When the summer months arrive, you may find yourself thinking long and hard about taking on a renovation project. This is particularly true if your project pertains to the exterior of your home and/or yard.
As excited as you may be about your project, there’s a question you need to answer: how will you pay for it?
While there are many options to consider — and you should do just that — a home equity loan often makes the most sense. As a secured loan, you’re in a position to obtain a competitive interest rate. Furthermore, there are a variety of terms to choose from, thus allowing you to secure a payment that comfortably fits into your budget.
Here are five common summer renovation projects to pay for with a home equity loan:
It’s not the most exciting project, but a new roof will give you peace of mind. Consult with a roofing contractor to determine if now’s the time to proceed with this project. Once this project is out of the way, you won’t have to think about it again for a very long time.
If your existing siding has seen better days, consider making a change this summer. From vinyl to fiber cement to wood, there are various forms of siding to consider — all of which come at a different price point.
New siding can enhance the curb appeal of your home, better protect your structure, and improve energy efficiency.
If you want your home and lawn to look their best, you need to spend money on landscaping every now and again. This can include everything from installing a new lawn to planting privacy trees to adding new mulch beds.
4. Outdoor kitchen
This is more of a “want” than a “need,” but if it’s in your budget it’s a project to strongly consider. An outdoor kitchen allows you to better enjoy the time you spend outside your home. You can customize it to suit your space and personal requirements.
5. Deck or patio
If you don’t have an outdoor living space right now, adding a deck or patio could be the next summer renovation project on your list. There are pros and cons to both, as well as varying costs depending on the details of your project.
Are any of these renovation projects on your radar this summer? Is there another type of project that you want to tackle
No matter the project or complexity, be sure that you clearly understand the overall cost and how you’ll pay for it. This will put you on the right path from the start.