Refinance & Remodel Your Bathroom
Bathroom remodeling. It gives some homeowners the shivers. Others look at this home improvement project as a great way to add value to their house or simply freshen up an old design.
One option is to change the color and some fixtures in that old bathroom. You can also add a new mirror or change the shower curtain. Most of this work can be done during a do-it-yourself (DIY) weekend. But what happens when you want to replace the tub and flooring? Or maybe install a low-flow toilet? You just might be looking at a refinance & remodel situation.
This prospect shouldn't send you into fits of panic. Refinancing to remodel should not break the bank (or your budget). In fact, a home improvement loan like the FHA 203k would add about $6 per month to your mortgage payment for every $1,000 you finance. You could do a lot to a bathroom for only about $30 a month. That's $5,000 in work you could have done by a professional for a great new look in your bathroom.
The photo we found for this article is a bit much for most people probably. But we thought it was a cool design. The little pool in the middle of the floor is pretty, but would you really like that in your bathroom? Maybe not. However, a big tub with jets might be just right for a new mom. Or anyone for that matter.
The refinance & remodel option for home improvements shouldn't scare you out of improving your home. This option can actually help some homeowners recover lost equity due to the economic downturn. If you can add the right upgrades to your house, the value could come back up to a much better amount. this could help you sell it, or simply ease your mind and help you to sleep better at night.
Below is a picture of some of the items you can finance with a home improvement loan.
Decide for yourself whether you can spend a DIY weekend sprucing up your home or if you're in the refinance & remodel bucket. Download the short eBook "The Complete Guide to Spring Home Improvement Financing" and see a pair of top 10 lists that break down ideas for remodeling and redecorating.
(bathroom photo creative commons credit)