Home improvement is a great way to boost the value of your home. In fact, if you’re selling your home, you can expect to recoup nearly seventy-four cents for every dollar you spend on your improvements.
One of the most popular types of home improvement is landscaping. You can landscape your front lawn, plant a new flower bed, or even add a new swimming pool or sunroom. Adding a new front door is an inexpensive way to make your house more attractive. However, you’ll want to ensure the renovation is done properly and in a timely manner, because your exterior work can ruin your house if it’s not done correctly.
The latest statistics indicate that the average consumer will spend more on home improvement projects this year than any other in history. For instance, in the last five years, the number of homeowners building decks has tripled, while fence construction has risen by a full 144%.
In addition, the most popular home improvement project is a new front door. This is the simplest of all the home improvement related measures. If you don’t have enough cash on hand, it can be a good idea to apply for a home improvement loan.
When it comes to financing a home improvement project, you should avoid asking for more than you can afford. That’s because lenders are more likely to approve a home improvement loan if you can show a clear financial picture of your project, such as how much you need to spend and how long you’ll need to pay back the loan.
As for the most important home improvement related measure, a home equity line of credit is probably your best bet. Depending on the size of your home and the amount of equity you have, you may be able to secure a loan that is larger than your mortgage.
Another good option is a personal loan. Unlike a home equity line of credit, a personal loan can be obtained without the use of your home as collateral. But beware: they come with higher interest rates. So it’s a better idea to find an online lender, or an existing bank, to provide you with the money you need.
Other methods include refinancing your mortgage. Depending on how large your mortgage is, you can usually add the cost of your home improvements to the balance. These can be a great source of extra cash for home improvement expenses, but they require a lengthy underwriting process.
Finally, you could try to save up for your project. This is the safest option. By doing so, you’ll be able to spend less time worrying about your mortgage payment and more time enjoying your new home.
However, you’ll still need to have the money on hand to actually complete your remodel. It’s a good idea to draw up a plan and get estimates from contractors before you start. Be sure to follow through with your plan, and remember to look for a contractor who is licensed, insured, and has a good track record with consumer protection organizations.