Increase the value of your home with a personal loan | Loans Quebec

Many homeowners would like to make some improvements to their home, but they simply do not have the funds. Although the value of your home may increase over the years, some criteria are more rigid than others. For example, where your home is located will strongly influence your home.

However, using a credit card is not a good idea because of the high interest rates. Other options, such as a residual value loan for your home, are available to you. But, often, people have not accumulated enough residual value to apply for this type of loan.

One of the ways to access these financial alternatives is the personal loan. A personal loan is a great alternative for homeowners with a good credit rating and a very good income, but who still do not have much residual value in their home.

Increase the value of your home

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By making changes to your home, you could increase its residual value significantly. This is especially useful if you consider selling your home later. Thus, by making the necessary renovations, you will be able to get more money at the time of the sale. Or, if you are thinking long term, renovations will help you enjoy your home for a long time.

Different ways to increase the value of the house

Many real estate agents agree that renovations increase the value of your home. By investing $ 5,000 or $ 10,000, homeowners will eventually be able to recover between 25 and 50 thousand dollars following the sale of the house. ( See our article on loans of $ 5,000 and under ) Plus, a renovated home sells faster.

Note that a large majority of buyers are looking for homes with renovated kitchens because they are considered the heart of the house. Buyers like renovated kitchens because kitchen repairs are expensive and are often very long. If you live in an old house, a good thing is to renovate your electrical ducts and plumbing. For example, homes that do not have a newly renovated electrical panel will lose a significant portion of their value at the time of sale; in addition to taking more time to be sold.

However, it is important to take precautions. When you are going to sell your home, do not think that the buyer will not notice the flaws. Many buyers hire professionals to evaluate the value of your home and find some hidden flaws.

Another tip: make your home more energy efficient. This kind of renovation is as beneficial if you consider the sale as if you intend to stay there for the rest of your days. For example, just replacing your windows and your home appliances will lower your ecological footprint.

Other benefits of personal loans

Image result for benefits A personal loan can help you refinance your home. When interest rates are low, it is recommended that you refinance your home. However, avoid refinancing too early because penalties will apply. What would be more beneficial is to pay the penalty with the loan and, when time is appropriate, refinance your home. The amount of money you will save on your monthly mortgage payments after refinancing will be greater than the cost of the personal loan.

You can also use the loan to buy a house. The loan could serve as a first down payment. See the loan as a tool that allows you, in the end, to avoid several months of mortgage. Remember that creditors will be more inclined to accept your loan application if your debt ratio and credit rating are higher or equal to normal.

Do your research before

Before applying for a personal loan, make sure you have completed your research. Think about the type of work you want to do in your home. These improvements must be reasonable. Personal loans are useful for small renovations, not for major works. Sometimes, it’s easy to underestimate the true cost of renovations and find yourself in a precarious financial situation. Make small changes to your home. If you make big changes and get into trouble, in the end you might not get that money back from resale.

In terms of renovations, the most important are the kitchen and appliances. Also, if you are thinking of selling the house, do not ask for a loan to only make changes to your taste. The buyer might not like the renovations. In fact, before making any changes, consult a real estate agent and ask if it is worth adding value to your home. Also, ask your real estate agent if the personal loan is the best way to finance these renovations.

Tips and tricks for the household budget: So you have the finances under control

“Oh, if at the end of the money only not so much month would be left.” You know this situation in your finances well? You’re not alone with that. Many people find it particularly difficult to reach the household budget towards the end of the month. There is a desire to finally get the finances under control. And the good news is: Arranging your finances is easy with little effort and thoughtful budgeting. We’ll show you how to keep an eye on your household budget with simple means such as a household book and always be well informed about your finances (income and expenses). And should the household budget at the end of the month but not enough, as an unexpected issue (eg for a repair) is pending, then we have a tip for you!

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The budget book – that’s how you keep your budget in writing

An orderly household budget, many want but to keep a budget book to keep the household budget in mind – that deters as many. It does not have to be! No bookkeeping skills are required to keep a household book. Your logical mind and the basic operations “add” and “subtract” are enough to get the finances under control. First comes in the household budget, the sum of your income such as wages, salary, child benefit, other income, etc. Thus, the household budget is initially well filled. Now you have to deduct from it the sum of the expenses. On the one hand, these are fixed costs – in other words, costs that burden your household budget at the same rate each month (eg rent) and the variable costs, which fluctuate monthly. Here it is recommended to enter the average value. What is left to you after deducting the total costs is your monthly free budget. You mean, such a housekeeping via budget book sounds in theory quite well, but how does that look in practice? The Xpresscredit team tells you.

The household budget in view – the finances in the checkerblock block

The household budget in view - the finances in the checkerblock block

You do not even need a PC to organize your finances. Buy a checkered DIN-A4 block and divide the sheet widthwise into columns (months) and rows (revenue minus costs). When looking at the annual budget, you will find that some payments are made monthly and not monthly. By registering these costs, you have the household budget in view and are not surprised by these annual costs.

Our tip: You can also divide the annual payments by 12 and distribute them over the months. Although the money is due only at the end of the year, but so you have an idea during the year, what is coming up to you and can align your housekeeping accordingly.

The electronic household book – with the PC or smartphone it is even easier

The electronic household book - with the PC or smartphone it is even easier

For many, PC and laptop have long been part of everyday life. A spreadsheet included in just about any office software (such as Windows Excel) makes housekeeping even easier with the household budget. Meanwhile there are numerous apps for your Smartphone for household cash registers, which make the listing of your costs more easily and quickly accessible. Columns and rows are already visible in the table. Here you enter the revenue and cost centers with the respective amounts.

Our tip: With simple “sum formulas” you automate the calculations and keep the overview. You can immediately see how changes per month and year will affect your finances. Even if you order a short time to borrow money want to apply for a loan, have the family budget in mind and will experience in your financial management no surprises. Especially the latter does not sound bad, but how does a bridging loan actually work?

Overcome a financial bottleneck with the bridging loan

As the name suggests, the bridging loan is not a long-term loan with repayment installments – the bridging loan should serve to overcome a bottleneck until the next salary payment. And there are many reasons to apply for such a loan. If unplanned bills for repairs or back payments end up in the mailbox, the bridging loan is a good solution.

With Xpresscredit’s bridging loan, you can apply for a loan and borrow money until the next payday. So you overcome financial shortages and can pay your bills on time without running the risk of receiving reminders. The bridging loan from Xpresscredit you can easily repay in two installments – so when you apply for a credit overview of the finances and your household budget always under control. In the following month, the belt would have to be strapped a little tighter and saved, but so can borrow several times a year with the bridging loan from Xpresscredit money .

 

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