Making updates around the house can make your home more livable—and some renovations may add value. Whether you're savoring the thought of having a professional-grade kitchen or need to replace the roof, home improvement loans could make it happen.
If you're wondering how to use a personal loan to fund a home makeover, Achieve shares a few ideas that might inspire you.
Key takeaways:
Remodeling and renovation mean taking the home you have and turning it into something even better. For example, you could use a home improvement loan to:
Personal loans could give you the money you need to pay for these projects without having to tap into your home equity. Equity is the difference between what you owe on the home and what it's worth.
Being a homeowner often means spending money fixing things.
Some repairs, like a broken doorknob or loose weather stripping, are low-cost, easy fixes. But others might take a little more time and money to tackle.
Home improvement loans can help you cover repairs if you need to:
If you have multiple repairs to make but your budget is limited, prioritize them in order of urgency.
Are high utility bills making it hard to budget and save money each month? Energy-efficient improvements could help you reduce costs.
Some of the improvements you might fund with a personal loan include:
Pro tip: Consider a free budgeting app to help you track utility bills and other monthly expenses.
Do you feel like you just don't have enough room to maneuver? Home improvement loans could help you cover expansion projects to add square footage to your space.
For example, you could use a personal loan to:
Remember to check local building laws to find out if you'll need special permits or inspections to increase your home's livable space.
As homes age, they may require maintenance that goes beyond basic.
For example, if your home has a crawl space and you've noticed your floors sag in certain spots, that's a sign you might need to reinforce the joists or install support piers. Or you may need to encapsulate the space and install a dehumidifier to fight off mold growth.
One of the benefits of personal loans is that you can use them to cover these kinds of improvements so you don't have to drain your savings to pay for them.
If your appliances are nearing the end of their lifespan or you're ready to change up your style, a personal loan could help you outfit your home with new ones.
You could use a home improvement loan to:
Using a personal loan for large purchases like appliances could be a better choice than store financing, which may carry higher interest rates.
Personal loans could help you make your home more accessible for people with disabilities or other conditions that affect mobility.
For example, say your aging parent needs to move in with you and they require a wheelchair. You might use a home improvement loan to construct a ramp or add a chair lift so they're able to access the second floor.
Other accessibility improvements include smoothing out floors to reduce trip hazards, and widening halls and doorways. A bathroom upgrade may be necessary if you need to install a chair-height toilet, handrails, or grab bars.
So far, this list has focused on ways to make over your home from the inside. But you can use a personal loan for a lot of projects to improve the exterior as well.
You might invest in:
These kinds of improvements can add curb appeal to your home, which could make it easier to sell if you're planning a move down the line.
Home improvement loans offer plenty of flexibility, since you can decide how to use them to spruce up your space. If you're ready to flex your DIY skills (or start shopping for contractors), take the next step to compare personal loan rates and get pre-approved.
This story was produced by Achieve and reviewed and distributed by Stacker.
