Did you know that in addition to buying or building a new home, veterans can use VA loans for home improvements? Everyone knows that updating a house can cost a lot of money, but if you are a veteran eligible for a VA loan, you can borrow up to 90% of the net worth of your home and use it to improve your home. This is something that a veteran should enjoy because of the advantages of the VA loan. But just like a typical VA loan application, one must submit the necessary requirements and prove eligibility.
So, why should you consider an improvement of the habitat?
For one, it increases the equity in your home. Of course, it also adds comfort and value to your home. Now, on what types of home improvement projects can you work? Here is a quick checklist of what you can do.
o Roof Repairs – This is probably one of the best ways to use your VA loan since big improvements like roof repairs cost a lot of money. Installing shingles or replacing old ones costs somewhere between $ 2 and $ 4 per square foot, while the cost of the chimney costs between $ 300 and $ 500.
o Floor Repairs – Another great way to spend installing or repairing floors in your home. With your loan, you can sand and finish your floors or you can install a ceramic or vinyl floor or install a wall-to-wall carpet. Costs typically range from $ 1.50 to $ 22 per square foot for the services mentioned above.
o Heating and Cooling Facilities – Heating and cooling system replacement costs between $ 1,500 and $ 4,000, but if you only install a humidifier or air filter, it costs $ 300. $ 700.
o Bathroom remodeling – Statistics show that remodeling the bathroom adds more value to the home. A typical bathroom remodel ranges from $ 7,000 to $ 16,000. Why is it so expensive? Although the bathroom is not the largest room in the house, different people are needed to renovate it – Plumbers, electricians, tiling contractors, sheet metal contractors, etc.
o Kitchen Renovation Real estate group guns, it has been found that remodeling the kitchen adds the most value to your home. (Yes, it beats bathroom renovation numbers.) This type of renovation starts from $ 8,000. You can update your countertops, sink, cabinets, stove, oven, dishwasher, refrigerator and microwave.
It is always more profitable to repair and update your home than to move into a new one. Better to start and apply for a VA home loan so that you can enjoy the benefits of a newly improved home.