With just about any change in the economy, whether good or bad people are always trying to get a loan for some home improvement projects. They range anywhere from a few thousand dollars to hundreds of thousands. The question we are asked very often is “what kind of loan am I most likely to get approved for” as it applies to home improvements.
We would like to point out that this is by no means gospel truth, as every loan officer and institution is different – there’s our disclaimer.
When moving forward on a loan for some work done at home, you’ll most likely get it for something that protects your assets, not just seeks to improve on their value. Consider for a moment the following loans you could get which would indeed protect your assets, but actually increase the perceived value of your home to potential buyers. The first and probably best and cheapest thing to do is buy a lightning protection system online then have a local contractor install it for a few hundred bucks. This entire thing will cost you less than a grand, but the payoff could be huge from a bank or new homeowner who sees that you keep your assets secure and well taken care of.
Check out this good ol boy:
You can never go wrong doing something like this. You might also consider getting some kind of hurricane protection system also if you have that kind of weather. Other great ideas worthy of improving your equity while not worrying if you’ll get approved for a loan:
1) Home alarm system (cheap-o ideas here)
2) Home water purification system
3) Solar panels
-Those are all good ideas for getting some work done that may not necessarily improve how you feel while inside your home or do much to improve the looks, but you’ll sleep better with any one of those installed. Hope this helps!
The post What’s the right kind of Home Improvement Project to Get Loans For? appeared first on Southern California Loans & Credit Repair.
