If a mortgage isn’t the best option, you have alternatives. Keep in mind that these may be easier and faster to obtain the funds you are seeking, but come with a higher interest rate and shorter term payoff requirements.
You can use the equity in your home for a line of credit. This can be convenient, as it streamlines your ability to access your funds and you can use them for whatever you want, but the interest rate on this kind of credit can be much higher than that of a traditional home loan. However, if you also have other needs that a line of credit could solve, this might be the easiest way to handle your home renovation needs.
A personal loan can be either secured by an asset, such as a vehicle, or unsecured and tied to no assets at all. If your renovation is small, your credit is good, and you just want to complete the reno quickly – either for comfort or to sell your home at a higher profit – this could be the easiest course. However, the interest rate can be high, so you’ll want to pay off the loan as quickly as possible.
If you buy a home that needs a renovation, consider talking to your lender about adjusting the loan to provide for that necessity.