As summer inches closer, a lot of homeowners debate making a home improvement investment on their property. These major home improvement projects can add a lot of value to a home, but residents have to know that most improvement projects won't necessarily bring a return on investment, financially speaking. On the other hand, a new major project, like adding an in-ground pool, could be worth the investment to enjoy your summers even more.
As a homeowner, you might spend several hours deciding what tiles to use to replace the floors, but it's also important to consider your financial options before you start. A personal loan for your major home improvement projects could provide enough money to financially back your plans and give you 24 to 60 months to repay the loan with interest, Realtor.com reported. Typically, the interest rates for personal loans are much lower than what you'd pay on a credit card loan.
Depending on how much you plan to borrow, a personal loan could get you the new back patio of your dreams. At the same time, you want to make sure your home improvement project will be worth it from a financial standpoint.
Here are five home improvement projects that could be worth the investment:
1. Repainting your entire home
You'd be surprised how expensive it can be to completely repaint the entire interior of your home. If you plan on doing it yourself, you'll certainly save money on hiring painters, but it will take you much longer to get done.
On the plus side of things, a paint job will always bring out different features in your home and make your house seem like new. This can provide a huge aesthetic change in your home without completely breaking the bank, the Fiscal Times reported. Depending on how much work you're willing to do, this project could be worth the investment.
"Potential homebuyers will be happy to know you've invested in new windows."
2. Replace your windows
Old and out-of-date windows can cost you a fortune in colder months when cool air seeps into your home. According to Remodeling Magazine's Cost vs. Value report, mid-range vinyl window replacement for 10 windows can run just under $10,000.
While that might seem like a lot of money, your investment will lower energy costs and add a new style to your home. Completely new windows can change your home drastically, and if you ever plan to sell your home, potential buyers will be happy to know you've invested in this home improvement task.
3. Change the front door
If you're truly looking for curb appeal, adding a new front door is a great way to impress guests coming into your home. In the Cost vs. Value report, a new front door is one of the highest-ranked home improvement projects by return on investment. Changing your front door could have an ROI of 101 percent, and the entire project could easily cost under $1,500 to complete.
4. Add hardscaping to your patio
Hardscaping is becoming increasingly popular for homeowners wanting to redesign their back patio. Whether you choose stone or brick, the price can add up quickly. On the other hand, you can completely transform your back patio with a new hardscape design. A project like this takes serious investment toward revamping the aesthetic of your home.
5. Upgrade your home lighting
Another great investment you can make is switching your home lighting to a more energy-efficient design. LED light bulbs can use up to 75 percent less energy than standard incandescent bulbs, which will show on your electric bill.
Home lighting fixtures are available in numerous designs to perfectly match your home, and the possibilities are endless with LEDs. You can control the warmth in certain rooms and add light dimmer controls to give you more flexibility with your home lighting. A project like this won't cost a fortune and could save you money in the long run. But to ensure you can get this project started, talk to one of our loan specialists to find out more about investing in your home.
For more information about smart ways to manage your finances, contact Landmark Bank.
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