Home-improvement loans: renovations can increase your home’s value
If you have ever wanted to upgrade an outdated room in your house but felt discouraged by the high price tag, you’re not alone. A small kitchen remodel can cost anywhere from $5,000 to $15,000. For most, that is not a small sum of cash.
A kitchen upgrade might seem expensive, but it can have a big payoff in the long-run and increase the market value of your home.
Personal loans offer a great way to get the financing you need for any home-improvement project without having to rack up revolving credit card debt or dive into your savings. If you have been wanting to make renovations on your home but have been putting it off, continue reading part 2 of our three-part home-improvement series.
A home-improvement project is beneficial to the market value of your home.
You can increase the market value of your home. If you haven’t upgraded your home in years, it may be time to look into it. Cabinets go out of style just as parachute pants did. Your cabinets may have been the talk of the town in the 90s but now, it’s possible they’re a little outdated.
Replacing your cabinets can be costly, averaging $80 to $400 per cabinet. But the value this upgrade will add to your home will be well worth the upfront costs.
Upgrading your home is especially important if you are hoping to sell it one day. A newly renovated kitchen and bathroom will result in a high return, according to HGTV and it may just be the selling point you need when putting your home on the market.
What if I can’t afford a Home-Improvement Project?
You are not alone.
Home-improvement projects are usually neither cheap nor simple. Your stone countertops in your kitchen remodel will cost anywhere from $4,000 to $7,000 and don’t forget you’ll have to hire an electrician, who costs $322 on average, to install your stove before the stone countertops even go in.
Yes, that’s not just an impulse purchase. Especially if you are a part of the 69% of Americans in a GOBankingRates study that said they had less than $1,000 dollars in their savings account.
(If you’re trying to work on a home improvement project with $1,000—you may want to research the most affordable DIY options.)
If you need help funding a larger home-improvement project, a personal loan may be a great option.
Even if your credit score is lower than you would like it to be, you do have personal loan options. LendingPoint is dedicated to serving the NearPrime consumer with credit scores in the 600s. A personal loan can even help improve your credit score. You can make affordable monthly payments and build your credit story. As you continue to make your payments on-time, you build your credibility and your credit history.
We offer decisions in minutes and offers as soon as the next business day to help make your home-improvement dreams a reality. There is no time like the present to start your home-improvement project.
At LendingPoint we offer affordable personal loans from $3,500 to $20,000 with a fixed APR and simple interest. We would love to help finance your home-improvement project. LendingPoint does not require equity or collateral so you can continue building equity in your most valuable asset—your home. Apply today and talk with one of our representatives about making your home improvement dreams a reality.