Whether you recently purchased a fixer-upper needing some love or you’re interested in making some upgrades to your home, financing home renovations can be stressful. As much as you want to add value to your residence, you may also need to settle on renovations that will most impact its long-term value.
The main reason you need to determine what adds value to a property is that renovations could have an impact on the available financing options. You can use several options to finance the renovations. It all comes down to your financial capabilities, credit score rating, and the extent of your remodeling project.
Contractor Financing Benefits for Homeowners
Renovations are not cheap undertakings. But that doesn’t mean you should give up on renovating your home due to lack of funds. As a homeowner, you have various options open to you, one of which is financing through your contractor. If you choose contractor financing, you will stand to enjoy benefits such as:
- Little money down— This is perhaps the main benefit of this type of financing. The homeowner gets to acquire the home renovations without having to part with a significant down payment.
- More financing options— Borrowers using home improvement or another type of consumer loan may be able to borrow more money than the full value of their property.
Few renovation projects come with more benefits (and headaches) than a major kitchen remodel. As you consider your available financing home renovations options, start thinking about the ideas you would like to implement. Possibilities include:
- Making a Splash— Consider updating your food-prep and cooking area with a visually appealing tile backsplash. Opt for a long-lasting functional design that will leave you with plenty of room to exercise your creativity.
- Paint the Dated Kitchen Cabinets— All you need to brighten up your kitchen design is new cabinet hardware and a fresh coat of paint. With a few basic skills and a little work, you can transform a dated kitchen into a modern, sophisticated area. Consider a bright shade of white or neutral colors.
Many homeowners assume that they need tons of cash to execute a successful bathroom remodel. This is not always the case. There are plenty of ways to transform the bathroom into a cool, relaxing space without having to spend tons of cash. Remodeling ideas include:
- Update Bathroom Fixtures— The little details do matter. Updating drawers, light fixtures, towel racks, and sink faucets only require a small investment. While the items in question may appear insignificant, updating them will bring about a big improvement to your bathroom.
- Freshen Grout and Caulk— Caulk and Grout are two, often overlooked factors. When they get grimy, they immediately become unsightly. Getting rid of the grime and cleaning the grout helps give your bathroom a fresh new look.
At one point or another, you may need some extra space in your house. But where will it come from? For this, you can always consider remodeling your basement. Ideas include:
- Good Lighting— Many basements do not have adequate lighting. Given the height restrictions in many basements, consider using can lights. You can tuck the lights in the space available between the floor joists.
- Home Theater Room— Basements have usage restrictions due to their unique nature. They are typically insular, dark, and cold. What makes them ideal for use as home theater rooms is their dampened acoustics and low-light levels.
A home renovation project may be the answer for that homeowner looking to enhance the value of their home, appearance, and energy efficiency.