NEW YORK, NY / ACCESSWIRE / April 25, 2024 / The home serves as a sanctuary, providing comfort and functionality tailored to a homeowner's preferences. Often, achieving this ideal living space involves undertaking renovation projects such as kitchen updates or outdoor area enhancements. However, navigating the process, from selecting contractors to securing a home improvement loan can present significant financial challenges. This article aims to assist homeowners in planning cost-effective home improvement projects without compromising their vision or budget.

Detail the Expenses

Gaining an initial understanding of project costs through home improvement websites serves as a valuable first step. However, before proceeding with any work, homeowners should thoroughly research the specifics. They should compile a comprehensive list detailing all necessary steps and materials for the project. Seeking realistic estimates from various sources, including contractors, big-box stores, and online retailers, ensures a more precise assessment of total expenses. This meticulous approach minimizes the risk of exceeding the budget at later stages.

Interview Multiple Contractors

When considering outsourcing the work to a contractor, it's advisable not to settle for a single bid. Relying solely on one contractor's quote leaves a homeowner unaware of potential price differences compared to other contractors. Moreover, decision-making shouldn't be solely price-driven. It's essential to evaluate other aspects such as the contractor's level of experience, reliability, professionalism, and compatibility. Assessing the overall package ensures a more informed selection process.

Consider DIY

Opting for a contractor to handle all aspects of the project may offer convenience, but it tends to be the priciest option. To trim expenses, individuals should review the project's scope and consider tasks they could tackle themselves. Various online resources provide tutorials on tasks like demo work and painting, offering valuable guidance. Alternatively, enlisting the help of a skilled friend or relative can also save costs and provide necessary assistance. However, it's crucial to assess any DIY project to ensure adherence to local rules, regulations, and licensing requirements. Some jobs truly are better left to the professionals.

Get Affordable Financing

Regardless of the chosen approach to completing the work, funding will be required. This means that homeowners may need to explore loan options that align with their needs. While some may feel that opting for a home equity loan or HELOC (home equity line of credit) is the ideal choice for a remodel, it's essential to recognize that these loans use the house as collateral, putting it at risk of seizure if the borrower defaults on payments. For those uncomfortable with this arrangement, exploring home improvement loans is advisable.

A home improvement loan is a form of personal loan that can either be secured or unsecured, contingent on the applicant's qualifications. This means that in the case of a secured loan collateral is required, which could include an asset other than the home, such as a car or retirement fund. Personal loans typically offer favorable terms with fixed interest rates and are disbursed in the form of a lump sum. Choosing this route provides the necessary funds for the project without concerns about fluctuating interest rates or payments that increase incrementally.

The Bottom Line

To ensure the cost of their next home improvement project stays within budget, individuals should plan ahead. They can achieve this by interviewing multiple contractors and evaluating the feasibility of completing certain tasks on their own. Rather than opting for a financing option that could pose the risk of losing their home, they may explore simpler alternatives such as home improvement loans.

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SOURCE: OneMain Financial