Whether you need to make a major repair or simply upgrade the look of your home, a home improvement loan can help you finance the work. However, it is important to choose a loan that will fit your needs. You should compare all loan options and terms before selecting one.
Inflation and rising mortgage rates are taking a toll on home remodeling. According to the Harvard Joint Center for Housing Studies, the rate of growth in home improvements will slow down to a sustainable level.
Despite these gloomy forecasts, homeowners continue to pursue home improvement projects. A recent study conducted by Houzz Inc, a website for finding and connecting with service providers, showed that the vast majority of homeowners have a plan to improve their homes. In fact, nearly one-third of respondents planned to begin a home renovation project in the next 12 months.
For many, home improvement is an investment that is comforting in tough times. For instance, a new deck can be a great way to improve your home’s exterior. In addition, a bathroom remodel can make your home more appealing to potential buyers.
The cost of home improvement can quickly run into the five-figure mark, though. That’s why a home equity line of credit can be a good way to finance the work.
You can also use a credit card for an emergency home repair, but it isn’t a recommended long-term financing option. In fact, it is best to consider other options, such as a personal loan.