Another good tip is to keep your home improvements simple and neutral whenever possible. While you may be an avid gardener, potential homebuyers may not be, so they won't be enticed by a house with a yard that requires a lot of upkeep. Additionally, if you repaint rooms, choose warm, earth tones. This neutral palette will help homebuyers envision themselves and their furniture in the space. Bright reds, exotic yellows and Caribbean blues may distract potential buyers.
If you’ve owned your home long enough to build up a significant amount of equity in it you may choose to leverage it as a home equity line of credit, or HELOC. The line of credit functions much like a credit card. You can use it to pay off remodeling expenses as you incur them, and you may then pay it down as you can afford to. This option may yield the lowest interest rates available, but you’ll need to plan to pay for closing costs as part of the project.

Still, there are several other factors to consider. The first is that Marcus caps home improvement loans at $40,000, so if you need more to fund an extensive project, Marcus may not be the right lender for you. It can also take Marcus five business days to fund your loan, which means you’re in for a longer wait than you will be with lenders like Earnest.
Bank of America. One of the largest companies in the world, Bank of America has operations in all 50 states, the District of Columbia and 40 other countries. So there’s a fair chance that you’ll find a branch not far from you. For a HELOC, the bank is currently offering a 12-month introductory rate of 2.990%. The rate rises to 4.430% after the introductory period.
Difficulty getting a loan if you have bad credit or you’re self-employed: you might find it difficult to get approval for an unsecured home improvement loan if you have bad credit. This may also apply if you’re self-employed because you may not have the guarantee of fixed income to meet the monthly repayments. If you are approved, you may then find that you aren’t able to borrow as much as you wanted
Thinking about building a new pool, putting solar panels on the roof, or remodeling the kitchen or bath? When you have good credit, our national online lending division, LightStream, offers unsecured, fixed-rate loans from $5,000 to $100,000. You'll have the cash in your account to pay the contractor when you're ready—as soon as the same day you apply2. Enhance your home and your home's value.
After the kitchen, you may want to think about remodeling your existing bathroom. If your house is older, you may be sporting pink, blue or avocado tile or outdated fixtures. Even if your home is newer, styles can change. Invest in neutral-colored tile and give the room some personality with a fresh coat of paint, wall hangings and a new shower curtain. Update lighting fixtures and install a low-flow toilet to save on the water bill. You may even want to add a new vanity and matching mirror.
Truist, SunTrust®, SunTrust PortfolioView, SunTrust Robinson Humphrey®, SunTrust Premier Program®, AMC Pinnacle®, AMC Premier®, Access 3®, Signature Advantage Brokerage, Custom Choice Loan®, SunTrust SummitView®, LightStream®, GFO Advisory Services®, BB&T®, BB&T Securities®, BB&T Sterling Advisors, Sterling Capital®, BB&T Investments, and BB&T Scott & Stringfellow® are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners.
Difficulty getting a loan if you have bad credit or you’re self-employed: you might find it difficult to get approval for an unsecured home improvement loan if you have bad credit. This may also apply if you’re self-employed because you may not have the guarantee of fixed income to meet the monthly repayments. If you are approved, you may then find that you aren’t able to borrow as much as you wanted

These FHA-insured loans allow you to simultaneously refinance the first mortgage and combine it with the improvement costs into a new mortgage. They also base the loan on the value of a home after improvements, rather than before. Because your house is worth more, your equity and the amount you can borrow are both greater. And you can hire a contractor or do the work yourself. The downside is that loan limits vary by county and tend to be relatively low. The usual term is 30 years.


You may also consider refinancing your home in order to finance a home improvement project. Many banks offer refinancing and renovation options that allow you to roll home improvement costs into your mortgage, even if you don’t have a lot of equity in your home. By basing the mortgage on the home’s renovated value rather than the current value, you’ll be able to finance everything with one loan. If you’re a do-it-yourself type, however, you’re out of luck: Many banks require you to hire a professional contractor to perform the work as part of a refinancing and renovation package.
Just wondering. In the polybutylene story the Ask This Old House trailer is sitting in the driveway of the home in Virginia. Richard is there to emcee but a local company is hired to do the work, so Richard needs no tools. Does someone tow the empty trailer to these distant sites just to use it in the exterior shots? Or, do they haul the lighting and cameras and such cross country in it? Or, do they rent a trailer locally and just temporarily apply an AskTOH wrap for the cameras?
Advertising Disclosure: TheSimpleDollar.com has an advertising relationship with some of the offers included on this page. However, the rankings and listings of our reviews, tools and all other content are based on objective analysis. The Simple Dollar does not include all card/financial services companies or all card/financial services offers available in the marketplace. For more information, please check out our full Advertising Disclosure. TheSimpleDollar.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products are presented without warranty.
Remember, building a home takes a long time and the process has lot of moving parts, so you must select your financing with care. “Some lenders do an outstanding job of managing borrower and builder expectations,” Faries says. He recommends looking for an experienced construction lender who can lead you through the process with minimal frustration.
Another good tip is to keep your home improvements simple and neutral whenever possible. While you may be an avid gardener, potential homebuyers may not be, so they won't be enticed by a house with a yard that requires a lot of upkeep. Additionally, if you repaint rooms, choose warm, earth tones. This neutral palette will help homebuyers envision themselves and their furniture in the space. Bright reds, exotic yellows and Caribbean blues may distract potential buyers.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.
Until recently, borrowing money for a new kitchen, second-story addition, or other home improvement meant going to the bank, seeing a loan officer, and hoping for the best. Today, however, you have many more options to help finance home improvements. A mortgage broker, for example, can offer more than 200 different loan programs. And brokers are just one of the many lenders eager to put together a loan that fits your situation—even if your credit history is less than perfect.
×