With the warm summer weather on the way, there’s no better time than now to start planning your renovation projects. Once you have a list of what you want to accomplish, it’s easier to set a budget and take action.
In a perfect world, you’d have enough money in the bank to pay for any renovation project that piques your interest. However, this isn’t how things work for most people. It’s likely that you’ll have to take out a loan for one or more projects. While there’s nothing wrong with that, it’s critical that you know which type of loan product is best.
There are a variety of reasons why a personal loan should be at the top of your list. Consider the following:
- A personal loan is unsecured: With no collateral, you’re taking less of a risk with your finances.
- Variety of terms: Personal loans are available in terms ranging from 12 months to 84 months and sometimes even longer.
- Competitive interest rate: Even though it’s an unsecured loan, you can still secure a competitive interest rate — and that’s especially true if you have good or excellent credit.
Now that you have all these details in mind, let’s turn our attention to the types of summer renovation projects you can pay for with a personal loan.
1. Swimming pool
Can you think of any home improvement project more exciting than a swimming pool? It’s not something you need — it’s more of a want — but that doesn’t change the fact that it’ll put a big smile on your face all summer long.
Depending on the type of pool, your project could easily reach into the six figures. Fortunately, when you have a personal loan at your disposal, it’s easier to proceed.
2. Deck or patio
Adding an outdoor living space is one of the best decisions you can make. Not only does it give you somewhere else to relax with friends and family, but it also adds value to your home.
Depending on the elevation of your home, you can work with a contractor to quickly determine what works best for your property. From there, design your deck or patio, wait for the work to be completed, and enjoy the great outdoors.
3. A home addition
If your current home isn’t large enough — or you’re seeking a new space, such as a home office — a home addition is a great idea. There’s a lot that goes into this, so make sure you have a professional and experienced contractor guiding you every step of the way.
A home addition will add square footage to your property, and with that, it becomes more valuable. This may not do anything for you now, but it’s sure to work in your favor should you ever decide to sell your home.
4. Roof
A new roof isn’t the most exciting home improvement project. It’s not something that you’re going to look at often. It’s not something that you will personally enjoy. However, if your current roof has seen better days, it’s a project that you need to tackle.
5. Gutters and downspouts
This fits into the same category as a new roof. You don’t dream about new gutters or downspouts, but that doesn’t make them any less important to your home.
Think about it this way. If you don’t pay to upgrade your gutters and downspouts now, you’ll have to do it later. And if you wait too long, water could damage the interior and exterior of your home — which means more money out of your pocket.
While not always the case, it’s often best to replace your gutters and downspouts at the same time as your roof. This allows you to get both of these projects out of the way. And when you do that, you won’t have to worry about them again for a very long time.
Final thoughts
The cost to renovate or remodel a home varies based on various details, such as location, type of project, and the products you choose.
If you’re wondering how you’ll pay for one or more of these projects, review your finances and take all your options into consideration. There’s a good chance you’ll realize that a personal loan is the way to go.
