At some point in time, nearly all homeowners will consider a home renovation loan to update or upgrade their home. If you can relate, and currently find yourself considering a South Carolina home renovation loan, review the five factors listed below before choosing the types of renovations to complete:
- Determine How Long You Want to Stay in Your Home: If you only plan on remaining in your home for less than five years, you likely want to stick with less dramatic, costly or permanent changes. However, if you plan on remaining in your home anywhere from 10 years to life, you don’t have to be hindered by the future use of your home as much or how the renovation will impact its resale value. That isn’t to say it isn’t important to think ahead at all…
- Think Ahead: It's important to consider how your renovation will age. In other words, contemplate if you will be moving your aging parents into your home, if you might get pregnant and will soon have toddlers running around or have moody teens sharing your space. What renovations will best meet your family’s changing needs? This is one question you need to answer before moving forward with any renovation.
- Properly Evaluate The Cost: Perhaps the most important element of all to consider is the overall cost. Thankfully, a Midland Mortgage Renovation Loan will give you the best rate to ensure you can complete your renovation as cost effectively as possible. Nevertheless, it’s a good idea to evaluate your current household budget and look down the road as well to determine how much you should spend on any home renovation.
- Realize All Renovations Aren’t Considered Equal: There are some renovations that simply have a better return on investment than others. According to various research, garage door installation, stone veneer and entry door replacement are just a few of the most valuable renovations. They are considered as such because they effectively increase your home’s value more than you spend on the renovation itself, meaning you get a good return on your investment. Of course, ultimately, you as the homeowner should determine what type of renovation works best for your family. However, it is good to educate yourself on which home improvement projects can benefit you and which will just cost you money.
- Know Some Renovations Can Decrease Your Home’s Value: According to MSN Money Talk News, adding a master suite addition is not only one of the most expensive renovations you can complete, it also yields the worst return on your investment. Of course, if you want a master suite and plan on living in your home for decades in the future, go for it, but if you plan on selling soon, it’s worth noting that some renovations can actually end up costing you money and not increase your home’s value very much at all. Therefore, do your research on return of investment if you plan on selling soon.
The above factors are five you should consider before renovating your home. If you're looking for the perfect House2Home Renovation Loan, Midland Mortgage can help! Call us at (803) 854-9484 or contact us today.