Helpful Information from Your Friends at In-House Inspections LLC!
Whether it’s transforming a fixer-upper into your dream home or just giving a makeover to your kitchen or bathroom, the home improvement project is on the minds of many new homeowners across the country.
While many things about renovating your home are flexible, your budget might not be. In general, not a single floorboard is laid, or a new countertop installed without money, which is why every home renovation project should begin with careful financial planning.
To help homeowners with their renovation projects, Marcus by Goldman Sachs(R) is sharing budget-friendly home renovation tips.
There are several ways to finance larger projects and it’s important to explore your options to find the one that’s right for you. Below are five important tips to keep in mind when deciding how to fund your next home project.
1. Shop around
The better you plan, the better chance you’ll save money. Before anything gets torn out or installed, you should spend time consulting with contractors and getting estimates. Look at the work they’ve done to see if they would be a good fit. Most importantly, don’t be afraid to ask a lot of questions to make sure you’re working with the right people and paying the right price.
2. Consider financing options
There are several options when financing a home improvement project and it is important to choose the right fit for you. Home equity loans and home equity lines of credit (HELOC) require you to borrow against the value of your home, with home equity loans offering a lump sum while home equity lines of credit provide you with a credit line you can borrow against. An unsecured home improvement loan can be used based on your creditworthiness and ability to pay, not tied to a piece of collateral.
3. Create a budget
Because of the nature of remodels, things often end up costing more than you might think. No matter how big or how small the project, you need to have a solid sense of what your “all in” budget number is. This should not only account for hard and soft costs for things like labor, materials, and designers, it should also account for contingency costs. Experts typically recommend budgeting an additional 15 to 20 percent for unexpected scenarios that might arise. A thoughtful budget will help keep your priorities in front of you and prevent you from spending more than you want.
“Buying a house is stressful, but working along with this company made it so simple. I learned a lot about my new home and different ways to take care of it. In-house has employees who really take there time to ensure your place is as safe as can be.” – Review of In-House Inspections LLC By Shawn Brewer
4. Remember, this is an investment!
Not all home renovations will pay off in the long term. It’s important to consider cost vs. value before you start making changes, especially for homeowners looking to sell in the near future. If you plan on putting your house on the market sooner rather than later, be sure to keep track of the top home features to get the best return on your investment.
5. Work with a designer
This might sound like a luxury or an added expense, but in many cases, a designer could actually help save money by finding deals or providing suggestions for less expensive alternatives, such as using quartz or white concrete instead of marble. Above all, their expertise can help avoid costly mistakes that can often arise when people try to cut corners on their own.
With these tips, you should be better prepared to finance your home improvement project. When you’re ready to start, you shouldn’t have to wait weeks for a home appraisal to get your renovation project underway. You could see your home improvement loan options from Marcus by Goldman Sachs in as little as five minutes and once approved, most people see the funds in their bank accounts in as little as four days. With Marcus, you could be one step closer to your dream home.
– (BPT)
If you or someone you know is purchasing a home and needs a quality home inspector in Memphis, TN, be sure to give In-House Inspections LLC a call (901) 609-7555 Today or Click To Schedule Online 24/7 Right From Our Website.
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When you are buying a home, you want to be sure that the property is in good condition and that there are no hidden surprises. This is why getting a home inspection is crucial. A home inspection is an examination of the home by a trained professional to assess the condition of the property. In-House Inspections LLC is your go-to professional home inspection company.
The team of pro home inspectors at In-House Inspections LLC follows certain standards set by the state of Tennessee. These standards cover a wide range of items, from the home’s structure to the condition of the plumbing and electrical systems.
A home inspection will give you peace of mind and help you make an informed decision about the property you are considering buying. In-House Inspections LLC offers a wide range of services, including Home Buyers Inspection, Home Buyers Inspection, and more.
Call In-House Inspections LLC and hire your Certified Home Inspector Today at (901) 609-7555 or schedule online 24/7.
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