The Top Three Ways to Use your Home Improvement Loan
By John Giannone | November 17, 2022
Many homeowners are deciding to renovate their current homes instead of moving amid the rise in mortgage rates and reduction in home values. This article will explore the three best ways to use a home improvement personal loan to get the most return on your investment (ROI) and maximize your home value.
Renovate your Kitchen
Your kitchen is often the best place to start your renovation project as, along with your bathrooms, it generally offers the best ROI. However, be sure not to personalize the space too much unless you intend to live in your home for a long time. Generally, the more neutral your selections are, the better, so try to go for more muted colors like whites and grays for the cabinets. You generally can’t go wrong with a flecked or veiny white for the countertops and backsplashes, but pure white and even wood works too. Depending on your budget, replacing the appliances with stainless steel can greatly increase your ROI. Lastly, kitchens that open directly into the living room are extremely popular so if you have a closed kitchen, consider opening it up if your budget permits.
Renovate your Bathrooms
Just as renovating your kitchen can greatly increase the value of your home, so can renovating your bathrooms. The best fixes include re-tiling, adding glass shower doors, and new vanities. However, the most budget-friendly options to freshen up your bathroom are regrouting the tiling, replacing old shower curtains and liners with fresh neutral ones, and upgrading light fixtures and hardware. If you don’t have one, and it fits your budget, adding a powder room near your entertaining space or another full bathroom by the bedrooms can significantly increase your home value.
Old, discolored carpets are an eyesore and make your home feel tired and dirty. Often, there is well-preserved wood flooring under your carpets. If this is the case, expose the wood to add great value to your home. If not, installing wood floors can be a major upgrade for your home. If you want to keep the budget down, replace your carpets with fresh ones as an easy fix to freshen up your home.
Many other home improvements can also increase the value of your home, including landscaping, replacing siding and/or garage doors, and repainting your interiors which we outline here. However, the three above are the best ways to get the most ROI and maximize your home value with a home improvement personal loan.
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