Renovations to your home are a great way to increase its value, should you ever decide to sell it. But these renovations can be costly, especially for the average family. A home improvement loan is a great solution, and you may not have to risk your house to get it. In fact, these loans can be secured or unsecured, and tend to be good for your wallet. The interest rates on home improvement loans tend to be less than you would pay for a credit card, and you often can secure, minimally, a loan of $5,000.
How to Get the Loan
So how do you get a home improvement loan? The first step is to find a credible lender. This involves asking around for references, researching on the internet, and meeting with perspective lenders. Ask them questions about what kind of offers they can give you. Will you have to use your home as collateral? What are the rates for home improvement loans? What are the terms and conditions? After you’ve shopped the different competitors, pick an offer that works for you. Then the renovating can begin!
Work on the Money Spots
Now that you’ve secured the loan, you need to make that money work for you. By renovating your home, it will be worth more in the long-run. But spend wisely. Just because you spend money somewhere in the house, it doesn’t mean it’s automatically more valuable. Stick to the sweet spots—the spots prospective buyers tend to be most interested in. The bathroom, the kitchen, and the curb view. The bathroom and kitchen are the most functional rooms in the house, and are also the ones that become outdated quickly. And the road view is the first impression prospective buyers have of your home; why not make it a good one?
Often times, a simple amendment or renovation will be the most bang for your buck. A fresh coat of paint and new curtains completely change a room. But if your home needs vast improvement, you may need to put in an addition. This is usually done to add a bedroom or bathroom, or to give more space to an existing room. An add-on is definitely the most costly home improvement loans; one you want to spend extra time thinking about. Will the cost of the addition come back to you when you sell, or are you just adding more space for shock value? Can this added space be used meaningfully and fit in with the spacing of the rest of the home? If the answer is no to either of these questions, an addition may not be the best choice.
To improve the “curb appeal” of your home, you need to look at the house and yard with a fresh set of eyes. Does it looking neat and welcoming? Or unkept and dirty? Repainting the houses, fixing shingles on the roof, and adding nice shrubbery will do a lot for the overall look of the house. Clear out any clutter around the yard, look after your flowers, and mow the lawn. These simple steps are especially important while your house is showing, otherwise you’ve wasted money repainting and re-landscaping!
When dealing with home improvement loans, you’re bound to have questions. Real-Estate-Yogi.com has the answers to your problems, and can connect you with local experts. We’re also available at any time by phone at 1-800-987-1397. We’re standing by waiting to take your call 24/7.
