Hello World! Welcome Friends! With the average cost of home improvements ranging from $17,170 to a colossal $60,507, renovating your home is potentially one of the most expensive things you’ll ever do, especially with today’s research suggesting almost two-thirds of homeowners are planning to spend more on home projects this year than they did last year in 2016.
But because of the wide diversity in the cost of home improvements, a ‘once size fits all’ mentality when it comes to loans just won’t work. Different loans work best for different amounts of money, and it’s essential to understand the pros and cons of the available options to decide which is best for your specific renovation project. So, if you’re planning some much-needed home improvements but need a financial helping hand, here’s some options you should consider to beat the DIY dilemma.
For those smaller home improvements like quick wallpapering or painting jobs you’re planning to do yourself, it’s unlikely the expense will reach higher than $1000-$1500.
Because of this low cost, taking out a loan probably isn’t wholly necessary and it’s worth checking out your other options for this amount of money. A credit card is ideal for small jobs like this and will be even better if you manage to get a 0% interest rate for purchases.
But 0% interest rates aren’t available to everyone as they will generally depend on the lender’s terms and your credit score. So, if you’re unable to get a credit card without ridiculously high-interest rates, exploring small personal loans may benefit you. For more information on the subject of small personal loans, check out http://smallpersonal.loans/.
For projects more costly than a simple painting job but not as extravagant as an entire extension, a medium-sized payment will likely be required. Improvements, like replacing your windows or having a new kitchen fitted, will probably fall into this category, with unsecured personal loans now perhaps being more appropriate than credit cards.
Unsecured loans are relatively straightforward and will get the money into your account within days, making them a fast-moving option. You’re also able to pay them back over a period of years, giving you the power to pay it off at your own pace. But unsecured personal loans are often extremely difficult to get your hands on if you have a bad credit score, so definitely bear that in mind before applying.
For large amounts generally refused by unsecured personal loans, a secured loan will likely be your best option. But these loans require you to put up some sort of collateral as reassurance for the lender, so it’s vital you’re 100% sure you’ll be able to pay it all back before considering this option.
Making home improvements is often an exciting time for almost any homeowner – it’s just the cost that makes things difficult! But now you know how to choose financial help based on the size of your planned project, paying for your improvements doesn’t have to come with unnecessary stress and hassle!
Thanks for dropping by for a visit! Have a lovely day/night depending on where you are in the world!