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It’s estimated that the average U.S. family spends about $5,000 yearly on home remodeling. So it’s not surprising that one of the main reasons for taking out a personal loan is to cover the cost of home improvements. In this article, we list some suggestions for maximizing your home improvement budget so you can save on renovations, repairs, or on redecorating.
These tips should help you get the most out of your personal loan for home improvements and repairs.
If you are renting your residence, then you probably should not be making these repairs yourself. You can actually get in trouble (say goodbye to that security deposit!) by fixing or repairing a rented home or apartment on your own, or even through an unapproved contractor.
If you need to make a repair to a rented dwelling, be sure to reach out to your housing manager first. Explain the issue to them, and if it is covered in your lease, then they may have it fixed at no charge to you. Even if you do end up having to pay for the repair, you will still want to make sure it is done in accordance with what you have agreed to with the landlord already.
In the case that your apartment manager approves a big update under the condition that you revert your home back to how it originally was when you move, you need to factor in these costs when you make your decision. Is it really worth it?
If you are making repairs to a home that you are renting out, make sure that the tenants are on the hook for the repair costs. The lease might require them to pay for any home improvement costs that are a result of a mistake they made. For instance, if you have to send out a plumber to unclog a drain that was broken by your renter, then they might have to pay to have the plumber come out.
Be careful, though. Your renter might argue that the clog was there before they moved in. If it's a first-time clog, then it's probably best to pay for it out of pocket. Repeated instances, though, should be paid for by the renter (assuming such language exists in the rental agreement).
A big home improvement project can be expensive in more ways than one. If you increase the value of your home, you might also have to pay more taxes on your house as well. If you plan on selling the house soon after the improvement, then the increase in property value may help you make more off the sale. But, if you are keeping the house and will have to pay the property tax yourself, you may want to avoid a home improvement project that will significantly increase the value of your home.