If you’re considering upgrading your laundry room, hiring a professional to repair your leaky roof or turning your basement into an additional living space, you may also be wondering how to pay for it all. A home improvement loan could help you get the money you need now and pay it back over time with predictable monthly payments and fixed terms.
As with any loan, it’s helpful to calculate exactly what you need to borrow and the monthly payment you can afford before you apply for the loan so you don’t stretch your budget too far. Keep reading for five ways you could use a home improvement loan to make changes to your home.
Upgrade your bathroom
Upgrading your bathroom may be top of mind, especially if it has some wear and tear. Fixing up your bathroom could mean painting the walls, replacing tiles, redoing the floor or changing out the light fixtures, faucet, sink, shower and toilet for more modern models — there are a range of improvements you could make so that your bathroom feels like a nice place to wind down at the end of the day.
As with any home project, you may be able to DIY some of your bathroom renovation to save money, but it’s good to know what you’re capable of handling before you start.
Redo your windows and doors
If you live in an older house and you’ve noticed your windows and doors are drafty, you may consider using a home improvement loan to replace them. Keeping cold air out during the winter and inside during the summer could help you save on your electric and gas bill over the long term. Plus, new windows and doors could make your home more attractive to buyers if you ever decide to sell your home.
You’ll likely need to hire a professional service to help you install new doors and windows, especially depending on the number and size. You could also use a home improvement loan to pay for the labor costs.
Renovate your kitchen
Refreshing your kitchen could happen in a number of ways, from a full gut renovation to simply upgrading appliances like a dishwasher, refrigerator, freezer or oven. Whether you’re looking to expand your space to better suit your family’s needs, add additional storage or make the design more streamlined and to your taste, a home improvement loan could come in handy.
Depending on the extent of your renovation and how much you can manage yourself, you may want to work with a contractor, architect, designer or other professional to help with this particular project, especially if it involves moving gas lines, knocking out load-bearing walls or extensive electric work.
Create a home office
If you work from home full-time or even a few days per week, you might consider turning a spare bedroom, attic or basement into a home office. Doing so may require you to finish your basement or attic — adding drywall, insulation, electric and plumbing — and then paint, add carpeting and find furniture that suits the space.
If you don’t have a spare room to use, you could consider putting up a partition wall to carve out your space or adding a built-in desk and storage to a corner of a room.
Landscape your yard
If you’ve been looking to improve your outdoor space, a home improvement loan could help you get the funds you need to redo your lawn, add a relaxing patio or put in a pool. Planting flower beds, installing an herb and vegetable garden or repaving your driveway could all go a long way to making your home more enjoyable, improving your curb appeal and potentially boosting your home price in the future.
Enhance your living space with a home improvement loan
A home improvement loan could help you make a number of different updates and repairs to your home without emptying your bank account. Upgrading your bathroom and kitchen, redoing your windows and doors, creating a home office or landscaping your yard are all potential options — think about what type of refresh will make the biggest difference for you.
Map out your home improvement plans in advance, carefully consider how much money you need to borrow and create a home that meets your needs and brings you joy.
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