• Home
  • Get a loan
  • Investing
  • How it works
  • About us
  • Blog
    • Peer to Peer Lending
    • Money Smarts
    • Debt
    • Savings
    • Financial Tips
    • Loans
    • Personal
    • Credit
    • Score
    • P2P Lending Buzz
  • Help
Peerform | Peer to Peer Lending Blog
get a loan to remodel my home
Financial Tips, Home Improvement

Where do I get a Loan to remodel my Home?

By Dvorah Rut · On March 15, 2018


Spring is knocking at the door. We shake off the winter slumber and start to look around. As we do, we notice all the things that escaped our attention. Suddenly we see that the bathroom really is a bit of a disaster. And the kitchen definitely needs some work. Maybe our family is growing, and the place is starting to feel crowded. Or, that entrepreneurial seed that has been germinating all winter is now ready to sprout.

We need a home office! We need to remodel.

And, now you’re wondering, where do I get a loan to remodel my home?

Before joining the thousands heading to the Home Depot or ordering the home renovators you first need to ask some other important questions.

1. A budget.

How much is your home remodel project going to cost? A modest remodel of your kitchen costs on average a little more than $20,000. If you are thinking of adding a master bedroom, that could cost you $250,000! You can find good home renovation calculators online.

Be sure to include everything in your budget—materials, equipment rentals if needed, and permit fees. Don’t forget to add roughly 20% or more for the stuff you forgot. If you are hiring a contractor, they will give you an itemized list of all materials and labor costs. Add 10% to the bid they give you to cover surprises.

2. Can you afford it?

Does your home remodel fit into your current budget? Do you have the cash saved up? Maybe a luxury spa bathroom can be postponed? Prioritize the essentials. If you do not have enough in hand, how much do you need to borrow? Can you afford the payments within your current income-expense structure?

Is your home renovation project worth it? Where do you live now? If you invest in remodeling, will you be able to recoup the cost when you sell? Would it be cheaper, in the long run, to move and buy something else?

3. Are there ways to save money?

Now, we return to the question,

Where do I get a Loan to remodel my Home?

First, let’s talk about where you should not go—a home equity loan or your credit cards.

Unfortunately, many homeowners go the route of financing their remodel projects by taking out a home equity loan. Or, they charge the project on their credit cards. Both are poor choices. If you refinance or take out a home equity loan then you are adding to your mortgage debt. A home equity loan means that you are putting your home up as collateral. In these times of income disruptions and economic uncertainty, a home equity loan might be a risk.

Putting the expenses on your credit card means higher monthly bills. Can you afford to pay off the balance? If you pay only the minimum, then you could easily double the amount you actually spent to remodel your home. Even worse, if you miss payments, you can find yourself facing higher interest rates and late fees and ruin your credit.

loan to remodel my homeWhat’s the Best Answer?

The best answer to your question, “where do I get a loan to remodel my home?” is from an online peer-to-peer lender. Personal home improvement loans are unsecured. You do not need to use your home as collateral, which is great especially if you don’t have so much equity in your home right now. A P2P home improvement loan is especially helpful if your credit is not so good.

At Peerform, for instance, you can get a home improvement loan up to $25,000. The fees are low, interest rates are favorable and there are no hidden terms. The online application procedure is easy, speedy and you get an answer quickly. Payments are automatically deducted from your bank account. One less bill to remember and your payments will always be on time. Your credit score will be protected and even improved. Of all the options, an online home improvement loan is your best answer to your question: where can I get a loan to remodel my home?

What do you think?

comments

home improvementloans online

Dvorah Rut

You Might Also Like

  • saving money on your car purchase Financial Tips

    Secrets to Saving Money on Your Car Purchase

  • rebuild your credit Credit

    How to Rebuild Your Credit After Bankruptcy?

  • stay committed to your retirement savings Financial Tips

    How to Stay Committed to Your Retirement Savings

Sign Up for the Latest News

Join the Peerform community and stay abreast of career tips, workplace trends, fintech, money advice and more

@peerform on Twitter

  • Tweet Avatar
    Getting out of #debt is still your top financial priority. https://t.co/6nw1dCsRSK https://t.co/uGajHg7XlH

    10 months ago
    1 retweet 1 Favorite
  • Tweet Avatar
    7 Secrets to #saving #money on your car purchase. https://t.co/EDv2yO2V0e https://t.co/iOgoxtglUu

    10 months ago
    1 Favorite
  • Tweet Avatar
    3 ways to build #credit without taking out a #creditcard. https://t.co/EMj1Pwt0AM https://t.co/koVnMLvL4l

    10 months ago

Find us on Facebook

RSS Peerform Online Lending

  • Secrets to Saving Money on Your Car Purchase March 19, 2020
    Saving money should be one of your constant priorities. This is why you’re budgeting, tracking your money and checking your credit report. A car purchase can be a drain on your budget, especially if you weren’t able to save for it. So, you need some strategies for saving money on your car purchase. 7 Secrets […]
  • Hetty Green: “Witch of Wall Street” March 12, 2020
    Hetty Green was the richest woman in America during her era. Possessing a keen eye for potential market fluctuations and an innate sense of timing, she was able to turn a modest inheritance into a fortune. Green was ahead of her time. Her profound intelligence in money matters and commitment to financial independence was not […]
  • How to Rebuild Your Credit After Bankruptcy? March 5, 2020
    You had to file for bankruptcy. Your credit score has tanked. What do you do now to rebuild your credit? Roughly 752,000 cases of personal bankruptcy were filed in 2019 (Statistica.com). This is a vast improvement over 2010, when almost 1.6 million bankruptcies were filed. If you had to file bankruptcy, you are not alone. […]
  • How to Stay Committed to Your Retirement Savings February 27, 2020
    It’s easy to set up a 401(k) or IRA. Yet, more than half of Americans say they are not where they should be in their retirement savings. (Bankrate 2019 financial security survey) And 38% of the people surveyed said they don’t have a retirement savings account at all. How can you stay committed to your […]
  • Top 10 Money Tips from the Financial Experts February 20, 2020
    It’s always great to have money tips from the experts to help us meet our financial objectives. According to all the surveys, improving our financial lives was the second most popular New Year’s resolution for Americans in 2020. Taking first place was getting in shape. And, as we’ve reported before, most resolutions are already forgotten […]

© 2014 Peerform. All rights reserved.

Privacy Policy