Home repair: Reasons to get a home improvement loan

by Sellers Group powered by Keller Williams Realty Atlanta Partners 10/01/2023

Two individuals standing with painting supplies

Home repair loans provide financing for home improvement projects. These projects can become expensive, and sometimes financial help is needed. Here are some basic reasons to get a home improvement loan for your project: 

Should you get a home repair loan?

An unsecured personal loan is great for small to mid-sized undertakings. For example, you may want to add new flooring and countertops in your kitchen, or upgrade your bathroom.

This type of loan is typically easier to obtain than home equity loans, but your credit score and income information are still big factors. These influence your monthly payments, loan amount and interest rate. 

Common reasons to get a home improvement loan

A common reason for home improvement loans is to increase the value of a property. This loan allows you to complete projects that may make your home more appealing on the market. You might also need a home improvement loan to make your space more comfortable. 

Forgo putting your home at risk

Unlike a home equity loan, home improvement loans are safer. You don’t have to offer collateral to get this type of loan. Unsecured personal loans are primarily obtained through personal information. This includes your credit score and income. 

Quick financing

Home improvement loans are fairly quick to receive. You can be given a lump sum amount for the whole loan. In some cases, you can receive this funding within a day. 

Increase the value of your home 

Home improvement projects can boost the value of your home. Valuable additions like finishing a basement or building a deck can produce major returns on your investment. 

Uploaded Image

When it’s time to start home improvement projects, proper financing is a must. You may require a personal loan, or your project may be larger and require a secured loan. Speak with a local lender to find out which loan options are best for you. 

About the Author
Author

Sellers Group powered by Keller Williams Realty Atlanta Partners

Cindy has been an active Real Estate Agent since 1999 and continued as a Broker Associate in 2002.  Licensed in both the state of Georgia and Alabama, her career has always centered around the sales environment.  After several years of working in the Corporate world, Cindy decided it was time to step out and start her own business where she could make a difference and contribute to the well-being of others.  What better way than getting into real estate!