Personal Loans for Home Renovation: Here’s What to Look for

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Personal Loans for

• Home Renovation Heres What to Look for

BY LEVEL FINANCING
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So, youve finally decided to give your home a
long overdue makeover. Whether its just
replacing the doors and windows, remodeling your
kitchen, or renovating your entire house, you
feel the time is right to make some changes
around the place. Right now, you have the right
inspiration, a relatively free schedule, and the
full support of the rest of your family. You
start researching the costs of the desired home
improvement project and doing a bit of budgeting.
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Thats when you realize that the only thing
standing between you and a call to the
renovation company is finding a home improvement
loan that can be taken out without too much
hassle. Ideally, the type of loan that is easy
to access and doesnt require putting your house
or any other valuable asset up as
collateral. Lets explore how personal loans for
home renovation can provide a quick and
stress-free solution to this common situation.
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Not even COVID-19 was strong enough to weaken
peoples desire for home remodeling and other
types of home improvement. According to
statista.com, this market continued to boom even
at a time when companies in other sectors were
facing major struggles due to the pandemic. The
US home improvement market is currently worth
more than 540 billion dollars and is expected to
surpass 600 billion in 2025.
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Interior room remodels are the most frequent type
of renovation sought after by households,
followed by home system upgrades, outdoor
upgrades, home exterior upgrades, and
additions. There are also some negative aspects
to take into account, though. Both the
seemingly unstoppable growth of this market and
the mounting inflationary pressures are pushing
prices up, which in turn is causing 43 of
homeowners to delay their home improvement
projects, according to CNBC.
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Fast Access
While exciting, home improvement can also be very
stressful. Look for a loan provider that will
transfer funds to your bank account as soon as
possible. The quicker you get the money, the
sooner your home improvement project can
start. This allows you to proceed immediately
with the organizational and operational aspects
of your home improvement.
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Lump-Sum Transfer
For the same reason, the total loan amount should
be wired to your bank account in one
transfer. Depending on the type and scope of
your home renovation, this sum could range
anywhere from a few thousand to over fifty
thousand dollars. If your home renovation
project involves more than interior painting or
changing a few doors, look for a lender with a
high maximum cap on the total loan amount.
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No Collateral
Obviously, you dont want to lose your home while
youre trying to renovate it. Personal loans,
including home renovation ones, are usually
unsecured. The fact that the lender doesnt have
a claim on your real estate assets (or other
properties) is one of the great advantages of
taking out an unsecured personal loan, but it
also means a higher interest rate compared to
secured debt.
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Low Fees
One way to offset the higher interest rate caused
by the lack of collateral is to look for
personal loans with little to no fees. Focus on
credit providers that dont apply high processing
charges, prepayment penalties, payment fees, and
origination fees.
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