Full-Scale Home Remodeling Ideas & Home Renovation Loans to Help You Afford Them


If you’re frustrated with the lack of space or amenities in your home, you may be considering a home renovation. When it comes to renovating your home, there are unlimited possibilities ranging from fresh touches to a full-scale home remodel. To determine which home remodeling ideas are right for you, decide how long you plan to stay in your home, what you can afford and what your neighborhood property values look like.

Is a full-scale remodel right for you?

The most important factor when considering full-scale remodels is how long you intend to stay in your home. If you think you’ll move within the next five years, building an addition or gutting the kitchen may not be a wise financial move. However, that doesn’t mean you can’t spruce up the aesthetics with small-scale upgrades to improve resale value. If you’re planning to stay in your home for the next 10 years however, a more customized, full-scale remodel may be in order. Don’t be afraid to refinish the basement or create a master suite. Finally, with whatever remodel you choose, consider your available budget and choose designs that aren’t too over-the-top for your neighborhood as it could hurt your resale value.

Three home remodeling ideas for a full-scale remodel

So you’ve decided you’re going to stay a while, what can you do to make your home suit your needs? Use a home equity loan to finance your larger home renovation projects. Plan out the design you want, think about what utilities and appliances will be affected and obtain quotes from several different contractors to draw up a budget. Once you have a budget, you can obtain a home renovation loan, which uses your home’s equity as collateral and will give you a lump sum to pay for your upgrades.

  • Remodel your kitchen: In older homes, redesigning the kitchen can be a challenge as you may be dealing with pests, mold and outdated décor like linoleum or wallpaper. Some ways to give the room an updated look may be laying stone or tile, updating the appliances with more energy efficient versions, and expanding your counter space. You might even knock out a wall to create a breakfast nook. If you do choose to go that route, make sure you or your contractor know where the load-bearing walls are.
  • Build an addition: An addition can provide the space you need for a new nursery, home office, in-law apartment or extra family room. Since this project is a larger undertaking, make sure you follow local building code restrictions and find a contractor who understands your dreams for the space.
  • Remodel your master bedroom: Whether you’re just starting to think about having children or already have children and want a private space, a master suite may be the perfect option. Customize the suite with a master bath complete with heated floors, a Jacuzzi tub, romantic lighting, and his and her sinks. You may also consider expanding the bedroom space and adding walk-in closets.

Choosing the right financing option

If you’re doing a few improvements before putting your house on the market, you may want a home equity line of credit instead of a home remodel loan. With a home equity line, you have easy access to funds whenever you need them, making it a flexible option perfect for smaller projects. It’s also helpful when you don’t have all the costs of a project finalized and want to have the ability to adjust what you borrow more easily. If you choose a more involved plan, a home renovation loan using your home equity could be the perfect choice. Talk to a trusted lender to help you find the best option to finance your home remodeling ideas.

Sponsored content was created and provided by RBS Citizens Financial Group.

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