Home Improvement Financing

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How much would you like to borrow for your home improvement project?

by | Jul 13, 2021

Home Improvement Financing

What home improvement project is right for you?

It can be difficult to determine which home improvement project you would like to take on. If you are thinking upgrading your kitchen appliances and notice your counter is a little worse-for-wear then maybe you should consider a full remodel. If you are wanting to spend more time outside, then a deck installation could be the project for you. Whatever your needs may be, there is sure to be an upgrade that your family will love.


Most Popular Home Improvement Projects

When looking to make an upgrade to your home, there are a number of projects that might interest you. In order to narrow it down, here is a list of the most popular home improvement projects homeowners have undertaken in recent years.


Cabinet Refacing

Cabinet refacing is a good option if you want to give your kitchen a fresh, new feel without a full remodel. Cabinet refacing often consists of replacing cabinet doors and drawer fronts only. That way you keep your current cabinet structure but get a new-looking kitchen.


Upgrading Kitchen Appliances

Much like cabinet refacing, upgrading your large kitchen appliances can give your kitchen a new look without the full remodel. The best investment when thinking about upgrading kitchen appliances is going from white or black models to timeless, stainless steel.


HVAC Replacement

A complete HVAC replacement is a highly recommended home improvement project among realtors. If thinking of replacing your current HVAC system, look into energy efficient and smart technology options.


Installing a Deck

A deck is essentially an outdoor living room. Installing a deck is great because you add another living space for your family, thereby expanding your home.


Repaving the Driveway

Repaving the driveway of your home is a great way to add more curb appeal. There are many options for materials and designs when repaving your driveway so you can coordinate what looks good with your house.


Bathroom Remodel

Bathroom remodels are one of the bigger projects a homeowner can take on. There are many different factors that go into a full bathroom remodel such as new sinks, mirrors, or counter-tops. However, this just means that you can customize it to your precise specifications and really make the space your own.


Kitchen Remodel

A complete kitchen remodel is a very large project that will also require a large budget. Kitchen remodels can be complicated as there are many factors that go into remodeling a kitchen. However, just like with a bathroom remodel, this means that you get complete control over what you want your new kitchen to look like.


These home improvement projects ranked highest amongst both realtors and buyers. Homeowners who completed one or more of these projects reported an average Joy Score of 9.6 with their finished home improvement project, according to the National Association of Realtors (NAR).


How much will a home improvement project cost?


Average Home Improvement Project Cost



Average Price

Cabinet Refacing


Kitchen Appliance Upgrade


HVAC Replacement


Deck Installation


Driveway Paving


Bathroom Remodel


Kitchen Remodel



These prices are national averages and will fluctuate depending on your location. For projects like a kitchen appliance upgrade, the price you pay will also depend on which appliances you would like to upgrade. All of the projects include factors that could raise or lower the price of your project.


Reasons to take on a home improvement project


Upgrade for style

The number one reason homeowners decide to tackle home improvement projects is for a style upgrade. If you feel like something in your home is outdated you might want to upgrade to something more modern. If you are looking to sell your home and realize that some aspects will not attract potential buyers, then a home improvement project could help.


Increase home resale value

Most home improvement projects will increase the resale value of your home. Any professionally done addition will add space and therefore add resale value. Appliance upgrades are also a great way to add resale value without doing a full renovation.



Homeowners often feel a sense of accomplishment after completing home improvement projects. In fact, it often makes time spent at home more enjoyable.



Other factors to consider


Materials & Labor

If you are considering doing a DIY home improvement project then it is important to consider the materials and tools you will use. Power tools can be a hefty investment if you are taking on a large job, it may be a good idea to rent them if you think you will not be using them again. If you are purchasing your materials from a major retailer you may be able to get a discount if buying a large amount. Remember, the quality of your materials is just as important as the price. Don’t pass up quality material just because it is more expensive, better material will last longer and is usually easier to work with.

If you are thinking of having your home improvement project done professionally you will also have to factor in the cost of labor. For larger projects, like a bathroom or kitchen remodel, it is recommended that you hire professionals. Costs of labor vary greatly by project size and location. It could be a good idea to get quotes from more than one person before deciding who to hire for your project.



If taking on a remodel, addition, or upgrade it is important that you take into consideration the style of your home. When thinking about the resale value, it can help to have cohesion throughout the home.



Along with upgrading the look of your home, home improvement projects should also upgrade the functionality of it. If you are thinking of upgrading appliances, energy efficient models are a great option because they can save you money and are environmentally conscious. If you are considering a remodel then maybe think about a new layout for the space.


Would your home improvement project increase the value of your home?


What type of projects offer best resale value?

All of the projects mentioned above should boost the resale value of your home, especially when done closer to selling. Large projects, such as bathroom and kitchen remodels, will add the most value to your home. However, smaller projects, such as cabinet refacing and HVAC replacement will recoup more at resale.


If you are thinking of selling your home soon, taking on a full remodel is probably not worth the investment. Cabinet refacing and appliance upgrades are the best bet for you to get the highest ROI on a project before putting your house on the market.


If you are planning to remain in your home for a few years before putting it on the market, then a full remodel might be a more worthwhile investment.


Average Return-On-Investment for Home Improvement Projects



Average ROI

Cabinet Refacing


Kitchen Appliance Upgrade


HVAC Replacement


Deck Installation


Driveway Paving


Bathroom Remodel


Kitchen Remodel



These ROI estimates are national averages and will fluctuate depending on the location of your home. They will also fluctuate depending on the amount of money put into the project and how the finished project turns out.


How to finance your next home improvement project

  1. Personal Loan

A personal loan can be a good option when you are not liquid enough to pay for a project in cash or do not yet have enough equity in your home to leverage for a major home improvement project. A personal loan is a type of installment loan. This type of loan is typically paid back in 12-84 months so it can offer a lot of flexibility. A personal loan can be a good option for someone with good credit or a good relationship with their bank or credit union. This type of loan does not require that you put anything up as collateral so you do not need to worry about a lien on your home as long as you make your payments. Interest rates for personal loans can be lower than those for credit cards or other types of loans. Interest rates for personal loans can range from 5 to 32 percent depending on credit and loan length, while credit card interest typically averages 18 percent. Generally, the better credit you have the lower the interest rate will be. One thing to keep in mind with personal loans is that the better your credit, the lower your interest rates will be.

Prepayment penalties: Some lenders don’t charge prepayment penalties, meaning you can pay off your loan early and decrease the amount you pay in interest.


2. Home Equity Loan

A home equity loan can be considered a second mortgage. A home equity loan allows you to borrow a lump sum of money using the equity you have built in your home. A typical repayment for a home equity loan is between 5 and 30 years.

You can calculate your home’s “loan to value” ratio by dividing the amount you owe by the value of your home. For example, you owe $150,000 on a home worth $300,000. That’s $150,00/$300,000 = 0.5 or 50 percent loan to value. This means that you have 50% equity in your home. After calculating your home equity, compare it to your lender’s maximum LTV ratio to see if you qualify for a home equity loan. After confirming that you may qualify for a home equity loan you can calculate how much you may borrow by multiplying the value of your home by the maximum LTV of the lender and subtracting your mortgage balance.


Pros & Cons

Home equity loans are great for people who want to fund home improvement projects because the interest you pay will be tax deductible if the money is used for renovations, according to BankRate.


Home equity loans offer competitive interest rates when compared to other options.




Low interest rates

Closing costs can be expensive


Fixed monthly payments

For those who want to pay it off fast, they have longer funding timeline than personal loans

Interest may be tax deductible

Risk of losing your home if you are unable to make payments


Home Equity Loan vs. Home Equity Line of Credit (HELOC)

Both home equity loans and HELOCs are secured against the value of your home equity. However, a home equity loan is a lump sum of money and a HELOC is a revolving line of credit, similar to a credit card.


A HELOC may be harder to secure than a personal loan or home equity loan therefore you need good credit and a high LTV ratio.


3. Credit Cards

Credit cards are always an option for financing home improvement projects. However, credit cards are likely to be the most costly option when financing your home improvement project. Moreover, the interest rates will likely be higher with credit cards, making them harder to pay off over time. Credit cards can be obtained regardless of credit issues and therefore can be the most flexible option for a broader range of credit histories.




Is taking on a home improvement project worth it?

Yes! If there is something about your home you are not completely satisfied with then taking on a project to upgrade it will be worth it. If you are thinking of putting your house on the market soon, making a few upgrades is a great way to entice prospective buyers.






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