While renovations will quickly add up in cost, for many homeowners, the expense is worth it if it means living in a home that is more comfortable, makes life easier, or better reflects their personal tastes.
El Segundo, CA (PRWEB) June 09, 2013
Most homeowners are unlikely to have thousands of dollars available in a bank account to drop on home improvements at any given time. To help them figure out how to responsibly finance renovations and avoid high-interest loans, GoBankingRates has released a new report on the best home improvement loans for both current homeowners and home buyers looking to turn a less-than-perfect house into their dream home.
“While renovations will quickly add up in cost, for many homeowners, the expense is worth it if it means living in a home that is more comfortable, makes life easier, or better reflects their personal tastes,” says GoBankingRates managing editor, Casey Bond.
The GoBankingRates guide to home improvement loans highlighted three financing options:
- HELOC (home equity line of credit) or home equity loan
- HomePath Renovation Mortgage Loan
- A 203(k)Rehab Loan
Additionally, the guide includes tips for home owners or buyers to help them decide if home improvement loans and related costs are a wise financial choice.
For example, updating a home’s exterior is the investment with the best return for homeowners, according to a 2013 report from Remodeling Magazine. The three home improvements that add the most value to a home, in proportion to the upgrade costs, are as follows: Installing a new steel entry door, replacing siding with fiber-cement options, and adding a wooden deck. Combined, these three improvements would add $18,566 to a home’s value – but would also cost $23,502 to complete.
“It's unlikely you'll get a 100% return on your investment in terms of improved resale value, but this is often made up for by intangibles like having a home you actually enjoy spending time in,” points out Ms. Bond.
See the full details on these home improvement loans here: http://www.gobankingrates.com/mortgage-rates/use-mortgage-loan-finance-home-improvement-renovations/
For questions about this report or to speak with Casey Bond, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Additionally, GoBankingRates.com partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content. Its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.
Jaime Catmull, Director of Public Relations
Source: Remodeling Magazine, “Remodeling Cost Vs. Value Report 2013,” 2013.