How to Make Good Use of Your Home Improvement Loan
You now meet the requirements for a home improvement loan!
Getting that financial help is important but it’s just the start. Don’t worry, there’s no need to stress. We all have that one place of our house that we would like to revamp or that’s not even there yet.
Maybe you’re looking to sell soon or you know in your heart this house will one day become your dream home. Either way, here are some secrets to get a great return on investment (ROI).
Make your way to the attic
Large projects like a new kitchen are fun but what about major projects? Yes, we’re talking about crucial moves so let’s bring insulation into the conversation. This is a DIY project that will take you no more than two days.
Insulating comes with benefits such as lower utility bills since it keeps the heat inside in the winter or outside in the summer. It also reduces noise levels and protects the environment by reducing pollutant emissions. Insulation adds more value to your property should you ever want to get away from the city’s hustle and bustle.
Head down to the basement
Do you want that additional guest bedroom? How long has that home cinema been on your mind? A quiet place to work from home?
There are a number of reasons to finish your basement. But first, check the rules and regulations for updating the space. Bring in a contractor to make sure your basement checks all necessary boxes such as ceiling height, exits to escape routes in case of a fire, etc.
Update the kitchen
You must know that remodeling the heart of your home is going to take a considerable amount of time and money. Kitchens with ample storage, adequate lighting, and modern appliances add value to the home. Pinterest is the main source of inspiration for home renovations with all the trendy kitchens.
Pro tip: Do not go the trendy way. Your style preferences will likely change the longer you remain in your home. Not to mention, what’s considered trendy now may not be popular for buyers in the future.
Revamp the garage
Garages have tons of potential. This space is a beacon of light if you’re looking to make an extra bedroom. Here are some tips for transforming your garage:
Change the door to an insulated one that comes with a remote
Loft your garage, as you can turn the extra space into a bedroom or storage area
Install windows to welcome natural light and help the airflow.
Give the floor a makeover with a nice coat of paint
Refresh the windows
New windows are always a great investment. Having creaky, worn-out windows that might fall off with a mild blow of the wind isn’t appealing to the eye nor safe.
There are many reasons why you should replace your windows but energy efficiency is a big one. After all, old windows could force your HVAC system to overwork, leading to increased energy costs. Then there’s the possibility of rain getting into your windows and causing a waterfall of problems.
Before starting any project, make sure to read HOA rules and regulations besides local codes. We all have different visions of what a dream house is and the possibilities with a loan are endless but you should aim to get the return on investment. Ultimately, choose the project that makes you smile just thinking about it.
How do home improvement loans work?
Now that you know how to get the most out of your home improvement loan, let’s discuss the loan itself. Whereas a secured loan involves using one’s residence as collateral, an unsecured loan does not. Spend some time looking into both types of loans before asking which one makes the most sense for your situation.
Have you lived in your current home for at least a few years? Then chances are you’ve built up a significant amount of equity. With a cash-out refinance, you can tap into your home’s equity and use the funds to pay for home improvements or emergency repairs.
It goes without saying that you want to live in a home that makes you happy. That’s why we suggest talking with a lender to learn about your home improvement loan options.
Rocio Espinosa is an architect that has worked on many renovations and interior design projects apart from being a consultant for Porch.com. Her passion is revamping homes to help people reach their dreams when it comes to their homes.