Home improvement projects are great if they’re in the budget. However, some households end up biting off more than can chew, and their finances can suffer as a consequence.
Prior to completing a project to improve your home’s value, take a good long look at your financial standing. If you don’t have the spare cash, don’t worry, you still have options. For example, you could utilize and FHA or VA mortgage refinance to lower you monthly payments and keep more cash in your pocket to go toward other investments.
Future of home improvement appears bright
2013 is expected to be a big year for home remodeling. According to a survey conducted by the National Association of the Remodeling Industry, the number of home improvement project requests spiked 3.7 percent at the end of last year. This could directly translate to additional activity in the coming months.
Not only is this a positive sign for the home improvement industry, but it could also mean consumers are more willing to spend money on their homes. In the wake of the housing market collapse, many homeowners put needed projects on hold until the economy found its footing.
“Now that the election is over, consumer confidence is starting to grow and so has remodelers’ confidence,” said NARI chairman of strategic planning and research Tom O’Grady. “NARI members are looking forward to having a well-deserved, productive year ahead.”
Your don’t need to break the bank to improve your home’s value
When many people think of home improvement projects, they think of a shiny new bathroom with porcelain fixtures or a kitchen with new granite countertops and stainless steel appliances. While these are some of the most popular projects among homeowners, there are many others.
1. Painting – Perhaps one of the easiest ways to give the exterior of your home or a tired looking room an instant facelift is to apply a new layer of paint. Meanwhile, even if the paint in a certain room is still in good shape, switching up the color can give it a totally different feel. For example, painting a room with limited natural light a lighter color can really brighten it up.
2. Replace your hardware – If you kitchen cabinets look old and outdated, you don’t need to replace all the units. Instead, consider replacing the handles and hinges. This is a relatively low-cost way to customize your kitchen.
3. Clean your carpets – In this day and age, there are numerous products that can get even the toughest stains out of carpets. If you have children or pets, you’re probably used to occasional spills and accidents. However, this doesn’t mean you have to rip up your carpeting to make them look brand new again.
Freedom Mortgage is a leading lender in all 50 states and is eager to assist you in qualifying for a mortgage. Checking out Freedom’s home mortgage rate calculator is just a stepping stone on your journey to becoming a homeowner.
Latest posts by ChuckM (see all)
- A Millennial Guide to Buying Your First Home - January 4, 2017
- Getting to the Truth: Top Mortgage Misconceptions and Facts - December 28, 2016
- What Are the Most Common Reasons Why People Get Turned Down for Loans? - December 14, 2016