When it comes to financing home improvements, there are a lot of ways to pay for every project. From replacing an appliance to adding a room or two, you can cover project costs through loans, great retailer deals and financing options that make the most of currently low interest rates.
So, what’s the first step toward financing your home improvement dreams? Careful consideration of the potential return on your investment and its impact on your home’s resale value. Over-customized features, unusual color palettes and changes made to follow fleeting trends aren’t great ways to spend your money, no matter how you finance a project. Home Improvement Loans
“A lot of times, the home improvements that people make are ones they shouldn’t be doing to begin with…Generally overdoing it on a project, or renovating a kitchen every few years,” says Pete D’Arruda, a financial advisor and president of Capital Financial Advisory Group in Cary, NC, and author of the personal finance book, Fine Print Fiasco. “It’s almost like a way to spend themselves into happiness, and that usually doesn’t work.”
With a truly value-adding project plan in mind and a realistic budget assembled, here are home improvement finance options to consider, in ascending order of project complexity and cost.