Investing in your home is one of the single smartest things you can do. The improvements you make can be felt, seen and used because they’re tangible. They even remain there for as long as you maintain your home.
In fact, very few things can compare to the versatility or comfort that home improvements can provide. Even fewer can do so while offering a particularly safe way of keeping their value.
The only question concerning home improvements is how much they’re truly worth. Is it worth taking out a personal loan to invest in your home?
A Personal Loan for Home Improvement
The simple truth of the matter is that the viability of taking out a loan to increase the value of your home depends on what you plan to do with the money you obtain and the current condition of your home. You also should look at if you need your loan secured or not.
That’s why you may want to take out a loan simply to improve the outside appearance of your home. You may wish to invest in replacing your roof, adding gutters to your home, or replacing the outside fascia boards of your home.
If all these things are already in good condition, then it’s worth thinking about how you can really begin to improve your home’s value.
Even Simple Additions Can Have Tremendous Impacts
It’s incredibly easy to add value to your home. Even the smallest addition can make a generous improvement in the value of your home, which can return an overall gain even when you repay the personal loan you took out for home improvements.
For example, consider adding something as simple as a fence to your home. If it compliments the outside aesthetics and architectural style of your home, you can expect anywhere from a 3- to 7-percent increase in your home’s value.
Concerning More Advanced Home Improvements
While simple improvements and maintenance of your home will provide a boost to your home’s value, the things that will drastically increase your home’s value are the things that would add new functionality to your home.
For example, adding a second bath area can increase your home’s value by 150 to 300 percent of the costs required to add it. The amount you see will depend upon how large your home already has and how equipped it is to house more people.
A few other additions you may want to consider include room remodels, new kitchen cabinets, changes to your current lighting and architectural modifications that refine the way people in your home move.
Ultimately, the amount that gets added to your home’s value will depend upon how well your home improvements work with what your home already has. When you accomplish this, it’s easy to recover the costs associated with a personal loan and even profit favorably from it.