You love your home, but you know it could use some home improvements. Maybe your kitchen is outdated, your bathroom is cramped, or your flooring is worn out. Whatever it is, you want to make your home more comfortable, beautiful, and functional, which at the same time increases its marketplace value. But like a lot of us, maybe you don’t have enough savings to cover the cost of renovations. Know that you’re not alone. Many American homeowners are facing the same dilemma.
According to a recent survey by Discover, 70% of homeowners have delayed or canceled home improvement projects due to inflation. The rising cost of materials and labor has made it harder to afford the renovations they want.
But don’t let that stop you from making your home awesome and thus increasing its value. There’s a way to get the money you need without draining your savings. It’s called a personal loan for home improvement or home improvement loan, and it can help you pay for any renovation project you have in mind.
A personal loan for home improvement is a type of loan that you can use for any purpose, including home improvement. Unlike a home equity loan or line of credit, a personal loan does not require you to use your home as collateral, which means you don’t risk losing your house if you can’t repay the loan. Plus, a personal loan typically has a fixed interest rate and term, so you know exactly how much you’ll pay each month and when you’ll be done.
But how can a personal loan for home improvement help you increase the value of your home?
Here are 5 ways:
1. Improve your curb appeal
One of the first things that potential buyers notice about your home is its exterior appearance. By improving your curb appeal, you can make a great first impression and attract more buyers. You can use a personal loan to pay for projects such as painting your house, landscaping your yard, replacing your roof, or installing new windows and doors. All projects that could boost your home’s value, according to Remodeling Magazine’s 2023 Cost vs Value Report. For instance, a landscaping upgrade can increase the value of your home by up to 12%.
2. Upgrade your kitchen
The kitchen is often considered the heart of the home (it’s where the food is!), and it’s one of the most important rooms for buyers. By upgrading your kitchen, you can make it more modern and spacious, which can increase your home’s value by up to 85.7%. You can use a personal loan for home improvement to pay for projects such as replacing your cabinets, countertops, appliances, flooring, lighting, or backsplash.
3. Add a bathroom
If your home has fewer bathrooms than bedrooms, or if your bathroom is too small or outdated, you may want to consider adding a new one. A bathroom addition can increase your home’s value by up to 54%. You can use a personal loan to pay for projects such as building a new bathroom from scratch, converting an existing space into a bathroom, or expanding an existing bathroom.
4. Install new flooring
Flooring is one of the most visible and impactful features of your home, and it can make a big difference in how buyers perceive it. By installing new flooring, you can make your home more attractive, comfortable, durable, and increase its value by up to 54%. You can use home improvement loans to pay for projects such as installing hardwood, laminate, tile, vinyl, or carpet flooring.
5. Build a deck or patio
If you want to enhance your outdoor living space and enjoy more sunshine and fresh air, you may want to build a deck or patio. A new deck can recover 86% of its value when the house is sold. You can use home improvement loans to pay for projects such as building a wooden deck, laying a concrete or brick patio, or adding furniture and accessories.
So what are you waiting for? Sign up for personal loan offers for home improvement today through MoneyLion’s Personal Loans Marketplace and get started on making the home you’ve always wanted.