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7 Great Home Improvement Loan Projects

7 Great Home Improvement Loan Projects

How To Use That Home Improvement Loan to Upgrade Your Living Space.

A home improvement loan is a great way to add value and comfort to your home. But finding the right project, for the right price, can be challenging. Whether you’re renovating, remodeling, finishing a basement or attic, or just making your space more livable, a home improvement loan can provide the necessary funding to make your home improvement dreams a reality.

But before you can get approved for a home improvement loan you must select the project you’d like to apply the money toward. Here are 7 great home improvement loan projects that will not only add value to your home, but will also enhance and upgrade its overall appearance and aesthetics:

1. Remodel Your Bathroom

Is that bathtub taking up too much space? Are you without enough cabinet space for toiletries and towels? Do you hate your tile flooring? A home improvement loan can help you solve all of those issues.

The National Kitchen & Bath Association puts the national average for bathroom remodel projects at about $16,000, but this all depends on the scope of your intended work. The price could rise exponentially if you’re planning on working outside the footprint of your existing bathroom, rerouting water lines, or adding luxury amenities such as marble floors, shower bases or extra sinks. The total project—including materials and installation—should cost no more than 5 to 10 percent of your home’s value, according to this article on

2. Window Replacement

Using your home improvement loan to replace windows throughout your house is a great investment—in both the short and long term. Old windows lack energy efficiency, cause unwanted moisture or rainwater to enter your home and allow heat to escape.

Window replacement is not exactly what it sounds like however. Rather than completely replace the window and its frame, a window replacement project involves replacing the glass and other moving parts. The cost of your window replacement project depends on many factors, but it’s safe to assume you will spend no less than $10,000 for your entire house.

3. Build a Deck

A new deck is a great opportunity to have those weekend barbecues and summer get-togethers you’ve always wanted to have. The addition of a deck, no matter the size, is a great way to increase the value of your property—especially if you plan on selling one day and want to find ways to entice potential buyers.

The deck building process involves multiple phases and individualized costs. Your average cost to build a deck is about $8,300, however more modest decks can be built for about $1,000.

4. Install a New Front Door

As the gateway to your home, you want your front door to give off a welcoming feeling that sets the tone for the rest of your home. Using your home improvement loan to install a new front door is a good way to increase the aesthetics of your home’s exterior, thereby making it more inviting to visitors and family members alike.

Rotted wood door frames and faulty door alignment can lead to unwanted drafts and moisture getting into your home, so it’s never a good idea to hold off on replacing your front door. The cost to replace your door will vary, but is usually more than a simple repair job. The final costs depend on whether your doorframe and door slab are in good shape.

5. Treat Yourself to Central Air

Everyone loves air conditioning. Installing central air in your home is a great investment in terms of value and comfort. But this project is much more than a DIY job. Be sure to shop around for a reputable contractor before committing.

If you already have duct work in your home, then the cost to install a central air unit will cost a few thousands dollars and take only a few days to complete. If ductwork is needed, expect the cost and labor to double.

6. Remodel that Kitchen

A kitchen remodel is a major project—both in terms of time and money. But once you’ve endured the sticker shock, as well as the disruption in your living habits, the end product is well worth it.

Using your home improvement loan on this type of project is ideal, seeing as the average cost of an upscale remodel is around $80,000. That’s not to say it can’t be done for cheaper, but if you’re going to invest the money, you should get exactly what you want. It will improve your life and add value to your home in light of a future sale.

7. Build an Addition

Building an addition is likely the most common reason homeowners take out home improvement loans. Adding on to your original home is a great way to plan for the future—especially if you’re planning on growing your family or a business within your home.

The average cost of building an addition is nearly $50,000, however this investment doesn’t include the time and effort spent getting your plans approved by local boards and building inspectors. If you do choose to use your home improvement loan on this type of project, be prepared for a lengthy planning and construction process.

So, there you have it. A home improvement loan can help you drastically improve your property and can lead to greater gains in equity when and if you decide to sell your home down the road. The fun part is figuring out which improvement project you want to tackle first. And luckily there are many creative ideas out there on how to renovate and remodel your living situation.

At Blue Water Mortgage, we offer a variety of products and programs to help you get into the home of your dreams, as well as turn that fixer-upper into your ideal living space. Our experienced loan officers have the knowledge and ability to get you a mortgage or a home improvement loan at a cost that won’t adversely impact your life. Contact us today to learn more about how we can help you improve your home.

Roger Odoardi

Roger is an owner and licensed Loan Officer at Blue Water Mortgage. He graduated from the University of New Hampshire’s Whittemore School of Business and has been a leader in the mortgage industry for over 20 years. Roger has personally originated over 2500 residential loans and is considered to be in the top 1% of NH Loan Officers by leading national lender United Wholesale Mortgage.