Top 8 Home Renovations to Consider

Written by Banks Editorial Team
5 min. read
Written by Banks Editorial Team
5 min. read

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Are you sick of your house’s boring and outdated look, but you can’t afford to buy or build a new one? A home renovation might be the best solution to bring your dream home to reality.

Even if you don’t know where to start, don’t panic! This post highlights the top eight home remodeling ideas to consider.

Home Renovation Loans

 
Learn how the RenoFi ReFi cash-out refinance home renovation loan allows you access up to 80% of your home’s projected value after renovation.

What is Home Renovation or Remodeling?

Also known as home remodeling, a home renovation is an act of improving outdated, damaged, or broken residential or business buildings to make them more functional and aesthetically appealing.

Technological advancements and improvements have greatly impacted home remodeling ideas, especially when it comes to remodeling ideas in the planning phase. For instance, the innovation of remodeling software has made home remodeling easy. With this software, architects and interior designers can make accurate 3D visualization of the layout and make the required changes before commencing the major project. With the right project manager, you’ll build your dream home effortlessly.

This technology offers experts a platform to showcase their vision. It also allows customers to understand what their kitchen or bathroom will look like after the renovation. They’ll also help you sketch a design, allocate your budget, and complete the project on the required completion date.

Benefits of Home Renovations

Home remodeling generally improves the aesthetic looks of a home. However, the benefits are way more than that. So, working with a trustworthy remodeling company is important as they’ll assist you in improving function, efficiency, value, and lifestyle.

Help You Save Money in the Long Run

If you’re tired of skyrocketing electricity bills and want to save, making your home energy efficient is the best move. You can start by changing your lighting and upgrading your kitchen or bathroom appliances. Next, insulate and upgrade your walls to make the house cooler in summer and warmer in winter. Finally, change the windows to allow more sunlight to get into the home. All these renovations and changes will save you money yearly on heat and electricity bills.

May Reduce Utility Costs

If the increasing utility cost is a major issue, you can reduce the utility bills through a home renovation. For example, if the doors and windows are outdated and old, you might lose a lot of heat through them. That means you’ll need more energy to keep your home warm. Home remodeling, in this case, will be the best option.

Improve Your Home’s Functionality

Home renovation lets you personalize your house upgrades to your unique needs. For example, maybe you need a room addition for your increasing family or more kitchen cabinets for extra storage. Your home remodeling will improve how you use your home. 

Provide You with an Extra Living Space

 Home remodeling will help you add an extra space to improve comfortability. For instance, you can invest in garage conversion to create extra room for spending time with friends and family. 

Increase Your Home’s Value

If you want to sell your house later, a remodel will help boost its value and attract potential buyers. For instance, a fresh coat of paint will give the house a fresh look, which greatly impacts the price. But, again, the concept is to make the house look appealing.

Top 8 Home Renovation Ideas to Consider

While there are several home renovation ideas, some are worth considering, especially if you don’t know where to start.

1. Replace Your Garage Door

Replacing your garage door will improve your home’s curb appeal and is perfect for recouping the renovation project’s average cost. If your garage door is damaged, you need to do something first. According to a recent study, garage replacement will increase a home’s value, reduce heating and cooling costs, and offer safe storage. However, get skilled home builders to install the door. 

2. Upgrade Your Kitchen

Instead of adding a new kitchen, upgrading the existing one is one of the most important home remodeling projects. It offers the highest returns on investment and can attract the attention of stubborn buyers. 

You might not afford to do a complete kitchen renovation. That’s OK! Upgrading things like lights, cabinets, backsplash, fixtures, flooring, and adding an island greatly impacts and refreshes your kitchen. You can also add hardwood flooring. But, like most significant projects, upgrading your kitchen requires an experienced general contractor. 

3. Remodel a Bathroom

A bathroom is an important space that you should consider when it comes to home renovation. Unfortunately, designer updates usually don’t bring good returns. Nevertheless, a simple bathroom renovation will do magic. Replace the fixtures and update the bathtub to give the room additional sparkle. Replace the grout if the tile is in perfect condition to freshen the floor’s looks. You can also add hot tubs for improved functionality. 

Home Renovation Loans

 
Learn how the RenoFi ReFi cash-out refinance home renovation loan allows you access up to 80% of your home’s projected value after renovation.

4. Maximize the Area Under the Stairs (If You Have One)

For easy home renovations, using the area under the stairs isn’t something most homeowners consider when it comes to home renovation. You can maximize this space by:

5. Improve Outdoor Living Space

Whenever the weather is conducive, there’s no better spot to relax and have fun than in your backyard. If the backyard looks a bit blah, there are ways to improve your outdoor space to make it an oasis and have the liberty to enjoy your home. They include:

  • Install lighting
  • Create several living spaces
  • Add a fire pit
  • Add potted herbs and plants
  • Install a flagstone patio
  • Add rugs and pillows
  • Install a fountain
  • Install alternative seating
  • Create a back-end living space
  • Add a swimming pool

6. Convert Your Home into a Smart One

Technology is improving every day, and having a smart home is now a necessity. Besides, your entire neighborhood could be using a smart home. Once you convert your home into a smart one, you’ll have all the products customized to your unique needs. You’ll be able to control your home from any location using your smartphone. Convert your home into a smart one by:

  • Getting a smart speaker
  • Lighting your space with smart bulbs
  • Control the temp with a thermostat
  • See who’s at the door with a smart doorbell
  • Centralize your smart home

7. Go For Extra Storage

Another perfect home remodeling idea is to go for extra space by optimizing your design. For instance, if you have a patio, adding a bar rail on it will make a good bench for outside living space. Also, rather than adding an in-built cabinet, use home remodeling as a chance to create pull-out cabinets, and add extra countertop and storage space to make your home look unique. 

8. Update Your Home’s HVAC

If your HVAC system is over 10 years old or you’ve been making regular service and repairs, it’s time for an update. But you need to work with experienced general contractors who can get you a long-lasting system. There are numerous benefits of updating your outdated HVAC system. They include:

  • Improved health 
  • Additional comfort
  • Energy saving
  • Increases the value of your home

Funding Options for Your Home Renovations

In most cases, a home renovation project can be costly. For this reason, you might need financial assistance to facilitate the project and build your dream home. However, before using your credit cards to finance the project, here are some funding options you should consider.

Personal loans

You don’t need a second mortgage for a smaller project. A personal loan for a home renovation is like any other unsecured loan. You don’t need to forfeit your home as collateral to secure the loan. For this reason, it attracts high-interest rates. These loans will help you complete pending home renovation projects. 

Construction loan

Also called a self-build loan, a construction loan is short-term funding used to fund the construction of a house or any home remodeling project. Since they are considered risky, they tend to have higher interest rates. A construction loan will help you cover the cost of building a home from scratch or smaller projects. 

FHA 203k Renovation Loan

An FHA 203k renovation loan also referred to as a mortgage rehab loan, can be used to fund the purchase and renovation of your house. Since they are government-approved and backed by Federal Housing Administration (FHA), they tend to have lenient qualification requirements.

RenoFi Loans

RenoFi allows homeowners to access funds for their home remodeling projects. The good news with RenoFi is that it allows you to borrow up to 90% of the after-renovation value. They have three loan options:

Home renovation can cause huge financial stress. Therefore, paying for them out of your pocket isn’t viable. You can rely on RenoFi home renovation loans since they have good funding options. Visit RenoFi and calculate how much you might need for your home improvement project without obligation.

RenoFi

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