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How To Upgrade Your Home With A Renovation Loan
Posted By Lindsay Byrne on May 18, 2022
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With spring just around the corner, homeowners across the country are getting ready to spruce up their home for the warmer months. Spring cleaning is an excellent way to clear out clutter and refresh your space, but what if you’re looking for something more? Perhaps your master bathroom is really outdated. Or maybe your landscaping looks far from inviting. If you’re feeling frustrated with your space due to limited functionality or outdated designs, you may be ready for a renovation!

 

Renovations can be very intimidating. The cost to make your vision come true could be what is standing between you and a refreshed space. We’re here to tell you: you’re not alone! In this blog post, we’re breaking down the decision-making process leading up to your renovation, the most popular projects this year, and loan options to help you afford it!

 

WHEN SHOULD I BEGIN RENOVATING?

When you are inspired to renovate, you may get so excited that you break out the sledgehammer. Not so fast! There are various critical factors to consider before you begin demoing. First, establish why you are renovating. Perhaps you are looking to increase the value of your home so it is easier to sell. Or maybe you’re eager to enhance the space you’re in so it is more comfortable for you and your family. These are valid reasons to consider updating your home.

 

Ensure that whatever updates you are making will increase the value of your home. If it won’t, you may be wasting a lot of time, effort, and money. Steer clear of renovations that will make your house overly expensive in your neighborhood. This will deter buyers with budget expectations for your area. Once you have established that your renovation will benefit you financially long-term, start coming up with your plan. This plan must be specific, including timelines, costs, design choices, and more. If you are working with an expert, they should be able to provide guidance on the details of the project and when it will be complete.

 

WHAT ARE THE MOST POPULAR HOME RENOVATIONS?

Renovations have become incredibly popular over the past two years with the rise of the pandemic (and Property Brothers). The shift of working remotely drastically increased the amount of time people spend at home, which allowed them to get a clear look at the areas that needed updating. Home improvement shows on HGTV also inspired viewers to see that a beautiful, inviting home can be achieved through renovations.

 

If you have come to the realization that your home is no longer meeting your needs, renovating can be an excellent option for you, especially if you are not in the market to buy a new home. There are so many benefits to taking this route versus buying a new home. By renovating, you have complete freedom and control over the layout and design of your home transformation.

 

According to the experts, the most popular indoor renovations for 2021 included kitchen remodels, master bathroom enhancements, and more functional guest bedrooms. Popular outdoor renovations included landscaping, new decks or patios, and a new front door. While many of these projects enhanced the design and functionality, there are other renovations that improve the safety of the home. Renovations such as a new asphalt roof and attic insulation aren’t as fun as a new outdoor firepit, but they increase the value of the home which should be a top priority for you. In 2022, we’re expecting to see a lot of the same renovation projects with a slight shift in design trends. This year, we will be seeing a lot of bold color choices for kitchen cabinets, the comeback of retro accents, and elevated outdoor lounge areas.

 

WHAT ARE HOME RENOVATION LOANS?

Once you decide on the areas of your home that you would like to renovate, you can begin researching general contractors who can share more on the costs. When you receive the quote, don’t panic! You have options. Family First Funding offers a variety of renovation loans for big and small renovation projects. Many of these loans allow you to build equity instantly, too! With these loans, you will be able to upgrade your home confidently and comfortably.

 

Renovating requires a lot of patience and research, but the benefits you will have when it is complete makes it all worth it! Our team is here to help make your home renovation vision come true with our variety of loan options. Reach out to our team to learn more about renovation loans or apply now to get started right away!

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