More than a tenth of the U.S. population are planning home renovations in the next 12 months, according to a report from Bankrate. That’s an impressive 36 million homeowners.
These improvements range from simple landscaping or fencing projects to major surgery like home expansions.
Americans are adding new flooring, roofing, windows or siding. Many will max out credit cards to achieve their dream.
Bankrate’s personal loan guru, Mike Cetera, suggests that people shop around for personal loan offers, start at just 5.5% these days.
If even that’s too much, people can look into home equity loans and lines of credit, which charge lower interest rates, but with the home as collateral.
Putting your house on the line to raise money for a home improvement may seem risky – and it can be. However, home improvements can also add to the value of the home.
Not all home improvement projects are equal when it comes to cost vs benefit. To find out how your dream projects stack up, check out this handy calculator at http://www.remodeling.hw.net/cost-vs-value/2016/.