How to Get a Loan for up to $100,000 in Home Renovations
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?
A good resource is Fiona, a search engine for financial services, which can help match you with the right personal loan to meet your needs.
Fiona searches the top online lenders to match you with a personalized loan offer in less than 60 seconds. If your credit score is at least 620, its platform can help you borrow up to $250,000 (no collateral needed) with fixed rates starting at 2.49% and terms from 24 to 84 months.
You can check out your personal loan options by entering a loan amount here (up to $250,000) 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.