There may come a point when you decide it’s time to remodel your home. Maybe you’re tired of your outdated kitchen and want to give it a refresh and some new appliances. Or maybe your bathrooms could use new countertops and fixtures because your current ones are worn.
No matter the project at hand, it’s important you find a cost-effective way to finance your remodel if you can’t simply pull money from your savings account to pay for it outright. That could mean borrowing against your home via a home equity loan or HELOC, or taking out a personal loan for renovation purposes.
But if you’re going to renovate, it’s important to do so for the right reasons. And if your goal in renovating is to increase your home’s value, you may not want to go that route.
Renovate for yourself, not for a profit