Does your home need some work?
Maybe the kitchen is stuck in the ’70s. That dusty old carpet in the bedroom has gotta go. And, well, new tile in the shower would be nice…
Home renovations aren’t just for the sake of vanity. You can increase the value of your home if you’re looking to sell soon.
Adding a wood deck to your yard, for example, will cost you, on average, about $10,000. Your resale value will tick up $9,000, according to “Remodeling” magazine’s annual “Cost vs. Value Report” for 2018, so you’ll earn most of that cost back.
A new garage door? That job will cost you nearly $3,500 — but you’ll earn almost all of that back in resale value, too.
Afford Home Renovations — Without Going into Credit Card Debt
Unfortunately, you can’t walk into the backyard and pluck cash off the money tree. (Oh, yikes, that back deck is looking rough, too…)
Fortunately, there are ways to fund some light renovations to your home — even if you don’t have cash on hand.
One option is to take out a personal loan. If you qualify, you’ll typically receive your funds within a few days. Plus, the interest rates on personal loans are much lower than those attached to credit cards (which is another option, though one we definitely won’t recommend in this scenario).
Not sure where to find said loan? Pursue your options on the online marketplace Credible. Enter your information, and the site will spit out your personal loan options. It lets you quickly compare rates without visiting a bunch of sites and getting flooded with emails and phone calls.
Rates start at 3.99%. Remember: You’ll get better offers if you have a good credit score (think: around 640 or higher).
You can check out your personal loan options by entering a loan amount here (up to $100,000) and comparing rates in less than two minutes.
Now, start channeling your inner Chip and Joanna Gaines.
Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder.
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