5 easy winter home renovations

Want to tackle some home improvement projects this winter but you’re unsure where to start?

Whether you’re worried about cold air leaking in due to insufficient insulation, poor lighting that makes your home seem darker during the winter months, or worn-out paint that you notice as you spend more time indoors, this article is for you.

Read on to explore some of the top home renovation projects to tackle as winter arrives and you spend more time indoors.

Upgrade insulation to maximize energy efficiency

According to a study from the National Energy Assistance Directors Association, the cost of heating is expected to cause energy bills to rise 7.6% in the U.S. this coming winter (or more than $900 for the season, for the average homeowner). Those with natural gas could see an even higher increase of around 8.4%.

As a result, now may be a good time to upgrade your insulation. Adequate insulation in walls and in the attic helps keep heat from escaping, minimizing stress on furnaces, improving energy efficiency, and ultimately lowering utility costs.

If you’re unsure whether your roof needs better insulation, here’s a handy test: If snow on your roof melts quickly, it may indicate heat loss due to poor insulation. Conversely, if snow remains on the roof for longer, it may indicate that the roof is well insulated.

Of course, different regions require different levels of insulation. That’s why you should choose insulation with the correct “R-value,” a measure of insulation’s ability to resist heat traveling through it. Check what the recommended R-value is for your region according to Energy Star.

Declutter and clean the home

By staying indoors more during the winter, you may notice more clutter in your home. Consequently, winter is an ideal time to audit closets and rooms, culling items that can be kept, discarded, or donated.

For example, you could tackle one room at a time, designating boxes or bags for items that can be tossed or donated to charity. As you go through your stuff, ask yourself these questions:

• Do I genuinely use this, or do I just feel guilty about getting rid of it?
• If I didn’t own this already, would I buy it again today?
• Does keeping this add value to my space and lifestyle?

After decluttering each room, you can also wipe down surfaces, vacuum, clean any rugs, and perhaps consider rearranging furniture.

Ultimately, decluttering doesn’t just give you back more space. It can also lead to a happier and more meaningful life.

Integrate LED lighting for brighter and more energy-efficient rooms

For areas that abide by daylight saving time, turning back the clocks in the fall leads to more hours of darkness in the morning. To combat this, consider swapping out old incandescent bulbs in favor of more energy-efficient LED lighting. Choose LED bulbs with higher lumens since the higher a bulb’s lumen output is, the brighter it will shine.

Repaint the interior of the home

As you spend more time indoors during the winter, you may also notice discolored walls or dull paint. Repainting your home’s interior (or even just one room) can be a fairly easy do-it-yourself (DIY) home improvement project.

When choosing paint hues, consider what would go best with the room’s decor and the rest of the house. However, if you’re considering selling the home, you may want to stick to neutral paint colors. Also, keep in mind that darker colors can make rooms appear smaller, and different colors can have different effects on your mood due to a phenomenon called color psychology.

Before getting out the paint, cover any carpets and furniture with plastic or paper to protect them. You may also consider hiring a professional painter for any vaulted spaces or other hard-to-reach areas.

Replace hardware on cabinets

While a full kitchen remodel may not be in your budget, changing the hardware or cabinets and drawers can quickly give your kitchen an elegant, modern, or whimsical facelift.

For example, removing and adding new handles and knobs is an easy DIY task that is also relatively affordable. According to Angi, the national average cost for this project is around $300, though if you want more luxurious metals and extravagant details, you could spend thousands.

Strategies for financing winter renovations

When tackling extensive or multiple renovations during the winter (say, painting, upgrading insulation, and installing new cabinet hardware), you may need to make a plan for paying for these projects. Below are some financing options to consider.

Home renovation personal loans

Home renovation personal loans are designed to finance home repairs and renovations. For example, Rocket Loans^SM offers some from $2,000 to $45,000. These are unsecured loans, meaning they don’t require any collateral.

To qualify you for a personal loan, lenders typically look at your:

• Debt-to-income ratio (DTI): This measures what portion of your income goes toward paying off debt and is a good indicator of how much more debt you’re able to take on.
• Income/employment: The higher and more stable your income, the less risk you pose of defaulting on the loan.
• Credit score: Most lenders set a minimum credit score requirement. Furthermore, a higher credit score can result in a lower interest rate.

Interest rates for personal loans are typically lower than rate for credit cards. However, they always depend on your creditworthiness.

Keep in mind that personal loans also carry an origination fee, which varies by lender.

Credit cards

Credit cards are another way to fund your home renovations. Some even offer a 0% interest rate during a promotional period, which can make this payment option more affordable.

However, once the promotional period ends, your credit card purchases accrue interest at the standard (and usually much higher) rate. As a result, you should have a financial plan for repaying these credit cards before the promotional period ends.

Home equity loan

Home equity loans can be a great financing option for more expensive home improvements. However, the approval process is more extensive since these loans are secured by your home equity, meaning the lender can foreclose on your home if you default.

To qualify for a home equity loan, you must demonstrate not only your personal creditworthiness via your DTI, income, and credit score, but also how much equity you have in your home. Typically, this requires getting a professional appraisal and sharing your latest mortgage balance statement (subtracting the latter from the former reveals your home equity). If you think this is the right option for you, you can apply for a Home Equity Loan from Rocket Mortgage^®.

The bottom line: Winter is the ideal time to make interior home improvements

Winter can offer the perfect opportunity to enhance your home’s comfort and value. From upgrading insulation and installing LED lighting to repainting rooms and replacing cabinet hardware, there are many projects simple enough to tackle yourself on a weekend.

Ready to get started? Explore home-improvement personal loans to finance your winter home projects and transform your space before spring arrives.

All loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. This is not a deposit product. Please refer to our disclosures and licenses page for state-required disclosures, licenses, and lending restrictions.

Qualified clients using Rocket Loans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 8.01% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of up to 9.99% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 5-year $16,000 loan with a 14.55% interest rate and a 6.95% ($1,112) origination fee would have 59 scheduled monthly payments of approximately $376.83 and 1 final monthly payment of approximately $399.09 for an APR of 17.90%. Borrower must be a U.S. citizen or permanent U.S. resident at least 18 years of age. All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice.