Homeowners ready to remodel a home or improve a dwelling should consider how they’re going to pay for the repairs. With interest rates still low, there are a number of ways to secure financing without having to go into debt. The following are suggestions to help you put those dollars to good use.
Finance an Interior Remodeling Project
Interior home projects such as a bathroom, kitchen or master bedroom suite remodels can improve the space in your home. They can also boost your home’s value. As a matter of fact, a kitchen or bathroom overhaul can average 60 to 70 percent return on your investment. A 203k home renovation loan is ideal for dwellings that are considered a fixer upper. It provides the funds needed to make the repairs and at a reasonable rate. It also allows you to come away with instant equity.
Some trusted projects that can enhance your home include new flooring, updated cabinets and fixtures. Energy star efficient appliances can also be a major improvement as they cut down on utility costs. They are also better for the environment.
Make the Rooms Bigger
The open concept seems to be extremely popular with today’s prospective buyers. Having a clear view of the living room from the kitchen allows a family to stay connected. Open floor plans also allow parents the chance to keep an eye on their children while they’re cooking dinner. Master bedroom suites and spacious bathrooms can be great renovations that will see a return on your investment.
Change in Styles
Even if your home is newer, the style or colors can still be outdated. When you’re ready to invest in the low interest rates of a loan, stick to neutral colors. Changing fixtures, toilets, showerheads and light fixtures can improve its appearance. Wood flooring and ceramic tile are other favorable choices among today’s homeowners.
Hire a Contractor
Major renovations can require plumbing and electrical changes. If you’re making a room bigger, you may have to knock down walls. To ensure that the job is done correctly, you may want to hire a licensed contractor.
Before you enlist their help, get several quotes. Compare the prices with other contractors to make sure you’re getting the best deal. Certain renovation loans may require you to get a detailed list of the work involved.
Update Your Landscaping
If you’re considering a sale in the future, you may want to redo your home’s outward appearance. Cracked concrete or crumbling asphalt driveways can take away from your home’s curb appeal. You can also add shrubs, trees and mulch to freshen it up. A brick patio, wood deck and paint can also add up to cost-effective improvements on your home.
Spend Your Money Wisely
You can add gold fixtures to your dwelling, but you won’t be able to recoup the costs. When you’re considering a home renovation project, you want to take the other homes in your neighborhood into consideration. Adding simple improvements will keep your home within price range of the others in your community. Going overboard by making a home too large or exotic can be a waste of money. When you’re considering colors and other options for your project, keep the repairs neutral. You may fancy avocado green paint or a lush garden, but you could turn off future potential buyers.
Homes are getting smarter because of the latest technological advances. They can also dumb a homeowner down if you’re not technological savvy. Smart updates such as security systems can be instrumental in keeping the home safe. Updating your household with the latest plumbing fixtures, HVAC systems, air purifiers and air conditioners can be costly. You also won’t be able to get your money back when you sell.