Master bedroom remodeling can help you create a sanctuary in your home and improve the value of the home when it comes time to sell. The best news is that no matter the level of investment you’re looking at, there are several remodeling options that can have a big impact on your master suite. Plus, whether you are looking to freshen up the paint color and wall art, or change the structure of your space, home equity finance options can help you afford your remodel.

Deciding whether to use a home remodel loan or savings to finance your remodel

The first step on every remodeling project is to create a budget and decide how you want to finance the remodel. Maybe you’ve been putting aside money to remodel your master bedroom and will be drawing on your savings account to get the project done. If not, you are probably looking for a loan to finance your remodel. Home equity finance options, such as a home equity loan or home equity line of credit can be the ideal solution. Both will enable you to increase the value of your home while utilizing the equity you have already accumulated by making mortgage payments.

Creating a budget for your master bedroom remodeling project

If you have a savings account and are capping your budget at what you have saved, you already know what the spending limit is for your remodel. However, if you are planning to finance your project with a home remodel loan, you may want to start your budget by determining how much you will be approved to borrow. Once you know how much money you potentially have to work with, you can realistically plan your remodeling budget.

Get estimates for each element of your remodeling project

Once you have set your budget, you can start getting estimates for the work you’d like to see done.  Make a list of upgrades and price them out one-by-one. Make sure that you call in a contractor to estimate the projects that you cannot do yourself. You don’t want to overlook a complication and find out too late that you will have to go over budget. Doing so might send you back to the bank looking for extra funds to finance your remodel, adding unnecessary stress and work.

Remodel your master bedroom: Bigger budget improvements

Perhaps it’s time to go all in and create your master bedroom exactly the way you want it. If so, consider doing a structural remodel of the room. Any changes you make to the actual layout of your master bedroom represent a larger investment in time and money, but may well pay off for you.

One important tip: Get estimates and direction for all structural changes up front from licensed professionals. One large scale change may affect the next and you’ll want to merge this information to enable your contractors to work together. Consider the following bigger budget improvements:

• Master bathroom: Adding a master bathroom to a home that currently does not have one can add convenience and increase the resale value of the home in the future.

• Walk-in closet: Many buyers focus a lot of attention on closet space when evaluating a property. Giving your master suite a walk-in closet increases functionality and helps keep clutter out of the main area.

• Picture windows or patio: Opening up your master suite to the outdoors can turn it into the ideal space to relax and get away from it all. Consider increasing the number of windows in the space or even adding a patio directly off of the room.

 Remodel your master bedroom: Mid-sized budget improvements

If structurally remodeling your master bedroom space is not an option right now, consider bringing in new furniture and reorganizing your space. You can still finance this remodel with a home remodel loan, and save some of the equity in your home for a future project.

The first step in reorganizing your master bedroom is to make a list of changes that would improve the aesthetics and way you use the space. Buying under-the-bed bins or storing out-of-season clothes in another space can increase storage and minimize clutter. If you haven’t purchased new furniture in years, this might be the time to invest in a quality bedroom set. Shopping for new furniture can also improve your storage options and add character to the room. Supplement the room with bookshelves and a plush chair in the corner to create a comfortable reading space.

Remodel your master bedroom: Small budget improvements 

If you have a minimum amount of funds to finance the remodel, consider small visual elements to brighten up the room. Plus, you can even use your home remodel loan to finance these smaller master bedroom remodeling projects. Adding area rugs, a fresh coat of paint, curtains and artwork can make a huge impact on your master suite. Start by putting together an inspiration board that ties together colors and fabrics that you like.  When shopping, use the board to guide your purchases and create a cohesive style. Light fixtures, throw pillows and artwork can be added as finishing touches to tie the room together from floor to ceiling.

Sponsored content was created and provided by RBS Citizens Financial Group.