Title: Should You Use a Personal Loan or a Home Equity Loan to Remodel Your Home?
The costs of remodeling your home can add up quickly, and they can even be exorbitant, depending on the project you take on. According to Remodeling Magazine’s 2019 Cost vs. Value study, a minor kitchen remodel would set you back $22,507 this year, replacing a roof with asphalt shingles costs an average of $22,636, and homeowners paid $47,427 on average for a mid-range bathroom addition.
Home equity loans and personal loans can both work well for your home remodeling project. They both have fixed interest rates and fixed monthly payments you can easily plan for, and either option could let you borrow enough money to bring your remodeling project to fruition.
Consider factors such as how much equity you have in your home, whether you want to put your home up as collateral, and how much you need to borrow. Make sure to compare all your loan options in terms of their fees, interest rates, and repayment timelines, along with the monthly payment you’ll need to commit to. With enough research, you could have your big project up and running in no time.
