Right now it is the perfect time to do those home renovation projects you were unable to do because of the high cost of materials and labor involved. With interest rates at a historic low, now is the perfect time to borrow the cash you need to take care of those big-ticket items in and around the home. If you are thinking about borrowing cash from a bank, there are some banks right now offering rates as low as 2.49% for a personal loan. You know it depends on good credit history, and the amount you want to borrow, but the rates are nothing to frown upon right now.
Investing in your home is smart and the return on investment will be recovered if you plan ahead and invest in the right project. Fixing big home ticket items tends to be postponed because of the investment of time and money required to accomplish them. Now that you can borrow at low rates, the time issue is the only problem for you. Here 8 big-ticket items you must fix or replace right now.
- Roofs: The extreme weather conditions in Northeast Ohio, make the life span of roofs between 20-25 years. Leaky or wet roofs cost more to replace, that’s why it is important to do it in a timely manner. Up until recently, there was one option for roofs if you need them replaced. Now, you have options and money savings if you plan ahead.
- Basement Waterproofing: The life expectancy is 10+ Years. Like the roofs in homes, the basement waterproofing system in the home does not last forever. The sealant applied during construction can stop working allowing water to seep into the basement of the home and damage the basement flooring and the foundation’s integrity. The time the basement waterproofing lasts depends on the system and the type of sealants and workmanship they used during the construction of the home.
- HVAC System: The life expectancy of any system depends on how heavily it is used. For an HVAC system, the life span is about 15-20 years. Some parts will go bad before then, and you need to replace them. Plus, you need to have yearly maintenance to the HVAC system so it can work properly. But, with the increase and dangerous temperatures we are experiencing globally, an HVAC system seems to be a necessity for every homeowner.
- Hot Water Heater: Although a water heater is not as expensive as fixing the roof, or the basement waterproofing of the home, it is important as well. A water heater can last up to 12 years or more. You need to make sure it is working properly every year, or you will find a flooded basement when it finally stops working.
- Window Replacement: The home’s original windows will not last forever. The life expectancy can be up to 30 years but can be replaced before that if you have issues. If you notice places where heat and cool air are escaping, you might need to replace them right away. You can caulk around the windows if you think that’s the problem, but if the windows are more than 20 years old, replacing them might be the only option you have.
- Home appliances: The most reasonable lifespan for many appliances is around 15 years, but it varies considerably. The refrigerator might last less because of the many electronics and other components it has than the stovetop. And, the dishwasher can last you up to 10 years maximum. There are different brand names for washers and dryers that can last you more than 20 years, but that’s the exception right now.
- Redoing Your Kitchen: If you are replacing your appliances because they stopped working, you might want to consider updating your kitchen as a whole. A kitchen counter, cabinets, and backsplash can last you more than 30 years. But, the age, wear, and tear can clearly show in an old kitchen and make the home look old and outdated.
- Floors: Carpets can have a lifespan of 15 years, but they should be replaced when it shows the wear and tear in any high traffic areas. On the other hand, linoleum, hardwood floors, and laminate flooring can last more than 15 years if that’s your preference. Plus, having hardwood flooring or laminated flooring keeps many allergens from staying on/under the carpet.
Right now, borrowing money with these low rates is a good incentive to fix your home and replace your home appliances. But regardless of such incentive, there are many situations when home projects cannot wait any longer. Roofs, basement waterproofing, and a water heater are examples of home projects you have to do when you need them regardless of the interest rate at that moment. But, you can always plan ahead and replace or fix anything right now that you might need to replace in the next couple of years.