Spring into Action: Home Renovations, DIYs, and How to Pay for It
Published on March 25, 2024
Spring (cleaning) has sprung, and you may be looking to get some work done around your house. Whether it’s a fresh coat of paint inside or a new patio outside, every project in your home impacts its value.
With the prices of homes continuing to climb and interest rates still high, potential sellers are looking to make needed improvements while many recent homeowners are trying to make their new space more like home. It’s leading to a bit of a DIY revolution.
The idea of ‘Do It Yourself’ isn’t new, especially with the accessibility of online content to guide you through whatever you’re doing, but not everything can be left up to the at-home handyman. Along with safety concerns, a project that isn’t done correctly could negatively impact the value of your home—and potentially cost you even more money to fix what wasn’t broken to begin with.
DIY or Contractor
Everyone’s skill level, and time available to dedicate to a project, varies greatly.
When it comes to DIY-ing a project, first ask yourself if you’re capable of completing it. Do you have the time on your hands, the attitude to learn something new, and the ability to maintain good craftsmanship? If the answer is yes, go for it!
Great DIY projects that could save you money and improve home value would be:
- A coat of paint in one or more rooms inside your home (if you’re thinking of selling soon, stick to neutral colors)
- Update old or outdated cabinet hardware
- Tile a new kitchen backsplash
- Lawn maintenance and fresh plants by your walkway
- Replace old light fixtures
Think twice about DIY for projects that,if done poorly, could severely impact home value or cause harm, such as:
- A new roof
- Electricity upgrades
- Tree Removal
- Demolition and Home Additions
- Heating and Ventilation improvements
- Plumbing
When you can’t do it yourself, look for a trustworthy contractor to complete these projects. Ask family and neighbors. See who comes highly recommended from a satisfied customer, read online reviews, and make sure you find the person who can do the job at the rate, time, and quality you and your home deserve!
Do It Now or Wait and Save?
Completing little projects, a couple times a year is a good way to avoid home improvement needs piling up. Big projects, like adding a bathroom or replacing a roof, may not be as flexible of a job, however.
If you know you have a few projects you want to complete but time isn’t an issue, start saving for them. Whether you use an existing savings account or open a High-Yield Savings to get more of a return on your money, this is a great option if you know how much you need and that with a little time, you’ll have it.
You can also use the equity in your home to make improvements and increase its value.
It may be time to start thinking about a Home Equity Line of Credit (HELOC) if saving for the project or waiting to complete the project isn’t an option.
A HELOC is flexible to your budget and the work you need done. The line of credit exists so you can pay for things as you need them, without having to submit a loan application for everything you want to get done.
For a one and done project, however, consider a Fixed Rate Home Equity Loan. The difference is a fixed rate loan locks in the interest rate for the life of the loan with fixed monthly payments. If you have a big home renovation and want consistency in your monthly payments, it may be time to look into a loan like this.
If you’re not sure what direction is right for you, consider talking with a financial advisor. They can give you advice and set you up with the right account to move your home goals forward!
