Home Improvement Projects and Repairs That Are Worth Taking a Loan For

What is the number one reason to take out a personal loan? HuffPost says the top reason to take out a personal loan is for a home remodeling project. They say adding value to your home is a great use of a loan.

You may be debating about that home improvement project or repair. Can you afford it? Read on to learn when it’s worth taking out a loan for a home improvement project.

Leaks and Damp

For most people, their home is their biggest asset. Protecting that asset is a top priority, even if that means taking out a loan to do so.

Leaks and the consequential damp are a potential threat to your home. It’s vital to find out the cause of any leak and to resolve it. Once the leak is resolved it’s also important to act to prevent any further damage.

If you don’t have the funds available to do this immediately, this may be a situation when there is no alternative than to have the repair done. A loan can help get the repair done immediately.

A leak can come from many sources. Missing shingles, a burst water pipe, floodwater from outside your home. Water is damaging because even when the source of the water has been found and no more water is getting into your home, damage can continue to be done.

Damp can damage the structure of your home. Mold and rot weaken timber and other building materials.

Unchecked, mold can spread, damaging the health of you and your family. It can also make your home smell unpleasant and potentially making your home difficult to sell.

Roof Repairs

Your roof protects the structure of your home from the weather. Rain, snow, and even sunshine can be damaging to your home. Keeping your roof in good repair prevents harm to your home.

Gutters and downpipes protect your walls from the water that flows off your roof. Keep them in good repair and fix any damage immediately.

If your roof is damaged by storms or simply by age you should repair it as soon as possible. Missing shingles can let water into the attic and the building below. A bowing or sagging roof indicates a major weakening of the roof and might mean that you need a roof replacement.

A weakened roof can eventually lead to movement in the exterior walls of your home. The repair of this damage will be very expensive. Better to take out a loan, have a repair done, and prevent more serious damage.

Foundation Damage

The foundations of your home provide a solid base for your home to stand on. The whole of the superstructure of your home depends on this base for stability.

Sometimes small cracks can develop in your foundations. These cracks may only be small, to begin with, but they can develop into a serious risk to your home.

Water gets into the cracks. The water can freeze and expand. The cracks then get bigger and weaken the foundations.

Repairing small cracks in your foundations can be a small investment but one that prevents much greater repair costs in the future. It’s not something that you should delay addressing even if this requires a small loan.

Ventilation

Air movement is essential for your home’s health. It prevents damp accumulating in your roof space and so protects your roof timbers from damage. It prevents the accumulation of dangerous gases from heaters and stoves that may be a risk to your health.

If vents are blocked or there isn’t enough ventilation, have it repaired or installed. The consequences can be deadly. Pollutants such as carbon monoxide can kill you if you don’t have suitable ventilation in place.

Don’t cut corners on ventilation to save money. A small loan can buy carbon monoxide detectors, service vents, or have them installed.

Electrical Faults

Electrical work in your home is a specialist skill. It’s not a DIY project. Working with electricity is potentially dangerous and should be left to the professionals.

If electrical work is not done correctly it can result in house fires. If you need an extra power socket or lighting circuit fitting, have a professional electrician do the work. It’s a false economy to do the work yourself unless you are trained to do it.

Gas Leaks

Smell gas? Don’t try to save money by conducting a repair yourself. If you need a loan to pay for a professional repair get one. Like electrical work, the consequences of making a mistake are life-threatening.

It’s well worth taking out a loan to prevent a possible disaster.

Garage Door Replacement

There are some home improvements that can enhance the asset that is your home. A relatively low-cost investment is a garage door replacement.

According to Remodeling’s annual Cost Vs Value report, a garage door replacement recoups an average of 94.5% of the investment. That means many garage door replacements recoup much more.

If you hope to sell your home soon, a damaged garage door may put buyers off. Borrowing some money to pay for a replacement door could be a good investment if it helps you sell.

Kitchen Remodel

Like a garage door replacement, a minor kitchen remodel recoups a high proportion of the investment in the sale of your home. If you can’t live with your kitchen anymore, a loan may be well worth taking out.