Renovating your home is an exciting yet intimidating process for many homeowners. Whether it’s a kitchen renovation or a major renovation like adding a second floor, there are many things to consider. You should think about your finances like your credit score, the type of renovation loan you want to adhere to, and how your property will increase in value after a major renovation.
You want to make the best moves during this process, so let’s dig into three tips that will help you with your home renovation project.
1. You want to increase your home’s value.
First, you want to make sure that this renovation project increases your property’s value. You don’t want to do something that will decrease it because, in the future, you will most likely want to sell it. Much like yourself, potential buyers will also want a property that’s equipped and ready to move into for a fair price. Some renovations for increasing a home’s value include kitchen renovations, pool installation, roofing, and patio extensions.
Major kitchen renovations can include upgrading your appliances and installing an island, while minor kitchen renovations can involve changing the paint color, fixtures, and backsplash. Renovating your roof, on the other hand, may involve changing the shingles or any damaged roof tile and patching up any holes that can cause a leak. Depending on the renovation type, you will have to consider different things each time.
2. Upgrade your HVAC system for more features.
Piggybacking off our first tip, another major renovation you can consider that will increase your home’s value is upgrading your HVAC system. This can include deep maintenance of your current HVAC ducts and filters or changing the ducts to benefit other areas of your home. Additionally, your home improvement project could involve adding whole-home dehumidifiers to your HVAC system.
This innovative technology will keep your house free of moisture for a mildew-free environment. Installing a whole-house dehumidifier will dramatically improve your home’s indoor air quality for a healthier life. The people at Byrum HVAC will help you determine the best approach to your HVAC system’s renovation and provide financing options and help establish comfortable monthly payments for you. They also offer services to repair or maintain your HVAC system as well as helping you save money with their dual-fueled systems.
3. Choose the right home improvement loan for your large home.
Lastly, you should consider which home improvement loan will be the best for your project. Depending on the home improvement, you will get a varying appraisal, interest rate, and monthly payments. Financing large home renovations can be risky but with the right financial institution and credit score, you will get the best loan option. You can apply for a home equity loan (HELOC) for tax deductions, lower interest rates, and higher return rates when selling your renovated property.
Other ways to finance your renovation project can be with your own savings, credit cards, and personal loans. Only you can determine the best way to finance your renovation project or the best type of loan to adhere to. Whether you want to remodel your bedrooms, install a new carpet, or replace your air conditioner system or cabinets, there is a financial method that will benefit you.
As you can see, preparing yourself for a renovation project will take time, patience, and lots of research. You will need to deeply analyze your finances, loan options, materials, contractors, and even appliance brands for fixtures or electric devices you’d like to install in your renovated home. When you become overwhelmed, keep in mind that you’re not the first person to go through this—there are plenty of resources to help you make the right choices for your next home renovation project.