Home improvement projects can include a range of tasks, such as adding an addition or remodeling an existing area. Some improvements can be paid for in cash, while others require a loan. Before taking on any project, you should carefully weigh your options.
A home equity line of credit can be a good option for big-ticket purchases. It works as a second mortgage, providing a large amount of money you can borrow against the equity in your house. In general, however, home equity loans are more expensive than personal loans and may also have more stringent requirements.
Another option is a home improvement credit card. Many credit cards offer an introductory 0% APR period of 12 months, so you can pay for your project without having to worry about paying a lot of interest. While these credit cards usually have high APRs, they can be a good way to get started with a project, particularly if you have good credit.
The Weatherization Assistance Program can help you save on heating costs. For example, you can upgrade your furnace and air conditioning. This program provides free services to improve the energy efficiency of your home.
One of the most popular types of home improvement is landscaping. You can enhance your property’s beauty, as well as add to its resale value. Whether you are planning to buy or sell your house in the near future, you may want to consider improving your landscaping. There are many ways to do this, including pruning, retouching, and cleaning out worn areas.
If you don’t have enough for a large project, you could always look into government assistance programs that can cover the cost. Those programs can provide money for things like upgrading your HVAC system and adding insulation. They can also make it possible to qualify for low-interest loans for things like a new dishwasher or washing machine.
Home improvement loans are another option, but they are generally secured by the borrower’s home. They are available to homeowners with excellent credit and a decent amount of equity in their homes. Most lenders will require you to have at least 20% of the home’s equity in order to secure a loan. Loans can be used for anything from structural damage to room remodels. When deciding on a loan, you should make sure the project will contribute to the overall quality of your life and your home’s resale value.
The latest report from the Harvard Joint Center for Housing Studies predicts a significant jump in home remodeling in the first half of the year. But, they also caution that the rate of growth is slowing down. Although the number of completed projects will be increasing, it is likely that the total dollar amount will fall.
Overall, the survey found that consumers are planning to spend a lot of time and effort on their projects in 2021. More than a quarter of all respondents plan to complete a major renovation in the next two years. Nearly half intend to hire professionals for all or part of the project. And, ninety percent of all DIYers will devote more time to their projects in 2021 than they did in 2018.
Home improvement may be expensive, but it is a worthwhile investment if you take the time to plan your renovation correctly. Remember to verify the credentials of your contractor and make sure your budget is realistic.
