Personal loans an option for remodelling

The starting point of any home remodelling plan should be to work out what you can afford, the National Association of the Remodelling Industry (NARI) has insisted.

And when it comes to financing major remodelling projects, the organisation points that a home loan based on the equity of the property is the most popular choice.

However, guidance from the group points out that personal loans and credit cards are also available to help fund a major renovation project.

Meanwhile, the Federal Housing Administration (FHA) also provides loans specifically for home improvements through many bank account providers and established lenders.

“The FHA requires that the contractor be approved by the lender; but proceed with caution – that in itself does not guarantee the contractor’s work,” warns the NARI.

In a statement earlier this month, the group insisted that while the appetite for home improvements has shrunk in recent months as property prices have fallen, there is still plenty of opportunity for the industry to get back on its feet.ADNFCR-1761-ID-19023124-ADNFCR