How to Fund Home Improvement Projects

Home improvement

Home improvement is the remodeling, repair, replacement, redecoration, or embellishment of a residential or noncommercial dwelling. Some examples include installing new windows, painting, refinishing floors, and adding landscaping.

Many homeowners renovate to increase their home’s value or prepare it for resale. Others are simply looking for a change or upgrades to improve their quality of life. Whatever the motivation, it’s important to understand which projects are more likely to add value and which may detract from your home’s resale value.

Depending on the scope of the work, you might need to seek a permit before starting any home improvement projects. A permit confirms that the work complies with local building and safety codes. It also shows that the contractor has a valid license to perform the work.

It’s best to hire contractors who are licensed and insured. This protects you from shoddy workmanship or even fraud. Checking a contractor’s license and insurance can be done online or by calling the relevant office.

A home improvement loan can help fund your renovations. Alternatively, you might want to consider a credit card with an introductory 0% APR period for minimal projects that can be paid off within a year. However, outstanding debt can lower your credit score and is not good for your long-term financial health. For large-scale renovations or those that require a longer term, a personal loan might be a better option. This type of loan typically offers a lower APR than credit cards and doesn’t require any collateral.

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