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Transform your useless basement space into a functional and appealing room using basement remodel financing. Remodeling your basement can add value to your home while improving your day-to-day life. It’s important to shop carefully and select the best source of basement remodel financing. Luckily, we’ve simplified your research in this blog by comparing the pros and cons of some of the top financing options. Acorn Finance is a leading provider for basement financing. On approved loans, you can borrow up to $100,000 and take as long as 12 years to pay it back. Keep reading to explore the various basement financing options available for good and bad credit.
Can you get a loan to finish a basement?
Yes, loans and financing options are available to help make your basement remodel more affordable. One of the most responsible financial decisions you can make is to do your due diligence to find the best lender. When you evaluate financing options there are a few things you should consider including:
#1. Is the interest rate fixed or variable?
Variable interest rates may start out lower but can fluctuate over the duration of the loan. This can make your payment unpredictable and cause other complications. Fixed interest rate loans will have a fixed monthly payment and the rate will not change.
#2. Will the lender loan you enough money?
You should make sure you select a lender that will loan you enough money to complete the basement remodel you desire. In most cases, a personal loan can provide sufficient funds for your basement remodel.
#3. How long are the repayment terms?
Longer repayment terms may offer a more affordable monthly payment. However, keep in mind that longer repayment terms can also increase the overall cost of your loan.
How much does a typical basement remodel cost?
On average a basement remodel typically costs around $40,000. You can also look at the average cost per square foot which can range between $30 - $75. Since this is a nice chunk of change it’s important to decide if you really need the space. If you need the space and don’t have enough cash to fund the remodel you should consider financing. Basement remodel financing allows you to make affordable monthly payments. Bring the basement you envision to life sooner than your imagined using basement remodel financing.
Types of Basement Remodeling
When you have an entire basement that can be transformed into livable space, the possibilities are endless. People often get creative with design and furnishings to make the space more useful. For example, perhaps the primary purpose of your basement remodel is to have a game room in your home. However, sometimes you need the basement / game room to serve as a guest room as well. Perhaps you can get a couch that pulls out into a bed or build a murphy bed. Now you have a game room and a guest room! Let’s take a look at the top 5 most popular uses for a basement remodel…
Imagine having an entire space designed for fun and entertaining. You can with a game room basement remodel. Create a space for ping pong, card games, pool, and just hanging out while making priceless memories.
Dens or informal living rooms are a great space for casual gatherings. Dens can be a useful space for watching TV, doing homework, or hanging out. They can also be a safe space for the kids to play or hang out with their friends.
3. Home Theater
What if you could have the movie theater experience in the comfort of your own home? You can with a home theater basement remodel - and as technology improves it’s becoming more and more affordable. Many homeowners convert their basements into home theater rooms with reclining chairs, popcorn machines, large projector screens, surround sound, and more.
#4. Home gym
Building a home gym in your basement is a great way to help you live a healthy and safe lifestyle. It can also help you save money in the long term because you can finally get rid of that monthly gym membership.
Creating a quiet and functional workspace is a key part of being successful. Transforming your basement into a home office can be a great investment. Whether you are expanding your side hustle or working full time from home, a home office is a great way to add value to your home.
How do you finance a basement remodel?
When it comes to financing a basement remodel, you may have more options than you think. Personal loans can be an easy solution for all credit types. A little later on we will dive into some different basement remodel financing options.
Can you get a loan to finish a basement?
In most cases, you can get a loan to finish a basement. If you are not sure what type of loan to use you should keep reading to learn more.
How much does it cost to repair the basement foundation?
Over time, any foundation can experience natural wear causing a need for replacement or repair. If your basement needs foundation repair it can be pricey. Basement foundation repair can cost between $10,000 to $175,000+. Costs can vary depending on the type of foundation, size, the extent of damages, and so on.
Can you get a loan to repair your basement?
In most cases, yes, you can get a loan to repair your basement. A personal loan can be used to repair your basement. If repairs exceed $100,000 you may not be able to use a personal loan. In addition, some contractors may offer financing options.
Can water damage be prevented?
Water damage can cause extensive damage and be costly to repair. One of the best things you can do to prevent leaks or floods is preventative maintenance. You should monitor your water bill regularly. If you notice a spike you may have a problem. Keep in mind, water can come from the interior and exterior of the home and cause damage. If you are finishing a basement you may want to have the rest of the house inspected while you are at it.
Can you get basement waterproofing financing?
Basements can be waterproofed and a personal loan can be used to finance the waterproofing. Waterproofing methods can be applied to the interior and exterior of the home as well as drainage systems. Interior waterproofing can be the least expensive. Waterproofing recommendations may vary from home to home so you should have a professional come out and make custom recommendations for your home.
Is finishing a basement a good investment?
Finishing a basement can be a great investment that can increase your home's value. Finishing a basement can offer a more functional living space while making your home more desirable than others. A recent study found that the average return on investment for finishing a basement was about 75 cents on the dollar.
How much does it cost to finish a 1,000 sq ft basement?
The average cost to finish a 1,000 sq ft basement is about $15,000+. Most homeowners report about a 75% return on investment for finishing a basement making it a worthy investment. It’s important to put careful consideration into planning and creating your finished basement to ensure a fulfilling return on investment.
How long does it take to finish a basement?
If you are finishing a basement you can expect it to take about 4-8 weeks. If you have a larger basement with a lot of customization it may take longer.
Does finishing a basement increase property taxes?
Tax laws can vary based on location but in some cases finishing a basement can increase property taxes. In most areas, if your assessed home value increases so do your property taxes. Turning a basement into a livable area can increase your home value and be considered new construction.
What is the most expensive part of finishing a basement?
If a basement is not framed, this can easily be one of the most expensive parts of finishing a basement. There can be high labor and lumber costs associated with framing a basement.
How much does it cost to put a bathroom in the basement?
Adding a bathroom to a basement can be a rewarding investment. Not only are you creating more living space for your home but you are also adding an extra bathroom. On average, it can cost between $10,000 to $15,000 to add a bathroom to a basement.
How to Finance Finishing a Basement
There are many online and local lenders that can provide a personal loan for basement financing. When shopping for a personal loan you should compare rates and terms to score the best deal. One of the best places to secure a personal loan is AcornFinance.com. Acorn Finance is a reliable and top-rated company that provides personal loans for basement remodel financing. Take advantage of affordable payment options and free services while saving tons of time.
Three steps to get started with Acorn Finance:
Let’s take a look at the pros and cons of a personal loan.
HELOC (Home Equity Line of Credit)
Home equity lines of credit (HELOC) are lump sum loans that extract value from your home but add to your debt. If you have equity in your home you may be able to use a HELOC loan for basement remodel financing.
Let’s take a look at the pros and cons of a HELOC loan:
Credit CardsCredit cards can provide financing for a basement remodel. However, you may be better off using another option. Credit cards may cost you more in interest than other comparable options. In addition, it can be may be difficult to qualify for a high enough credit card limit.
Let’s take a look at the pros and cons of using a credit card...
In conclusion, the basement of your dreams can be a reality using financing. Paying cash for a basement remodel may be the cheapest option on paper. However, for most of us this is not an option at the present time. Basement remodels can be expensive meaning this will be a decent size loan. If we haven’t said it enough, do your homework! AcornFinance.com can be a great place to shop for basement remodel financing. They partner with reputable lenders to provide competitive basement remodel financing. You can apply online using their simple three step process to receive multiple offers for financing. This allows you to save time and compare offers easily. Ready to take the next step? Apple online today!