This post was sponsored, and paid for, by LightStream an online lending division of SunTrust Bank. All opinions are my own.
I know I’m not the only person who gets sucked into home improvement and renovation shows. My dvr is full of them lol. I can honestly spend hours watching each show and learning new ideas. It’s Home Improvement Season and as many of you all know, I’m the proud new owner of a new to me motor home. I’ve been working on my mini home and taking on the task of renovating it.
As I’ve been working on making my tiny home feel more like my personal space. It got me thinking about everything involved in a major home renovation. According to a recent LightStream Home Improvement Survey, only 7% of homeowners are renovating to put their homes up for sale, that’s the lowest rate in survey history. That means homeowners are crafting their homes for the long haul and catering to their own personal style.
For many homeowners, renovations are about updating their homes and adding new trends and comforts. While the thought of renovating can be an exciting endeavor, there are still a few things to consider before you get started. Here are a few questions you should ask yourself.
4 Questions To Ask Yourself Before A Renovation
What budget do I feel comfortable with?
What projects will add the most resale value?
How much of the work can I DIY?
How can I pay for these projects?
Let’s start with the budget, while it’s not fun thinking about how much you can spend, it’s important. For my current renovations I’ve been considering what’s most important for my comfort and then pricing it out that way. It’s important to set boundaries for yourself otherwise a renovation can easily get out of control.
Now that you have a list of things you want to work on and a budget is in place. I think it’s important to start with what’s going to add the most resale value. I know many of us are renovating to keep, but it’s still important to keep the value of your home up. If you watch home improvement shows like me, you’ll know that the biggest value add is usually the kitchen. After that, I think a master suite is very important. The best part about that is kitchens are the heart of the home and can be fun to renovate and a master suite is all about you anyway. So you’ll be adding value with spaces you can get the most out of.
Okay with this 3rd point, I have to make sure I throw out a bit of caution lol. DIY can be a great thing, but please know your limits. Otherwise, you may end up spending more than you need to. However, if you are on the handy side, think about what projects in your renovation that you can take on yourself. Not only will working on your projects give you a sense of accomplishment and connection to your home, it can help you save money. Last but not least, how can you pay for these projects? Below you’ll find a list of a few options for helping you fund your home improvement and renovation needs.
3 Great Options For Funding Your Home Improvement Needs
Saving the old fashioned way: Although it may require a lot of time and patience, saving your money until you’re able to pay outright for a renovation can eliminate finance charges. And when you pay with cash it can also make it easier to stay within your budget.
Sell What You Don’t Need: Many of us have accumulated some treasures along the way. Part of the reason you want to renovate is because you want to start fresh. That can also mean letting go of things you no longer need. Sift through your valuables and sell what you can, keep in mind that every penny helps.
Get A Loan: Last but not least, getting a loan can allow you to get all your projects done in a timely fashion and lets you know what budget you have to work with. If you have good credit, you may be able to get a low-interest, no-fee loan from $5,000 to $100,000, for practically any purpose, through LightStream. And because they’re so confident they can deliver a great loan process, LightStream offers a $100 Loan Experience Guarantee: if after receiving your loan from LightStream you are not completely satisfied, they’ll send you $100. In fact, LightStream also has a Rate Beat Program: If you can find a better loan rate, they’ll beat it! See important details here.
Home improvement can be a great way to mark new beginnings or just make your space feel more like yours. I hope you’ve gained lots of information that will make you feel confident with your own reno projects. If you still want more information on current home improvement trends be sure to check out the LightStream Blog. I look forward to seeing your home improvement projects and hearing any feedback! LightStream is a national online lending division of SunTrust Bank, providing loans for practically any purpose. Financing is available in all 50 states (people need not have a SunTrust account in order to apply). And, they plant a tree with every loan — more than 1,500 acres and counting!