Home improvement is the process of renovating or repairing residential property. It can be done for a variety of reasons, such as improving the home’s value, increasing its comfort, or making it more aesthetically pleasing.
The popularity of television home improvement shows has helped to fuel this trend. Shows like “This Old House” and “Fixer Upper” have encouraged homeowners to take on DIY projects, often with the goal of adding value to their homes.
A home equity loan allows you to borrow against the value of your house, securing funding that can be used for home improvements, debt consolidation, college tuition, long-term care expenses and more. These loans are typically repaid over 5-30 years with fixed monthly payments, and can be a great option for those who want to make big changes but may not have the cash on hand.
Homeowners often choose to make upgrades that will increase their home’s resale value, such as new appliances, granite countertops and wood floors. However, it’s important to remember that not all upgrades will add resale value. In fact, some may actually decrease your home’s value.
For example, installing a custom shower with heated towel racks and frameless glass enclosures will cost you more than replacing your outdated fixtures with standard models. It’s also a good idea to talk to a real estate agent before undertaking any major renovations. They can help you plan a project that will appeal to potential buyers.