Home improvement can mean anything from renovating your bathroom or kitchen to adding an extra bedroom or garage. Whatever the project, there are a few things you should know before you start one.
When it comes to home improvement, you should always think about your long-term goals. You may want to stay in the house or sell it, so choose renovations that make you happy and will give your home the best return if you do decide to sell.
You should also consider what other homes in your neighborhood have done. If your neighbors have renovated their bathrooms, for example, that might be a good place to start.
Some improvements are deductible on your taxes, but some can only be deducted in the year they are made. So it’s a good idea to check with your accountant before making any changes to your home.
A home equity loan is another option to consider, but this type of financing usually has longer terms and higher interest rates than personal loans or credit cards. It’s a good idea to compare lenders and get quotes from several before deciding on a home improvement loan.
A home equity loan is a type of second mortgage. It allows you to borrow against the value of your home and pay it back over a period of 5-30 years through fixed monthly payments. You can use the money for home improvements, college, debt consolidation or even long-term medical care.