Does your home need a makeover? Whether you're preparing to sell your home or simply want to make some updates, there are many reasons to start a renovation project – and just as many different home improvement projects to choose from!
Investing in renovations both large and small can go a long way in improving the look and feel of your home, and may even increase your home's property value. Follow these tips to make your home renovation vision a reality without breaking your budget.
Make a plan
Before you embark on a home renovation, it's important to create a plan and set a realistic budget. After all, you want your final project to be worth the hard work and money involved! If you want to increase the property value of your home, remember that not all home renovations will add value. As much as you want a remodeled kitchen, a new garage door or roof might offer a better return on your investment. When deciding which renovations to tackle first, consider how your home compares with the others in your neighborhood. If your end goal is to sell your home, consulting a local real estate agent may also help you prioritize the projects in your remodeling plan.
Do your research
Thinking of hiring a professional to complete your home renovation projects? Make sure you get estimates from several contractors and ask plenty of questions. How much experience do they have? What's their expected timeline? Are they insured and licensed to do the work in your home? Ask for a list of references and read reviews online to get a better idea of what to expect. Once you've selected a contractor, make sure you have an agreement in writing.
Explore your financing options
Once you have a specific home renovation project in mind and you have a good idea about how much it will cost, it's time to determine how you will pay for it. Many renovating homeowners finance large, one-time projects such as remodeling a basement or installing new flooring with a home equity loan. This type of loan allows you to use your home equity as collateral to access a fixed amount of cash. Your home equity can be found by taking the difference between the current value of your home and the amount you still owe on the mortgage. At Wright-Patt Credit Union, we offer home equity loans at low rates and repayment terms up to 15 years to make funding your home renovations a little easier.
Using your home's equity to fund remodeling or renovation projects can be a smart way to put money back into your home and increase its value. When you're ready to start a major home renovation project, WPCU is here to help! Learn more about our low-rate home equity loans or visit your nearest Member Center to start exploring your financing options today.