room. But if it’s an emergency repair like damage from typhoon, earthquake, or other calamities, then you can consider the credit card or the secured and unsecured personal loan. 


Home improvement and repairs are part of our lives. We need to set a timeline for inspecting our homes and seeing if minor repairs are required. 

For massive renovations, you need to prepare for them and set a budget. 

For emergency repairs and you don’t have any budget, considering a loan isn’t always bad. You just need to be disciplined enough to understand the terms and repay them to have a good credit score and peace of mind.

If you’re interested in applying for a loan, Par Pahiram is here! 

Par Pahiram is a registered financing company in the Philippines offering short-term financial solutions to individuals and SMEs (Small Medium Enterprises). 

Learn more about us here.

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