Posted
on Monday, October 31, 2022
in
Banking Information
Get Cash for Your Renovation Projects
Fall is underway, and it’s that time of year when we want our home to feel cozy and to make a great impression when family and friends visit or spend a beautiful evening by the fire in our backyard.
Also, if you’ve been considering selling your home, there are certain renovations that can increase your home’s market value, so you get a good return on your home improvement investments.
Popular Indoor Home Improvement Projects
The most popular indoor home improvement projects this season include:
- Kitchen remodel
- Bathroom remodel
- Master suite addition
- Basement remodel
Popular Outdoor Home Improvement Projects
The most popular outdoor improvements:
- Backyard landscaping, furniture, and outdoor dining areas
- Composite deck addition
- New front door, which can give your home an instant facelift
- New siding to give your home more curb appeal
- New windows
- Garage door replacement
More Renovation Ideas
Here are some more renovation ideas which can definitely add value:
- New roof
- Attic insulation
- New HVAC
- Hardwood flooring
- Walk-in shower
- Bathroom additions
Financing Your Renovation Projects
So many choices! We’ve put some great home improvement ideas together. Now, let’s help you figure out how to put these renovations within your financial reach. Here are a couple options that might fit with your financial needs.
- Home Equity Line of Credit (HELOC): A HELOC is a line of credit that lets you borrow against the equity you’ve built in your home. To calculate the equity in your home, take the value of your home and subtract any existing mortgage balances, HELOCS, home equity loans, etc. that are taken out against the home. Since HELOCs are secured by the equity in a home, they generally offer better interest rates than credit cards or personal loans.
- Home equity loan: Similar to a HELOC, a home equity loan allows homeowners to borrow against the equity in their homes. Instead of a line of credit, the funds come as a lump-sum. Using funds for improvements or repair of your house is one of the best reasons to use a home equity loan because that typically means increasing your home’s value.
Get Started on Your Project
Working with an experienced lender who values your relationship and financial well-being is the best first step. Reliance State Bank’s consumer loans and mortgage lenders offer a no-cost, no obligation consultation to anyone wishing to explore loan options that are a best fit for you. You can rely on us!
Visit our Home Equity page for more information about these loan options; get lender contact information; or apply easily online.
- finance
- heloc
- home equity
- home equity line of credit
- mortgage
- mortgage loan
- remodel